> For the complete documentation index, see [llms.txt](https://docs.hyena.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hyena.trade/sunset-guide.md).
# Sunset Guide
As of 28 August 2026, HyENA is sunsetting. All markets will be settled
This guide covers market settlement, HLPe withdrawals, rewards, and collateral conversion.
### Settlement Date
Traders have a window of 28th to the 30th August to exit if they desire before the market halts. Subsequently there will be sequential delisting that runs from 31th August to 02nd September.
### Settlement Mechanics
Markets are delisted sequentially, with each market entering delisting pricing one hour after the previous market.
On entering delisting pricing, the mark price converges to a 1-hour time-weighted average of the oracle price, settling shortly thereafter. Trading then halts and open positions settle at the final mark.
If desired, close or adjust positions before then.
No action is required from traders for positions to be settled. Positions settle automatically at the final mark and margin is returned to the spot balance.
### Settlement Order
Eighteen markets are delisted across three days, 31 August - 02 September. Six markets enter delisting pricing per day, one per hour, beginning at 10:00 UTC and concluding at 15:00 UTC.
Monday, 31 August
* 10:00 UTC — XPL
* 11:00 UTC — SUI
* 12:00 UTC — BNB
* 13:00 UTC — ADA
* 14:00 UTC — LINK
* 15:00 UTC — FARTCOIN
Tuesday, 01 September
* 10:00 UTC — XRP
* 11:00 UTC — DOGE
* 12:00 UTC — 1000PEPE
* 13:00 UTC — LTC
* 14:00 UTC — BASED
* 15:00 UTC — ZEC
Wednesday, 02 September
* 10:00 UTC — PUMP
* 11:00 UTC — ENA
* 12:00 UTC — SOL
* 13:00 UTC — HYPE
* 14:00 UTC — ETH
* 15:00 UTC — BTC
### HLPe
HLPe deposits were closed on 26th of August 2026. Withdrawals will remain open until further notice
Depositors are returned their share at a 1:1 ratio plus accrued rewards. Withdrawal requests can be done [here ](https://app.upshift.finance/pools/999/0x8fFDcd8A96d293f45aA044d10b899F9D71897E8a), through the Upshift interface which will be available until notice.
Each withdrawal request carries a 1-day redemption period from the time of submission.No fees are charged on wind-down withdrawals.
PT and YT Positions will remain to be accessible and users can unwrap to exit.
### Points
The HyENA points programme concluded prior to the wind-down. No final snapshot, conversion ratio, or distribution applies.
HyENA points do not have monetary value and will not be redeemable for cash, equity, tokens, or any other consideration. No HyENA token has been launched and none is planned.
### Referrals
Affiliate rewards run on a 30-day cycle, paid on the 9th of each month. The final payout is 9 September 2026, covering the August period. Claims are made through the referrals page.
The referrals page remains available through this date. Affiliates should claim on or shortly after 9 September.
### Rewards
The USDe base rate and the boosted bonus rate are snapshotted weekly on Thursdays. The final issuance is 27 August 2026.
Rewards accrued to that date are paid on the standard cycle and remain claimable from the rewards page for as long as the site is available.
### USDe to USDC Conversion
Collateral on HyENA is denominated in USDe. Conversion routes depend on account type.Users can choose to swap out USDC on Hyperliquid or bridge out using [Stargate ](https://stargate.finance/?srcChain=ethereum\&srcToken=0x4c9EDD5852cd905f086C759E8383e09bff1E68B3\&dstChain=hypercore\&dstToken=0x2e6d84f2d7ca82e6581e03523e4389f7)
Unified margin accounts: USDe margin returns to their spot balance. Users can choose to swap out for USDC
Non-unified accounts: One additional step precedes the above: USDe is transferred from the HyENA DEX balance to the liquid spot balance. A dedicated interface exists for this transfer.
Accounts with Hyperliquid access: Conversion and withdrawal of USDe can be completed directly at app.hyperliquid.xyz at any time, including after the HyENA interface is retired.
Email sign-up accounts: Users who registered by email and have not used hyperliquid.xyz directly should complete conversion through the Based website , which supports the USDe to USDC swap for this account type.
USDe spot markets on Hyperliquid are maintained independently of HyENA and will continue to hold liquidity and depth until further notice.
### Wallet Export
Accounts created by email sign-up use an embedded wallet. Withdrawal of balances is sufficient for most users. Exporting the private key retains access to the address independently of any interface, and should be completed while the site remains available.
Site Availability
The HyENA interface remains available through settlement and the full withdrawal and claim window.
Wind-down resources, including this guide, will remain available through at least 30 September 2026. Please withdraw any remaining balances and export your private keys before that date. The interface will subsequently redirect to[ https://app.based.one/](https://app.based.one/)
### FAQs
Is any action required?
No action is required for positions to be settled. Action is required to withdraw. Email sign-up accounts should additionally export their wallet while the site is available.
At what price do positions settle?
At the final mark, which converges to a 1-hour time-weighted average of the oracle price once the market enters delisting pricing.
Are there any fees charged?
No fees apply to settlement, HLPe wind-down withdrawals during the wind-down.
Standard hyperliquid fees apply for conversion of assets.
What if the HyENA interface is unavailable?
Accounts with Hyperliquid access can continue to use app.hyperliquid.xyz directly. Email sign-up accounts should use the HyENA interface, which is maintained through the withdrawal window.
When are the final reward payouts?
Base and boosted rates: 27 August.\
Affiliate: 9 September.
Where can I get Support
Our [discord](https://discord.gg/7chqM8cDTq) channel will remain active to manage user withdrawals as well as any issues that might surface during this windown.
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We once again thank everyone who has supported hyENA thus far.