# HyENA Overview

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**Introducing HyENA**

HyENA is the most capital-efficient perpetual DEX with USDe margin, built on Hyperliquid.

**Earn Rewards on Your Positions**

Trade perpetual contracts using USDe collateral/margin and earn rewards as you open and maintain positions.

**Built by the Based Team, Powered by Ethena**&#x20;

HyENA is developed by the [Based](https://x.com/BasedOneX) team, the largest Hyperliquid app by revenue.&#x20;

**Built on HIP-3: Builder-Deployed Perpetuals**

HyENA leverages Hyperliquid’s HIP-3 Builder-Deployed Perpetuals framework. HIP-3 allows HyENA to independently deploy and manage perpetual markets, introduce new pairs faster, and experiment with custom configurations, all while maintaining performance, security, and transparency through Hyperliquid.

HyENA combines performance, innovation, and capital efficiency in one platform.<br>