# HyENA Overview

<figure><img src="/files/1ADQV1iLLA9G9EW7sv5I" alt=""><figcaption></figcaption></figure>

**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>


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.hyena.trade/hyena-overview.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.