HyENA, the Based team’s Hyperliquid HIP-3 venue for perpetual contracts margined in Ethena’s USDe, will shut every market between Aug. 31 and Sept. 2 after an Aug. 28 announcement, stating that user funds are not at risk. The platform processed more than $4 billion in cumulative volume for over 12,000 traders and generated nearly 2.5 million USDe in rewards, but will not issue a token. Markets will be removed one per hour; open positions settle automatically as each final mark price converges on the one-hour weighted average of the relevant oracle price, with margin returned to spot balances. HyENA tied the exit to Hyperliquid’s closer USDC alignment—including Coinbase’s role as USDC treasury deployer and USDC’s rise as a preferred quote asset—which it said left less scope to expand USDe-backed margin. HLPe holders can redeem principal and rewards 1:1 via Upshift with no HyENA withdrawal fee and a one-day redemption window, while points stay frozen with no conversion or value and affiliate rewards end Sept. 9.