HyENA will cease operations and close all markets, while saying user funds will remain unaffected. Built around Hyperliquid's HIP-3 standard and Ethena's USDe, the platform enabled traders to earn yield while using USDe as margin for perpetual contracts (futures without expiry). It processed more than $4 billion in trading volume, served over 12,000 traders and distributed nearly 2.5 million USDe in rewards to margin users. HyENA attributed the decision to changing development prospects for USDe margin as Hyperliquid aligns further with USDC. Markets will be removed one per hour from Aug. 31 through Sept. 2, with positions automatically settled at final mark prices and margin returned to spot balances. HLPe deposits can be claimed at a 1:1 ratio with accumulated rewards and withdrawn through Upshift. The final rewards distribution is scheduled for Aug. 27, while the final alliance rebate payment is due Sept. 9. Ethena's exchange rewards program ended in June 2026, and HyENA points are final, with no snapshot, conversion or distribution planned and no monetary value. HyENA has no token and no plans to issue one.