Santaya (santaya)
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Ethena + HyENA / Hyperliquid — why it matters and where you can trade it (Based, Supercexy…)” Ethena has launched HyENA, its own perpetual market built on Hyperliquid using USDe as collateral. I wanted to share some thoughts because this looks like one of the most relevant DeFi moves for 2025. What’s nice is that HyENA isn’t only accessible through Based, but also through Supercexy, which I follow and where I’m invested. For anyone using multiple interfaces around the Hyperliquid ecosystem, this brings more flexibility and accessibility. 🔹 What stands out HyENA allows traders to open perpetual positions using USDe as collateral, giving the stablecoin real utility beyond simply being a peg. It’s built on Hyperliquid under the HIP-3 standard, enabling native perpetual markets with fast execution. The market can already be accessed through Based and also Supercexy, which is a big plus for users who prefer different UIs or workflows. All volume, fee, and activity data is publicly visible — this isn’t just an announcement, it’s a live and functioning market. 🔸 What I’m watching closely Liquidity is still early: like any newly launched perp market, it will depend on adoption and whether enough traders come in. Using USDe as collateral can be powerful, but comes with risks: funding, liquidations, volatility, and reliance on Ethena’s stability mechanisms. Depending on traction, HyENA could become an important piece of the ecosystem — or remain a niche experiment if volume doesn’t scale.
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🟦 I've seen a lot of noise lately about $HYPE, especially rumors that Coinbase will list it or that a HYPE-backed ETF is "in development." Here's what's actually based on public documents: 🟦 Several companies, including 21Shares and Bitwise, have filed S-1 forms with the SEC for a spot HYPE ETF, and these documents mention Coinbase Custody Trust Company as a potential custodian if the funds are approved. The SEC is still reviewing it; it could take months. 🟦As of today, HYPE is not officially listed on Coinbase for spot trading. 🔹 Some prediction markets show the possibility of Coinbase listing it before 2027, but this is speculative and unconfirmed. 🧠What are your thoughts on all this?
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Hybra's tge is here ¡¡¡¡ Ready for bribes..
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Dexari and Supercexy, Dex of perpetuals on Hyperliquid on your mobile, if you want to be out of the market it's because you want to!
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