HyENA shuts down after processing $4B in trades

HyENA has announced plans to close every market between Aug. 31 and Sept. 2 after processing more than $4 billion in trades for over 12,000 users. Summary HyENA will remove one market each hour from Aug. 31 through Sept. 2. Open positions will settle automatically, while margin will return to users’ spot balances. HLPe depositors can redeem their holdings and earned rewards through Upshift at a 1:1 rate. HyENA generated nearly 2.5 million USDe in rewards but will not issue a token. HyENA will remove markets over three days HyENA said in an Aug. 28 shutdown announcement that it would stop operating after changes in Hyperliquid’s stablecoin setup reduced the opportunity for USDe-backed margin products. The platform will begin delisting markets on Aug. 31 and complete the process on Sept. 2. Rather than closing every contract at once, HyENA will remove one market per hour throughout the scheduled period. Users do not have to close their positions manually before each delisting, according to the announcement. Once a market is removed, its mark price will move toward the one-hour weighted average of the relevant oracle price before the remaining positions settle automatically. Margin re...