# HyENA

> Track HyENA's fees, revenue and active users with daily on-chain data. Compare HyENA with other derivative exchanges. See charts and datasets in one place.

Source: [HyENA on Token Terminal](https://tokenterminal.com/explorer/projects/hyena). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Sectors: Derivative exchanges
- Chains: hypercore

## About

### What it is

HyENA offers USDC-settled perpetual contracts on crypto-native assets (BTC, ETH, SOL, BNB, XRP, DOGE, HYPE, FARTCOIN, PUMP, LINK, SUI, LTC, BCH, ADA, ...) plus gold, silver, and XMR. All 24 markets are deployed under the HIP-3 `hyna` namespace and execute on Hyperliquid's HyperCore order book.

### Who uses it

HyENA is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x53e655101ea361537124ef814ad4e654b54d0637. HyENA is operated as a private company; no token has been issued.

### How it works

HyENA earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. HyENA's deployerFeeScale is 0.1111, so its deployer share of each user-paid fee is reduced versus the standard HIP-3 split. Revenue is read from the realized on-chain deployerFee field per fill rather than assumed.

## Metrics

Token Terminal tracks these metrics for HyENA daily. Each page has a chart with the full history.

- [Notional trading volume](https://tokenterminal.com/explorer/projects/hyena/metrics/notional-trading-volume)
- [Open interest](https://tokenterminal.com/explorer/projects/hyena/metrics/open-interest)
- [Fees](https://tokenterminal.com/explorer/projects/hyena/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/hyena/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/hyena/metrics/revenue)
- [Active users (daily)](https://tokenterminal.com/explorer/projects/hyena/metrics/user-dau)
- [Active users (weekly)](https://tokenterminal.com/explorer/projects/hyena/metrics/user-wau)
- [Active users (monthly)](https://tokenterminal.com/explorer/projects/hyena/metrics/user-mau)
- [Trade count](https://tokenterminal.com/explorer/projects/hyena/metrics/trade-count)
- [Average fees per user (AFPU)](https://tokenterminal.com/explorer/projects/hyena/metrics/afpu)
- [Average revenue per user (ARPU)](https://tokenterminal.com/explorer/projects/hyena/metrics/arpu)
- [Take rate](https://tokenterminal.com/explorer/projects/hyena/metrics/take-rate)

## Links

- [website](https://hyena.trade/)