HyENA
dexMaker 3 bps · Taker 9 bps
Markets
Click an asset to view market overview · Funding rates update every 60s
About HyENA funding & fees
HyENA is a decentralized perpetual exchange (perp DEX) tracked live on ORBIT, listing 4 perpetual markets, $6.1M total open interest, $3.5M in 24h volume. Average funding across its markets is +13.37% annualized. ORBIT compares HyENA's funding rates against 35 other venues so you can spot where it diverges from the rest of the market.
HyENA charges 9 bps taker and 3 bps maker fees on perpetuals. Execution cost matters for funding arbitrage — ORBIT's backtester subtracts both legs' taker fees plus live order-book slippage, so the PnL it shows is net of what you actually pay.
HyENA currently runs an active points program with no token live yet — every trade accrues points toward a future airdrop. That makes it a prime venue for the long leg of a delta-neutral funding trade: you farm points on the position you are holding anyway. Estimate what those points could be worth with the [Points Calculator](/tools/points-calculator).
To run funding arbitrage with HyENA, find an asset whose funding here diverges from another venue on the [Funding Screener](/screener), then verify the pair in the [backtester](/pair/BTC). Its most active markets right now include BTC (+10.95%), HYPE (+20.62%), ETH (+10.95%).
Frequently asked questions
- What are HyENA trading fees?
- HyENA charges 9 bps taker and 3 bps maker on perpetual futures. Round-trip cost on both legs is what a funding-arbitrage trade has to overcome before it profits.
- Is HyENA a CEX or DEX?
- HyENA is a decentralized perpetual exchange (perp DEX). You trade non-custodially from your own wallet.
- Does HyENA have an airdrop or points program?
- Yes — HyENA is actively distributing points with no token live yet. Trading volume accrues points that may convert to a future airdrop. Stack them on a funding-arbitrage long leg and value them with the ORBIT Points Calculator.
- How do I arbitrage funding rates on HyENA?
- Open the ORBIT Funding Screener, find an asset where HyENA's funding is much higher or lower than another exchange, then go long on the lower-funding venue and short on the higher one in equal size. Backtest the exact pair on ORBIT first to confirm it is profitable net of fees and slippage.