HyENA, a trading platform built on Hyperliquid, said it will shut down all of its markets between Aug. 31 and Sept. 2, ending operations after processing more than $4 billion in cumulative volume for over 12,000 users.
The company said it will delist one market per hour during the wind-down. Open positions will be settled automatically, with released margin returned to users’ spot balances, while HLPe depositors will be able to redeem holdings and accrued rewards through Upshift at a 1:1 rate.
Delisting schedule and settlements
According to the announcement, HyENA will start removing markets on Aug. 31 and expects to complete the process on Sept. 2. The delistings are scheduled to happen gradually, at a pace of one market every hour during the closure window.
Users do not need to manually settle contracts that remain open when a market reaches its end. HyENA said those positions will close automatically, and traders who prefer not to wait for that process can exit before their market is settled.
For contracts that are settled by the platform, the final mark price is expected to converge with the one-hour weighted average of the oracle price before settlement. Any margin freed up in that process will be credited back to the trader’s spot balance.
Redemptions and platform rewards
HyENA said HLPe depositors can redeem both principal and earned rewards through Upshift on a 1:1 basis. The platform also said user funds remain safe during the shutdown and described the closure process as designed to allow withdrawals without requiring manual settlement steps.
Since launch, HyENA said it generated nearly 2.5 million USDe in rewards for USDe margin holders. At the same time, the team said it will not launch a token as part of the wind-down.
Why HyENA is shutting down
The closure follows changes to Hyperliquid’s stablecoin setup, which HyENA said reduced the available opportunities for products that used USDe-backed margin. The announcement links those changes directly to the decision to discontinue the markets.
No broader expansion plan or replacement product was announced alongside the shutdown. Instead, the platform’s notice focused on the mechanics of delisting, settlement, and redemptions during the final days of operation.
What the shutdown shows about Hyperliquid markets
HyENA’s wind-down also highlights the structure of HIP-3 markets on Hyperliquid. Under that model, market operators can deploy and manage contracts without the core protocol itself operating every product.
That arrangement leaves deployers responsible for details such as market design and the settlement process. In HyENA’s case, the end of operations is being handled by the market operator rather than by the underlying protocol, with the next confirmed step being the start of delistings on Aug. 31 and completion by Sept. 2.
Source: crypto.news