HyENA vs trade.xyz
SwanBluechip verdict
Both rate 8/10 on the SwanBluechip Score — a genuine toss-up. Pick on fit: HyENA if you want USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade., trade.xyz otherwise. Read both takes below.
| Metric | HyENA | trade.xyz |
|---|---|---|
| SwanBluechip Score | 8/10 · Strong | 8/10 · Strong |
| Category | Perps | Perps |
| Status | Points Live | Farmable |
| Airdrop | Points Live | TGE Pending |
| TVL | Mid | High |
| HIP layer | HIP-3 | HIP-3 |
| Referral available | — | — |
HyENA
8/10 · Strong
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
trade.xyz
8/10 · Strong
First HIP-3 deployment on Hyperliquid — perps on equities (S&P 500), commodities and FX. Holds ~90% of HIP-3 open interest.
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