Ethena, the protocol behind the synthetic dollar USDe, is making two big moves at once: expanding into equities and commodities as reserve backing while simultaneously pulling the plug on its HyENA deployer that had been running perpetual markets on Hyperliquid.
What’s shutting down and why
The HyENA deployer, which facilitated perpetual futures markets on Hyperliquid’s HIP-3 framework, is being wound down in a sequenced delisting of 18 markets. The process runs from August 31 to September 2, 2026, giving existing users a window to close positions before the lights go off.
Trade.xyz currently controls upwards of 96% of the open interest in equity perpetuals within HIP-3, which means Ethena’s deployer had become something of a bit player in a market dominated by a single competitor.
The equity pivot
Ethena has been running a basis trade strategy since its inception, using the spread between spot crypto holdings and short perpetual futures positions to generate yield. By April 2026, perpetual futures positions represented roughly 11% of USDe’s reserves.
Ethena projects a potential 30x expansion of the total addressable market for USDe backing by tapping into equity perpetuals. Tokenized equity markets on Hyperliquid have been growing rapidly, creating the infrastructure that makes this kind of strategy feasible.
The FalconX credit facility
Announced on August 19, 2026, Ethena secured a $1 billion credit facility with FalconX, the institutional crypto prime broker. The facility enables overcollateralized institutional loans, adding another layer to Ethena’s reserve strategy beyond perpetual futures positions.
What this means for USDe and ENA holders
Users with open positions on the 18 HyENA markets need to exit before the September 2 deadline. The sequential delisting schedule is designed to prevent a rush for the exits, but liquidity in those markets will likely thin out as the deadline approaches.
Trade.xyz’s 96%-plus dominance in HIP-3 equity open interest means Ethena is effectively ceding that battlefield. For Ethena, the bet is clear: it’s better to use these markets as inputs for USDe’s backing than to compete for trading volume directly.