Beyond bringing USDe as trading collateral, HyENA is also expanding what’s tradable on Hyperliquid by launching premarket perpetuals. This enables users to trade assets that do not yet have spot listings.
What are HyENA premarket perps?
HyENA premarket perps are perpetual futures markets designed for assets that may not yet have a robust spot oracle or even a finalized set of listing details.
They’re closely modeled after Hyperliquid’s Hyperps, with additional safeguards to handle the realities of trading markets before a canonical spot market exists, including a defined market resolution process if key assumptions (like total supply) differ from what’s later announced.
HyENA premarket perps are tailored to enable earlier price discovery for high-interest assets.
Why HyENA perps over regular premarket perps?
Premarkets tend to share a few structural properties:
- They are often long-dated, where users may be positioned for weeks or months before spot listing
- They are generally lower liquidity and have wider spreads than regular perps
- They require more margin buffer due to volatility, thinner books, and less leverage allowed
Given all these factors, the opportunity costs of trading premarket perps with zero-economics stablecoins are significantly higher and more salient than trading other instruments.
With USDe as margin, costs associated with premarket perps are significantly reduced. Rewards on margin can reduce effective trading costs and help offset funding and friction in markets where traders are less fee-sensitive but very sensitive to carry. And when margin earns, traders are structurally more willing to maintain safer buffers, reducing liquidation risk.
Built-In Safeguards
At a high level, HyENA keeps the same core philosophy as Hyperps (EMA-based oracle design, robust mark construction, and early-market safeguards), but introduces two key differences:
1. A tighter price clamp
Hyperps apply a 10x clamp on the mark price relative to the 8-hour mark price EMA. For HyENA premarkets, this is tightened to 3x. This enables users to margin and trade HyENA premarkets with more confidence. For example, users can margin a short position with over 3x collateral and eliminate overnight liquidation risk.
Importantly, this won’t immediately constrain the market at the moment of launch. The 3x clamp is designed to kick in a few hours after the initial listing, so that initial price discovery can be more efficient.
2. A Market Resolution process
Because a premarket can exist before the project has finalized and publicly confirmed key listing details (especially total supply, and sometimes ticker), HyENA premarkets include an explicit Market Resolution process if assumptions used to define the premarket differ from what’s ultimately announced.
Operationally, when a resolution is required:
- Within 48 hours after relevant listing details are announced, HyENA communicates whether Market Resolution will occur.
- After the first 24 hours of spot trading, HyENA takes a 1-hour VWAP of spot prices.
- That VWAP becomes the halt price, is displayed publicly, and the oracle is re-configured to persistently use this price.
- The HyENA multisig performs a haltTrading action within 24 hours of the halt price announcement.
- When the market is halted, positions are automatically settled at the 1-hour TWAP of the oracle price before delisting by Hyperliquid’s clearinghouse, which equals the halt price.
After delisting, HyENA may consider re-listing the market with updated parameters that reflect the announced total supply.
More information on HyENA premarket perps are available here.
Lighter
HyENA is debuting premarket perps with Lighter (LIGHTER-USDE).
Technically, LIT-USDE was HyENA's first premarket, but the market was capped at a very small size to validate real market behavior. As demand has become clear and the system has performed smoothly in production, HyENA is ready to scale premarkets. As such, HyENA has deployed LIGHTER-USDE, with LIT-USDE deprecated going forward.
LIGHTER-USDE is the HyENA premarket perp for the pre-launch Lighter token with the below parameters:
- Market: LIGHTER-USDE
- Ticker: LIGHTER
- Total supply: 1,000,000,000
In this case, if Lighter’s total supply does not match the assumed 1 billion tokens, the HyENA premarket perps will settle upon spot listing (see Market Resolution process above).
If Lighter’s official ticker differs from LIGHTER, the HyENA UI will update to reflect the official ticker. This would be a front-end display change only. The underlying market identifier (and the API symbol) will remain LIGHTER.
Standard 4.5bps taker fees apply with no additional HIP-3 fee, paid as a rebate, until Lighter TGE. Until LIGHTER TGE, traders on the HyENA premarket will be eligible for up to 10% of all HyENA points distributed during that period.
Trade Any Asset on Earth 24/7 with Maximum Capital Efficiency
Crypto premarkets are just the start. The same core framework above extends naturally to a much broader set of markets that traders want, but rarely get in a credible on-chain perp format.
The end goal is expanding the tradable universe on Hyperliquid with maximum capital efficiency.