Gauntlet vs HYENA

Gauntlet provides institutional-grade risk modeling and optimization for DeFi protocols. Its platform powers vault strategies, levered RWA yields, and protocol risk parameters securing billions in on-chain assets.

HyENA is a capital-efficient perpetual DEX built on Hyperliquid, using the HIP-3 Builder-Deployed Perpetuals framework to launch and manage markets independently. HIP-3 enables faster listings, custom market configurations, and consistent performance while inheriting Hyperliquid’s security and transparency. Positions are margined in USDe, allowing traders to earn rewards as they open and maintain exposure, with HyENA developed by the Based team—the highest-revenue app in the Hyperliquid ecosystem.