HYENA vs Injective

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.

Injective Perps is the perpetual futures market of Injective, a layer 1 blockchain optimized for finance. Trading runs on Injective's native onchain order book module, which offers fully onchain matching and settlement, front-running resistance through frequent batch auctions and very low fees. Markets cover major crypto assets as well as real-world assets such as equities, commodities and forex, and the shared liquidity layer is used by multiple trading front-ends built on Injective. Part of the fees feeds the INJ burn auction.