HYENA vs Sky Lending

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.

Sky Lending is the flagship product of StableLab’s Sky ecosystem, enabling over‑collateralised borrowing of sUSDS and real‑world asset stablecoins. Interest accrues per‑second and can be paid in advance, allowing negative interest or fixed‑term loans. An on‑chain risk oracle adjusts LTV caps daily based on market volatility metrics sourced from Chainlink and Pyth.