HYENA vs Uniswap

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.

Uniswap V4 rebuilds the protocol as a ‘Singleton’ contract and introduces programmable ‘hooks’ that let pools execute arbitrary logic before and after swaps. The redesign cuts gas costs by 15‑25 % and should open the door for new order types like TWAMMs and on‑chain limit orders. V4 is expected to go live shortly after Ethereum’s Pectra upgrade, when core devs will freeze the code under a Business Source Licence.