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 V3 pioneered concentrated liquidity ranges and multiple fee tiers, letting LPs choose custom price curves and earn up to 4000 × higher fee capital efficiency. It introduced NFTs to represent positions and a licence that restricts commercial forks for two years. As of 2025 V3 is deployed on more than 15 chains and retains over 60 % DEX market share by volume.