Ethena made a pretty aggressive move—it directly launched its own perpetual contract market, HyENA, on Hyperliquid’s HIP3, and crucially, it gets to take 50% of the fees.

The numbers here get interesting. Hyperliquid currently has annual fee revenue in the $1 billion range. Even if HyENA only reaches 20% of that volume, that’s still a $200 million market. With a 50:50 split, Ethena could make $100 million a year.

Just for comparison, you can see how impressive this figure is—Ethena’s total revenue for all of last year was only $430 million. If this projection comes true, it means that this single deployment alone could grow their revenue by 23%. Of course, that’s assuming they can actually reach that scale, since the competition in the perpetual contracts market is no joke.