HyENA just rolled out something wild on Hyperliquid—markets that actually pay yield on your margin collateral. We're talking up to 12% APY here, plus you rack up Based and Ethena points just for participating.

The fee structure's pretty aggressive too. New positions get 100% fee rebates, which covers everything including migration costs if you're moving funds from centralized platforms. Basically removes the friction of switching.

What makes this setup interesting is how it flips the traditional margin model. Instead of your collateral sitting idle, it's working for you while backing your positions. The yield comes from protocol-generated revenue, not some unsustainable token emission scheme.

Right now access is gated through an invite system, but codes are floating around. For traders already deep in perps and looking to optimize capital efficiency, this could shift how you think about parking collateral. The points program adds another layer for those building positions in the Ethena and Based ecosystems.

Still early days, but worth watching how liquidity develops and whether the APY holds as more capital flows in.