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Hybra (veHYBRA)

Hybra is an intent-based DEX and public liquidity layer for Hyperliquid. veHYBRA holders govern emissions and earn swap fees, bribes, intent-layer fees, and rebases.

What is veHYBRA?​

Lock HYBRA tokens to receive a veHYBRA NFT representing your locked position. This grants:

  • Voting power to direct HYBRA emissions to liquidity pools
  • Swap fees from pools you vote for
  • Partner bribes from protocols seeking liquidity
  • Intent-layer fees from Hybra's intent-based trading system
  • Rebase to maintain your voting share over time

Lock periods extend up to 2 years. Voting power decays linearly toward the lock end date.

What Makes Hybra Different​

  • Intent-based trading — Hybra's intent system routes trades through optimal paths, generating additional fees for veHYBRA holders beyond standard swap fees
  • Public liquidity layer — Designed as shared infrastructure for Hyperliquid, making Hybra a foundational piece of the ecosystem
  • Partner minimum bribe enforcement — Hybra enforces minimum bribe levels from partners, ensuring veHYBRA voters receive meaningful incentives
  • Decay-aware emissions — Emission model accounts for veHYBRA decay, creating more sustainable tokenomics

Typical Discounts​

Hybra is a newer market on veX. Discounts vary based on available listings and market conditions. Check current listings for real-time pricing.

Things to Know​

Intent-based fees are an extra revenue stream. Unlike standard ve(3,3) protocols where voters earn only swap fees and bribes, Hybra's intent layer adds another fee source for veHYBRA holders.

HyperEVM is early. Hybra is building core infrastructure for HyperEVM as the ecosystem matures. Early positions may benefit from ecosystem growth.

Rebases transfer with the NFT. Unclaimed rebases come with the position when purchased — factor this into your valuation.

Active management required. Weekly voting maximizes returns from fees, bribes, and intent-layer fees. Missing epochs means missing rewards.

Delist Before Merging

If you merge a listed veHYBRA with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.