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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

Discounts and Fees​

Discounts change with Hybra's token price, market demand, and lock duration; live average and best discounts are on the veX analytics page. veX charges 1.5% on Hybra sales, paid by the seller only.

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.

How do I sell a locked veHYBR position?​

You can sell a locked veHYBR position on veX without waiting for the lock to expire. The buyer takes over the locked HYBR and the remaining lock time.

Connect the wallet holding the veHYBR and open your veX dashboard. The position appears under Positions, where you can list it. Set a price, or set a discount to the locked value and let veX work out the price. You approve the NFT once, then confirm the listing.

That approval only lets the marketplace move the NFT when someone buys it. veX is non-custodial, so the position stays in your wallet, keeps earning and voting, and you can delist whenever you want. veX charges 1.5% on Hybra sales, paid by the seller.

What is a locked veHYBR position worth?​

A veHYBR position usually sells for less than the HYBR locked inside it, because the buyer is taking on the rest of the lock. The seller chooses that discount.

Live Hybra discounts are on the veX analytics page.

Contracts​

  • veHYBR contract: 0xD7Ed7792f71F3920DbA01c544639FD546d87f4fD
  • HYBR contract: 0x067b0C72aa4C6Bd3BFEFfF443c536DCd6a25a9C8

These render from the live veX registry:

Browse Hybra listings on veX