Home›Crypto›Market Structure›Ethena to add equity-perpetual basis trades to USDe ba…

Ethena to add equity-perpetual basis trades to USDe backing

USDe users will see a planned expansion to include stock-linked derivatives, with an equity-perpetual market already showing over $6 billion in open interest and 15.0% to 20.0% average funding rates, Ethena said.

Reported · Written up by our desk · Market Structure

Ethena said it plans to extend USDe’s synthetic dollar backing into stock-linked derivatives by adding equity-perpetual basis trades. The crypto issuer framed the change as an upcoming rollout rather than an immediately disclosed portfolio shift for current USDe users.

Etherscan data cited by The Defiant put USDe’s circulating supply at about 4.063 billion tokens when checked. Ethena said its first partner exchange announcements and deployments are expected to begin over the course of the next few weeks, without naming venues or disclosing a current equity allocation in the announcement.

Ethena’s documentation, as summarized by The Defiant, says volatile assets including tokenized equities are generally paired with corresponding short futures positions of approximately the same notional size, aiming to offset spot and hedge movements. The company did not specify whether the planned equity exposure would use tokenized equities or other spot representations, nor did it provide details on eligible contracts, partner exchanges, or risk parameters.

In related context, Ethena said equity perpetuals now carry more than $6.0 billion of open interest across 200 contracts and have paid average funding rates of 15.0% to 20.0%. The report also cited examples including Binance’s TSLAUSDT perpetual with about $41.0 million in open interest and an eight-hour funding rate of 0.00436%, and Hyperliquid’s ORCL-USDC with about $16.1 million in open interest and funding of 0.0010%.

More like this

Sources