Ethena
The issuer of [[usde]] (Synthetic Dollar) and [[susde]] (staked USDe) — a delta-neutral stablecoin built on perp funding.
Ethena collateral is mostly liquid staking tokens (stETH, weETH); the corresponding short ETH-perp position is held at major exchanges. The yield on staked USDe is the sum of LST yield and perp-funding accrual, net of fees. Risks are concentrated in funding-rate persistence and exchange counterparty exposure.
Related terms
- USDeEthena's synthetic dollar — collateralised by LSTs / LRTs hedged with short ETH perps.
- sUSDeEthena's yield-bearing wrapper of [[usde]] — share price grows with funding-rate + LST yield, net of fees.
- Basis tradeLong spot + short perpetual (or futures) to harvest the funding-rate differential, structurally close to delta-neutral.
- Delta-neutralA position where price-sensitivity to the underlying asset nets to zero — long spot offset by short derivative.