USDe
Ethena USDe
Ethena's synthetic dollar — collateralised by LSTs / LRTs hedged with short ETH perps.
USDe is delta-neutral by design: long stETH-equivalent + short ETH perp. Yield (paid via sUSDe) is the sum of LST yield and perp funding accrual. Risks: prolonged negative funding, exchange counterparty (perps live on Binance, Bybit, OKX), redemption-window length.
See on StableLens
/stablecoins/USDE — live data, risk grade, and methodology citation.
Related terms
- EthenaThe issuer of [[usde]] (Synthetic Dollar) and [[susde]] (staked USDe) — a delta-neutral stablecoin built on perp funding.
- 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.