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Ethena

HybridTier 2Audited

Delta-neutral basis trade. Holds staked ETH long + short ETH perpetual futures. Yield comes from staking rewards + positive funding rates on shorts. USDe is the synthetic dollar.

Pools indexed
0
Total TVL
—
Avg APY
—

Protocol details

Yield source
Delta-neutral basis trade. Holds staked ETH long + short ETH perpetual futures. Yield comes from staking rewards + positive funding rates on shorts. USDe is the synthetic dollar.
Auditors
Pashov Audit Group, Quantstamp
Governance
Ethena Labs (centralized)
Launched
2024
Key risk factors
  • Funding rate reversal risk
  • Custodian risk (Copper, Ceffu)
  • Negative basis risk
  • Smart contract risk
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