Ethena widens USDe yield sources to equity perpetual futures
DeFi & Yields ·
Ethena is extending the collateral and yield strategy behind its USDe stablecoin to include perpetual futures on equities, moving beyond its existing crypto-asset base.
The protocol is citing roughly $6B in open interest across equity perpetual futures markets and funding rates in the 15-20% range as the opportunity driving the expansion, according to Ethena's own account. Those funding rates are notably higher than typical crypto perpetual markets, which is the core justification for diversifying USDe's yield-generating positions into this new asset class.
USDe's design relies on delta-neutral strategies, pairing spot or synthetic holdings with offsetting derivative positions to capture funding-rate income while minimizing directional price exposure. Extending that model to equity perpetuals would let Ethena harvest funding payments from a market segment that has been growing rapidly, rather than depending solely on crypto-native perpetual swaps for yield.
The move is part of a broader push by Ethena to look outside crypto assets for yield, as CoinDesk reported the protocol is targeting the booming equity perpetuals market specifically because of its scale and funding-rate premium relative to crypto derivatives. Two distinct sources are tracking this development, both describing it as an effort to broaden USDe's backing beyond its historical crypto-only composition.
Not yet detailed is which specific equities or equity indices would underlie these perpetual contracts, how much of USDe's backing would eventually be allocated to this strategy, or which exchanges and counterparties would facilitate the positions. Also unresolved is how funding-rate volatility in equity perpetuals — a newer and less-tested market than crypto perpetuals — might affect USDe's yield stability and peg mechanics over time. Further disclosures from Ethena on allocation targets and risk parameters would clarify how central this equity-perpetuals strategy becomes to USDe's overall backing.