Ethena moves USDe backing into equity perpetuals with $6bn open interest and 15-20% funding rates, 5x Bitcoin levels, targeting RWA dominance in 12-24 months.

According to @dydxfoundation, equity perpetual swaps are emerging as a significant area of competition in derivatives trading. Centralized exchanges (CEXs) benefit from extensive distribution, while decentralized exchanges (DEXs) offer self-custody and continuous trading. Institutional trading venues provide regulated capital requirements. Jasper De Maere from Wintermute envisions a future where these models coexist and potentially converge.