Ethena: Shifts USDe Backing to Equity Basis
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.
SourceAnalysis
Ethena is extending USDe backing into equity perpetual futures after running delta-neutral strategies at scale on crypto markets.
Equity Perps Scale Fast
Equity perpetuals now hold over $6bn open interest across 200 contracts on venues already used by Ethena, up more than 10x since March. Average funding rates sit at 15-20 percent, more than five times Bitcoin rates in 2026, with near-zero correlation to crypto funding.
RWA Allocation Outlook
The underlying equity asset base exceeds $150 trillion versus roughly $2.5 trillion in crypto, positioning this as the largest scalable extension yet. Ethena expects RWA perpetuals to overtake crypto allocations in USDe backing within 12-24 months. First partner exchange deployments start in the coming weeks.
Charles d'Haussy | dYdX
@charlesdhaussyCEO @dYdXfoundation - Crypto Derivatives, DeFi & Governance / ex. ConsenSys & .gov.hk
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