BlockBeats, Aug. 28 — Ethena is expanding the assets backing USDe into basis trades on equity perpetual futures, according to an official announcement. Open interest in equity perpetual contracts has reached nearly $6 billion, spread across roughly 200 contracts, all of them trading on the same platforms Ethena already uses for its existing strategies. The segment has grown more than tenfold since March. Equity perpetuals carry average funding rates of 15%–20%, more than five times bitcoin's funding rate in 2026. Their funding rates show a correlation close to zero with crypto-market funding rates, meaning the two markets move almost independently. The expansion ties USDe's backing to a fast-growing corner of the derivatives market, adding a yield stream that behaves independently of cryptocurrency funding dynamics. Ethena did not disclose how much of USDe's reserves will be allocated to the strategy or when the rollout will begin. The announcement also did not specify which equity indexes or contracts will be prioritized.
BlockBeats, Aug. 28 — Ethena is broadening the assets behind USDe to include basis trades on equity perpetual futures, the project said in an official announcement.
Scale and platforms
Open interest across equity perpetual contracts has reached nearly $6 billion, covering roughly 200 contracts, according to the announcement. All of them sit on the same trading platforms where Ethena already conducts its business. The market has grown more than tenfold since March.
Funding rate edge
Equity perpetuals offer average funding rates of 15%–20% — more than five times bitcoin's funding rate in 2026. Their funding rates also move almost independently of crypto markets, with correlation close to zero.
With this move, USDe's backing gains exposure to a fast-growing derivatives segment whose funding economics diverge from crypto's own cycles. Ethena has not disclosed further allocation details.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
