Ethena is targeting the $120 trillion Wall Street stock market to hunt yields 5x higher than Bitcoin
Ethena is expanding USDe into equity perpetual-basis trades, targeting funding yields more than five times higher than Bitcoins as the synthetic dollar looks to recover from its 2026 contraction. Related Asset Ethena #45 ENA · $0.16 24-hour change: down 6.56% Price history is not available. 24H Down 6.56% 7D Up 12.16% 30D Up 106.74% On Aug. 28, Ethena revealed plans to extend the basis strategy behind USDe into equity perpetual futures, where open interest has surged to about $6.2 billion from less than $1 billion in March. Funding rates in this market have averaged about 14% on Hyperliquid and 17.5% on Binance in recent months. By comparison, Bitcoin perpetual funding averaged 2.2% this year through Aug. 11, down from 4.9% in 2025 and 11% in 2024. Related Asset Bitcoin BTC · $77,426.70 24-hour change: down 3.31% Ethena founder Guy Young said equity and commodity-linked perpetuals have become one of the protocols biggest potential growth markets. According to him, real-world asset perpetual volume exceeded half of crypto volume on Hyperliquid last month, while aggregate RWA perpetual volume on Binance reached roughly twice the volume of BTC-USDT, he said. Related Asset Hyperliquid HYPE · $79.72 24-hour change: down 6.17% Young expects open interest and trading volume in the sector to