Ethena is extending USDe backing into fairness perpetual futures after operating delta-neutral methods at scale on crypto markets.
Equity Perps Scale Quick
Equity perpetuals now maintain over $6bn open curiosity throughout 200 contracts on venues already utilized by Ethena, up greater than 10x since March. Common funding charges sit at 15-20 %, greater than 5 instances Bitcoin charges in 2026, with near-zero correlation to crypto funding.
RWA Allocation Outlook
The underlying fairness asset base exceeds $150 trillion versus roughly $2.5 trillion in crypto, positioning this as the most important scalable extension but. Ethena expects RWA perpetuals to overtake crypto allocations in USDe backing inside 12-24 months. First associate alternate deployments begin within the coming weeks.
