Ethena weighs adding equity perpetuals basis to USDe backing

Ethena is exploring extending the assets backing USDe to include basis from equity perpetuals. The protocol notes equity perps now carry over $6bn in open interest across 200 contracts on venues Ethena already uses, growing more than 10x since March, with funding rates averaging 15–20% — over 5x a US Treasury benchmark.

• The proposal would diversify the delta-neutral carry that backs USDe beyond crypto funding.
• Figures highlight how equity perp basis has matured as a yield source on Ethena's existing execution venues.

Ethena shared the analysis and said it is extending USDe backing to this basis, outlining the opportunity in a follow-up post.