Ethena Expands Basis Trading to Equity Perpetual Contracts

Ethena, the protocol behind the USDe synthetic dollar, is expanding its basis trading strategy to include equity perpetual contracts. With Bitcoin funding rates declining, Ethena aims to leverage the higher, more consistent funding rates of equity perpetuals on platforms like Hyperliquid and Binance. Co-founder Guy Young noted that equity funding rates show little correlation with Bitcoin, offering a more diversified yield source for USDe. This move follows a decline in USDe supply and a recent $1 billion financing arrangement with FalconX.