OVERVIEW
Independent risk terminal for Ethena's synthetic dollar — USDe, sUSDe and ENA.
USDe yield is pro-cyclical and can unwind fast (see Oct 2025). BASIS tracks the funding regime, peg, reserve coverage, DeFi leverage and ENA unlocks so you can see stress coming — data, not buy calls.
PROTOCOL
STALEUSDe pegSTALE
0.9998 dev 2bps
sUSDe APYSTALE
5.040%
USDe supplySTALE
4.60B
Reserve coverageSTALE
91bps
USDe supply · 90d
$4.60B
sUSDe APY · 30d
5.040%
FUNDING SNAPSHOT
EXPANSIONComposite APR (4 venues, 50/50 BTC/ETH)
+10.5%
| Venue | Asset | Rate (native) | Interval | APR annualized | Spark |
|---|---|---|---|---|---|
| Binance | BTC | +0.0092% | 8h | +10.0% | |
| Binance | ETH | +0.0094% | 8h | +10.3% | |
| Bybit | BTC | +0.0088% | 8h | +9.6% | |
| Bybit | ETH | +0.0100% | 8h | +11.0% | |
| OKX | BTC | +0.0094% | 8h | +10.3% | |
| OKX | ETH | +0.0100% | 8h | +11.0% | |
| Hyperliquid | BTC | +0.0012% | 1h | +10.9% | |
| Hyperliquid | ETH | +0.0013% | 1h | +11.0% |
Detail, composite & regime → /funding