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
0.9992 dev 8bps
sUSDe APYSTALE
5.233%
USDe supplySTALE
4.91B
Reserve coverageSTALE
86bps
USDe supply · 90d
$4.91B
sUSDe APY · 30d
5.233%
FUNDING SNAPSHOT
CARRYComposite APR (4 venues, 50/50 BTC/ETH)
+4.0%
| Venue | Asset | Rate (native) | Interval | APR annualized | Spark |
|---|---|---|---|---|---|
| Binance | BTC | +0.0034% | 8h | +3.8% | |
| Binance | ETH | +0.0047% | 8h | +5.1% | |
| Bybit | BTC | +0.0029% | 8h | +3.1% | |
| Bybit | ETH | +0.0044% | 8h | +4.8% | |
| OKX | BTC | +0.0044% | 8h | +4.9% | |
| OKX | ETH | -0.0009% | 8h | -0.9% | |
| Hyperliquid | BTC | +0.0013% | 1h | +11.0% | |
| Hyperliquid | ETH | +0.0000% | 1h | +0.2% |
Detail, composite & regime → /funding