Stabledash
DeFi
Ethena's USDe Collateral on Perpetual Exchanges Exceeds $150M
The growth is driven by integrations with perpetuals exchanges like Ethereal and HyENA, which use USDe as a primary margin asset.
February 4, 2026
Companies mentioned:
USDe supply on its native perpetuals platforms has crossed the $150 million mark.
Ethereal and HyENA are key drivers of this growth.
This reflects the increasing adoption of USDe as a margin asset in the derivatives market.
The Ethena ecosystem has reached a new high-water mark: over $150 million in USDe is now deployed as margin collateral on USDe-native perpetual futures platforms.
This figure reflects only USDe used specifically on platforms built around Ethena’s synthetic dollar, not the broader USDe supply (which currently sits well above $12 billion). The rapid climb to $150m in native perps collateral underscores how quickly traders are embracing yield-bearing margin.
A high-performance, non-custodial DEX offering spot + perps with deep USDe liquidity. Traders deposit USDe and earn Ethena rewards directly on their full margin balance while they trade.
A USDe-margined perpetuals DEX built on Hyperliquid’s HIP-3 infrastructure. It combines Hyperliquid’s proven speed and UX with productive USDe collateral users earn while they hold open positions.
Every dollar of USDe locked as perps margin:
- Generates yield for the trader (via Ethena’s staking rewards)
- Increases on-chain demand for USDe
- Strengthens the overall liquidity and hedging efficiency of the Ethena system
This is exactly the flywheel Ethena has been building toward: a synthetic dollar that is not only stable but productively used across DeFi, especially in high-volume derivatives trading.
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