Ethena Labs has partnered with Binance to extend its USDe delta-neutral trading strategy into equity perpetuals, using Binance as its first venue. The structure mirrors its crypto approach: it will hold bStocks, or tokenised shares of publicly listed companies, while hedging with USDT-denominated equity perpetual futures to offset price exposure and capture funding payments from leveraged traders. Ethena said the move could expand the addressable market for its underlying collateral from about $2.5 trillion in crypto assets to over $150 trillion in real-world assets, while Binance will assign lower Auto-Deleveraging (ADL) priority to eligible delta-neutral accounts, including Ethena’s.
Risk Assessment And Eligibility Criteria
The rollout follows a review by Ethena’s Risk Committee, which evaluated liquidity and tokenised equity perp market structure before approving the framework. Eligibility requires at least $25 million in one-sided open interest on a 14-day average, plus 30 days of funding-rate history; the underlying must be a publicly listed security and not a leveraged or inverse product. Ethena’s screening cleared 17 assets from Binance’s 64 matched pairs, and equity perpetual funding rates on Binance averaged above 11% annualised over the past six months, while open interest rose about 30% per month over the past quarter. ENA last traded at $0.256, up 16% in 24 hours and 90% over the month.
