Ethereal
Non-custodial spot and perpetuals DEX in the Ethena ecosystem, using USDe as primary collateral and settling funding hourly.
Volume (24h)—USDT markets tracked live
Coins—with USDT pairs
Spot / Perp markets— / —tracked by ArbiLayer
Base fees0% / 0.03%maker / taker, perp
About Ethereal
Non-custodial spot and perpetuals DEX in the Ethena ecosystem, using USDe as primary collateral and settling funding hourly.
Trading fees
Official fee schedule ↗PerpetualsBase tier
Maker0%
Taker0.03%
- Perpetuals: 0 bps maker / 3 bps taker
New users
Pre-TGE points program
- Trading volume earns points expected to convert into a future token distribution
- Referral bonuses on points
- Original Ethena governance proposal pledged 15% of any governance token supply to ENA holders
Claim on Ethereal ↗Terms and regional eligibility vary. Check the offer page before signing up.
- TVL about $1.98M per DefiLlama (2026-10-01), down about 40% over 30 days; 100% on the Ethereal chain
- DefiLlama shows cumulative perp volume of about $9.6B and about $2.95M cumulative fees
- DefiLlama reports negligible 30-day perp volume as of 2026-10-01
Company
Products
Perpetual futuresSpotUSDe collateral
Incidents & regulatory history
- 2025Mainnet alpha launched with early access limited to a small user group.
- 2024Sep 2024: proposed to Ethena governance as an on-chain hedging venue for USDe backing; integration approved by community vote.
Volume, last 7 days
Volume history builds up hourly while the server runs.
Top markets
ArbiLayer does not track live markets on this exchange yet.