Kairos Research(@Kairos_Res):Tokenization coupled with the proliferation of perpetual futures markets are a powerful trend that presents a massive opportunity for Ethena to capitalize on via the basis trade for equities We are excited to lead the effort in developing the framework to put this into motion alongside the Ethena team & our colleagues in the risk committee full preliminary framework is now live on the forum

2026.08.28 14:35

Tokenization coupled with the proliferation of perpetual futures markets are a powerful trend that presents a massive opportunity for Ethena to capitalize on via the basis trade for equities We are excited to lead the effort in developing the framework to put this into motion alongside the Ethena team & our colleagues in the risk committee full preliminary framework is now live on the forum

Ethena@ethena

2026.08.28 11:10

Extending USDe backing: basis on equity perpetuals. Equity perpetuals now carry nearly >$6bn of open interest across 200 contracts on the same venues Ethena already executes, growing >10x since March. Funding rates on equity perpetuals have paid 15-20% on average, >5x the Bitcoin funding rates in 2026, with near-zero correlation to crypto funding. The underlying asset base is >$150 trillion compared to ~$2.5 trillion of crypto, making this the most scalable extension of the basis allocation to date. We expect RWA perpetuals to eclipse crypto allocations in USDe's backing within 12-24 months. Safe implementation of the equity basis trade at large size requires the exact infrastructure Ethena has already operated at scale with 0bps of impairment on over $30b of mint and redeem flow for >2.5 years: precise delta-neutral execution at scale, secure off-exchange custody & settlement, and institutional-grade security practices. The first partner exchange announcements and deployments will begin over the course of the next few weeks. Details in the link below: