Ethereal
Non-custodial spot and perpetual DEX on the Ethena Network, powered by USDe as margin collateral.
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Ethereum (Ethena Network)Maker Fee: 0%Taker Fee: 0.03%18 PairsEthereal Points
Key stats
TVL
$54.58M
Volume 24h
$18.70M
Open Interest
$126.77M
Daily Fees
$5.9K
New Users
N/A
Total Users
N/A
Historical Data
Frequently Asked Questions
What is Ethereal?▼
Ethereal is a next-generation decentralized exchange for spot and perpetual futures trading, built natively on the Ethena Network with USDe as the primary collateral. Designed as the all-in-one DeFi application for the Ethena ecosystem, Ethereal delivers institutional-grade performance with sub-20 millisecond latency and capacity for over 1 million orders per second, while maintaining full self-custody and on-chain settlement through its purpose-built appchain architecture. The platform leverages Arbitrum technology with Conduit for sequencing, Pyth for price feeds, and LayerZero for cross-chain messaging, creating a vertically integrated trading environment. Users can deposit USDe and mint eUSDe to participate in trading and liquidity provision, with deep ties to the broader Ethena ecosystem — ENA token holders are allocated 15% of any future Ethereal token, directly linking the exchange's growth to Ethena's token economy. Ethereal launched its mainnet alpha in 2025 following a successful pre-deposit season called "Ethereal Zero," which attracted significant deposits. While the initial launch focuses on perpetual futures, the long-term roadmap includes spot trading, money markets, real-world asset (RWA) integrations, and additional DeFi applications, positioning Ethereal as a comprehensive financial hub within the Ethena ecosystem.
What is the current TVL of Ethereal?▼
Ethereal currently has $54.58M in Total Value Locked (TVL).
What is Ethereal's daily trading volume?▼
Ethereal processes approximately $18.70M in 24-hour trading volume.
Details
Ethereal is a next-generation decentralized exchange for spot and perpetual futures trading, built natively on the Ethena Network with USDe as the primary collateral. Designed as the all-in-one DeFi application for the Ethena ecosystem, Ethereal delivers institutional-grade performance with sub-20 millisecond latency and capacity for over 1 million orders per second, while maintaining full self-custody and on-chain settlement through its purpose-built appchain architecture.
The platform leverages Arbitrum technology with Conduit for sequencing, Pyth for price feeds, and LayerZero for cross-chain messaging, creating a vertically integrated trading environment. Users can deposit USDe and mint eUSDe to participate in trading and liquidity provision, with deep ties to the broader Ethena ecosystem — ENA token holders are allocated 15% of any future Ethereal token, directly linking the exchange's growth to Ethena's token economy.
Ethereal launched its mainnet alpha in 2025 following a successful pre-deposit season called "Ethereal Zero," which attracted significant deposits. While the initial launch focuses on perpetual futures, the long-term roadmap includes spot trading, money markets, real-world asset (RWA) integrations, and additional DeFi applications, positioning Ethereal as a comprehensive financial hub within the Ethena ecosystem.
Key Features
USDe-Native Collateral
Built around Ethena's USDe synthetic dollar, enabling seamless integration with the Ethena ecosystem and yield-bearing collateral
Sub-20ms Latency
Institutional-grade performance with sub-20 millisecond latency and capacity exceeding 1 million orders per second
Appchain Architecture
Purpose-built Layer 3 appchain on Arbitrum with Conduit sequencing, Pyth price feeds, and LayerZero cross-chain messaging
Ethena Integration