Ethereal

Ethereal is a perpetual DEX backed by the Ethena ecosystem, featuring unique integration with USDe — Ethena's yield-bearing synthetic dollar — as trading collateral. Launched in October 2025, it represents a new approach to margin trading where collateral itself generates yield.

The platform offers 15 markets with up to 25x leverage, charging 0.02% maker and 0.05% taker fees. What sets Ethereal apart is its acceptance of USDe alongside USDC as collateral, meaning traders can earn Ethena yield on their margin while holding positions. This yield-bearing collateral model effectively reduces the cost of maintaining leveraged positions.

Pre-deposits exceeded $1.2 billion before launch, signaling strong market interest in the yield-on-collateral concept. Ethereal plans to migrate to the Converge chain as its ecosystem matures. The close relationship with Ethena means 15% of Ethereal's token is allocated to ENA holders.

The Ethereal Points program is active with the community allocation at 15%, and depositing USDe earns both Ethereal points and 30x Ethena rewards. TGE is planned for 2026. The dual reward structure creates a compelling farming opportunity for Ethena ecosystem participants.

Ethereal suits traders who want their margin to work harder — earning yield while serving as position collateral. It's particularly attractive for Ethena ecosystem participants who can compound rewards across both protocols.