sUSDe is Ethena's staked synthetic dollar, backed by crypto assets and corresponding short derivatives for delta-neutrality. Stakers earn funding rates from perpetual markets while maintaining price stability.
This is a max-APY yield loop: PT-sUSDE is supplied as collateral and RLUSD is borrowed against it on Morpho, then recycled back into PT-sUSDE to multiply the underlying Delta-Neutral Funding yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.
Live APY, leverage multiplier and available liquidity are shown in the app.