sUSDe Yield: Loop up to 7x on sUSDe/DAI

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.

How the strategy works

This is a max-APY yield loop: sUSDe is supplied as collateral and DAI is borrowed against it on Morpho, then recycled back into 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.

Strategy details

Collateral asset

Staked USDe (sUSDe)

Borrowed asset

DAI

Issuer

Ethena

Yield source

Delta-Neutral Funding

Underlying

USDe

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

4.39%

Net borrow APY

5.53%

Max leverage

7.0x

Default leverage

6.7x → -2.11% APY

Leverage ladder

1x 4.39% · 2x 3.25% · 3x 2.11% · 4x 0.97% · 5x -0.17% · 6x -1.31% · 7x(max) -2.45%

Oracle type

nav

Exit slippage

$100k 0.02% · $500k 0.03% · $1M 0.04% · $5M 2.00% · $10M 49.23%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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