sUSDe Max APY Yield Strategy

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 PYUSD 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

PYUSD

Issuer

Ethena

Yield source

Delta-Neutral Funding

Underlying

USDe

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

4.12%

Net borrow APY

3.92%

Max leverage

11.4x

Default leverage

10.5x → 6.02% APY

Leverage ladder

1x 4.12% · 2x 4.32% · 3x 4.52% · 4x 4.72% · 5x 4.92% · 6x 5.12% · 7x 5.32% · 8x 5.52% · 9x 5.72% · 10x 5.92% · 11x 6.12% · 11.4x(max) 6.20%

Oracle type

nav

Exit slippage

$100k 0.03% · $500k 0.04% · $1M 0.05% · $5M 0.19% · $10M 38.91%

as-of 2026-08-14T07:18:50.132Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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