USDe Max APY Yield Strategy

USDe is Ethena's synthetic dollar, backed by crypto collateral hedged with short perpetual futures to hold a delta-neutral peg to the US dollar. USDe itself is not yield-bearing — holders earn Ethena's funding-rate yield only by staking it into sUSDe.

How the strategy works

This is a max-APY yield loop: USDe is supplied as collateral and USDG is borrowed against it on Morpho, then recycled back into USDe 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
USDe (USDe)
Borrowed asset
USDG
Issuer
Ethena
Yield source
Delta-Neutral Funding
Underlying
USD
Category
stable
Network
Robinhood
Protocol
Morpho

Live metrics

Collateral APY
0.00%
Net borrow APY
3.51%
Max leverage
11.4x
Default leverage
10.5x → 13.91% APY
Leverage ladder
1x 4.50% · 2x 5.49% · 3x 6.48% · 4x 7.47% · 5x 8.46% · 6x 9.45% · 7x 10.44% · 8x 11.43% · 9x 12.42% · 10x 13.41% · 11x 14.40% · 11.4x(max) 14.80%
Oracle type
nav
Exit slippage
$100k 0.03% · $500k 0.20% · $1M 42.77% · $5M 89.57% · $10M 94.78%

as-of 2026-08-14T07:18:50.322Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=4663

Ethena website · All strategies