USDe Yield: Earn up to 9% APY on USDe/USDG

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

4.52%

Max leverage

11.4x

Default leverage

10.5x → 9.56% APY

Leverage ladder

1x 5.00% · 2x 5.48% · 3x 5.96% · 4x 6.44% · 5x 6.92% · 6x 7.40% · 7x 7.88% · 8x 8.36% · 9x 8.84% · 10x 9.32% · 11x 9.80% · 11.4x(max) 9.99%

Oracle type

nav

Exit slippage

$100k 0.03% · $500k 0.21% · $1M 42.08% · $5M 89.42% · $10M 94.71%

as-of 2026-09-29T07:25:49.926Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=4663

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