Rewards & Points

Ethereal users automatically earn multiple rewards just by trading and holding USDe margin on the exchange. Rewards are broken down into multiple categories:

USDe Rewards: All USDe balances on Ethereal earn USDe Balance Rewards continuously at a rate denoted by Balance APR. These rewards accrue on your Ethereal account balance, with or without open positions. All positions held for a minimum of 1 hour qualify for USDe Trading Rewards, distributed pro rata based on your share of total open interest (OI) each week and denoted by Trading APR. Total Rewards (Balance Rewards + Trading Rewards) are capped at 27.1828% APR based on your average margin balance each week. All USDe rewards are distributed weekly.

Ethereal Points: All authentic trading activity on Ethereal earns Ethereal Points. Multiple factors are considered in points calculations, including fees paid, open interest, liquidations, maker/taker volume, and referrals. Snapshots are taken Wednesdays at 23:59 UTC and points are distributed weekly on Fridays.

ENA Distribution: On top of ETHEREAL Points, authentic trading activity also earns Ethena Exchange Points, which will convert into ENA at the end of the program. Learn more

For a detailed breakdown of your estimated points and rewards across all programs, check out this community tool built by @HedgeHog.