USDe Trading Rewards

The USDe Trading Rewards program is designed to improve the economics for holding positions on Ethereal by directing a portion of exchange fees back to users based on their contribution to global OI.

Each week, up to 25% of exchange fees are automatically routed to the USDe Trading Rewards pool and distributed pro rata to users based on their average share of total OI during the rewards period. Total Rewards are capped at a 27.1828% APR (including USDe Balance and Trading rewards) based on a user's average margin balance for the period.

USDe Trading Rewards are distributed on a 7 day delay alongside USDe Balance Rewards distributions. The snapshot period for average balance and OI is taken each week on Wednesday at 23:59 UTC for the prior 7 days.

There is no enrollment requirement. All positions long or short automatically qualify once they have been held for a minimum of 1 hour. Note that opening offsetting positions across multiple Ethereal accounts with clear intent to game the rewards process may result in exclusion from the program.

Example

• Weekly protocol trading fees: $93,600

• OI rewards pool (25% of fees): $23,400

• Total platform OI: $21,530,000

• Your average OI: $40,000

• Your average margin: $10,000

OI Rewards Pool = $93,600 × 0.25 = $23,400
User OI Share = $40,000 ÷ $21,530,000 = 0.186%
User Reward = $23,400 × 0.00186 = $43.52

User APR = ($43.52 × 52) ÷ $10,000 = 22.63%
Cap = 27.1828%

FAQ

Do positions across different markets count?

• Yes. Total OI is calculated as the sum of all open positions across all markets.

Why didn't my new deposit increase my rewards?

• Rewards are calculated using your average balance over the 7-day snapshot period (Wednesday 23:59 UTC to Wednesday 23:59 UTC). Deposits made mid-period only factor into the average proportionally based on time held.

Does opening a position for 1 hour qualify for full rewards?

• The 1-hour minimum is the threshold before a position begins accruing rewards. Distribution is based on your average OI for the period.

What is the 27.1828% APR cap?

• Individual accounts cannot earn more than 27.1828% APR on their average margin balance across all USDe rewards (Balance + Trading). If your calculated reward exceeds this cap, the final distribution is reduced to the capped amount.

How does the 7-day delay work?

• Rewards are distributed one week after the period ends on Thursday for both USDe Balance & USDe Trading rewards. The rewards you receive each week are based on prior week's activity.