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.
This is a max-APY yield loop: sUSDe is supplied as collateral and DAI 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.
as-of 2026-10-14T08:53:51.306Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1