sUSDe Yield: Earn up to 11% APY on sUSDe/PYUSD

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.

How the strategy works

This is a max-APY yield loop: sUSDe is supplied as collateral and PYUSD 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.

Strategy details

Collateral asset

Staked USDe (sUSDe)

Borrowed asset

PYUSD

Issuer

Ethena

Yield source

Delta-Neutral Funding

Underlying

USDe

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

4.93%

Net borrow APY

4.20%

Max leverage

11.4x

Default leverage

10.5x → 11.87% APY

Leverage ladder

1x 4.93% · 2x 5.66% · 3x 6.39% · 4x 7.12% · 5x 7.85% · 6x 8.58% · 7x 9.31% · 8x 10.04% · 9x 10.77% · 10x 11.50% · 11x 12.23% · 11.4x(max) 12.52%

Oracle type

nav

Exit slippage

$100k 0.04% · $500k 0.05% · $1M 0.07% · $5M 20.51% · $10M 58.32%

as-of 2026-10-14T08:53:51.306Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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