USDe Yield: Earn up to 35% 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

4.25%

Max leverage

11.4x

Default leverage

10.5x → 35.75% APY

Leverage ladder

1x 7.25% · 2x 10.25% · 3x 13.25% · 4x 16.25% · 5x 19.25% · 6x 22.25% · 7x 25.25% · 8x 28.25% · 9x 31.25% · 10x 34.25% · 11x 37.25% · 11.4x(max) 38.45%

Oracle type

nav

Exit slippage

$100k 0.04% · $500k 7.84% · $1M 55.07% · $5M 91.01% · $10M 95.51%

as-of 2026-10-14T08:53:51.439Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=4663

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