# Ethena Extends the USDe Basis Trade Into Equity Perpetuals as Crypto Funding Yields Shrink

The issuer expects perpetual futures on real-world assets to overtake crypto derivatives in USDe's backing within 12 to 24 months, after supply fell from nearly $15 billion to about $4 billion.

- Published: 2026-08-29T05:48:58.855Z
- Canonical: https://polylog.news/crypto/2026-08-29/ethena-extends-the-usde-basis-trade-into-equity-perpetuals-a
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/business/2026/08/28/ethena-looks-beyond-crypto-to-squeeze-yield-from-booming-equity-perpetuals), [CryptoSlate](https://cryptoslate.com/ethena-is-targeting-the-120-trillion-wall-street-stocks-market-to-hunt-yields-5x-higher-than-bitcoin/)

Ethena is applying the structure behind its synthetic dollar to equities. The issuer will run the same delta-neutral trade it uses against Bitcoin and Ether, holding an asset and shorting the perpetual future against it, using equity perpet…

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