# Ethena Pay's 11x Leverage Loop Depends on Borrowing Costs and Exit Funding That Users Cannot Verify

CryptoSlate's analysis finds that the vault's actual leverage and controls are unpublished, and the USDe stablecoin behind the product has a circulating supply of $4.53 billion, according to DeFiLlama.

- Published: 2026-10-29T05:42:25.188Z
- Canonical: https://polylog.news/crypto/2026-10-29/ethena-pay-s-11x-leverage-loop-depends-on-borrowing-costs-an
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CryptoSlate](https://cryptoslate.com/ethena-pays-11x-leverage-loop-promises-high-yield-but-risks-hidden-losses/)

Ethena Pay, the consumer payments product built on Ethena's USDe stablecoin, offers a yield product that loops leverage up to 11 times. A CryptoSlate analysis found that what users actually earn depends on borrowing costs and on how exits a…

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