A USDe-settled perpetuals exchange on an application-specific chain. It combines trading, balance rewards and a separate points system, each with its own rules.
Sources checked 23 Sept 2026
01 / THE PROJECT
What it does
Ethereal is built around USDe as trading collateral and settlement currency. Its documented chain uses an Arbitrum execution environment, settlement through Arbitrum One and Celestia for data availability. The exchange describes perpetuals as the first step toward a broader financial app.
A margin balance can receive rewards while it backs a position, but the two roles should be assessed separately. The position still has funding and liquidation risk, while collateral adds exposure to USDe and the infrastructure holding it. A reward APR is variable compensation, not a limit on possible losses.
Where it stands out
USDe collateral connects trading and the documented reward system.
The chain and account mechanics are explained in public developer documentation.
02 / IN PRACTICE
What you can do
01USDe-settled perpetuals
02Trading APIs and subaccounts
03USDe balance/trading rewards and Ethereal Points
03 / THE PEOPLE
Who’s behind it
The Ethereal contributor team publishes the exchange documentation. The reviewed product sources establish its USDe focus but do not establish individual founders or make Ethena responsible for every exchange risk.
Fees & availability
Fees and costs
Trading fees and funding apply. USDe reward distributions are calculated separately and capped under the program rules; they do not erase a trade’s costs.
Eligibility and availability
Restricted-user rules apply. USDe, appchain, bridge and leveraged-trading risks coexist, and rewards can vary.
Authentic trading earns Ethereal Points through a multi-factor model. These points are separate from USDe reward payments and any Ethena exchange-point campaign.
PointsVariable Ethereal Points allocationNo fixed end dateOfficial terms
Eligible positions share a weekly fee-funded USDe pool. Rewards depend on average open interest, with a minimum holding period and a cap on combined USDe rewards.
USDe rewardsUp to 25% of exchange fees enter the weekly poolNo fixed end dateOfficial terms
