Ethena Plans to Expand Crypto Arbitrage Strategy to Stock Perpetual Contracts, with Theoretical Potential Open Interest Reaching $4 Trillion

Odaily News Ethena plans to expand its cryptocurrency spot and perpetual contract arbitrage strategy into the stock perpetual contract market to capture funding rate premiums. Ethena's existing cryptocurrency arbitrage allocation has peaked at over $8 billion, and the theoretical potential open interest for stock perpetual contracts could reach $4 trillion. As of August 11, the total open interest in stock perpetual contracts across the market stood at $6.2 billion, with Hyperliquid and Binance recording average annualized funding rates of 14% and 17.5%, respectively, compared to Bitcoin's annualized funding rate of 4.1% over the same period.