Ethena Plans to Expand Crypto Arbitrage Strategy to Equity Perpetual Futures, with Theoretical Potential Open Interest of $4 Trillion

Odaily Planet Daily News: Ethena plans to expand its cryptocurrency spot and perpetual futures arbitrage strategy to the equity perpetual futures 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 equity perpetual futures could reach $4 trillion. As of August 11, the open interest across the equity perpetual futures 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.