Ethereal is a perpetuals appchain built around Ethena's USDe as collateral, so margin earns the USDe yield while posted. It publishes an explicit hourly funding rate with documented clamps.
An off-chain matching engine settles on a dedicated chain. Collateral is USDe rather than USDC, which couples the venue to Ethena's peg and yield mechanics.
Collateral risk is Ethena risk: a USDe depeg would hit every position's margin simultaneously. The venue is young and depth is concentrated in majors.
Deepest first.
Its public API is unreachable from our servers right now, so we're showing the profile without live figures. The rest of the page is still accurate.