Overview
As animal spirits return to a vertical crypto market, demand for leverage has increased notably. For BTC and ETH, aggregated open interest and funding rates have reached multi-month highs.
A primary beneficiary of this growth in OI and funding rates is Ethena, whose sUSDe synthetic dollar captures the elevated funding rate and returns that yield to token holders. With this surge in funding rates, sUSDe yields rose from ~4% in August towards ~27% today, a compelling premium to a falling risk-free rate of ~4.5%.
Source: Ethena.fi
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