⌘K

Ethereal

Total Value Locked$405.26m

Chain Breakdown
Ethereum	$405.26m

USD ETH

Information

Protocol Information

Ethereal is a decentralized spot and perpetuals exchange built on the Ethena Network, powered by native USDe collateral. With institutional-grade performance (sub-20ms latency, 1M+ orders/s) and DeFi-enabled self-custody from day one, Ethereal aims to be the premier trading venue for the rapidly growing Ethena ecosystem and beyond

Category: Derivatives

Audits

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Token Information

Methodology

TVL includes USDe tokens locked in Ethereal’s Season Zero vault on Ethereum.

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Competitors

Synthetix V3 ($106.44m)Derive V2 ($97.06m)Contango V2 ($50.31m)Aevo Perps ($45.28m)dYdX V3 ($41.34m)Jupiter Perpetual Exchange ($1.8b)Drift Trade ($907.03m)Hyperliquid HLP ($492.2m)GMX V2 Perps ($405.95m)dYdX V4 ($287.78m)