Ethena teams with Binance to bring its basis trade to equity perpetuals: here’s what it means for USDe and ENA’s price.
Ethena is partnering with Binance to extend its basis trade strategy into equity perpetuals, according to an announcement from the protocol. The move marks one of the biggest updates to USDe’s collateral backing since launch.
The partnership expands Ethena’s addressable collateral market from $2.5 trillion in crypto assets to more than $150 trillion in real-world assets. Binance is the first venue for this extension. Allocations began today.
Ethena Expands Into Equity Perpetuals With Binance Deal
Ethena has run a delta-neutral strategy since inception. It pairs crypto collateral with short perpetual futures positions to generate yield while minimizing price exposure.
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1
— Ethena (@ethena) September 25, 2026
That model captured over $15 billion in crypto perpetuals during the last market cycle, per Ethena. The protocol now expects the equity perpetuals opportunity to exceed that figure by a wide margin, given the much larger total addressable market in traditional equities.
Binance’s equity basis trade has averaged more than 11% annualized returns over the past six months. Open interest in that market has grown roughly 30% per month over the last three months, according to Ethena’s data.
How Does the Binance Equity Basis Trade Work?
The new structure uses bStocks as tokenized spot collateral. Ethena hedges that collateral with Binance’s USDT-denominated equity perpetuals, mirroring the same delta-neutral approach it already applies to crypto assets.
Binance is also granting lower auto-deleveraging (ADL) priority to eligible delta-neutral accounts, including Ethena’s. That reduces the risk of forced position closures during volatile market swings, adding a layer of protection for USDe holders.
Ethena’s governance framework separately routes 95% of protocol revenue toward ENA buybacks once USDe supply reaches $7.5 billion. That mechanism strengthens ENA’s value capture beyond earlier inflationary tokenomics.
ENA Price Reaction and Key Levels to Watch
At publication, ENA price sits about $0.2615. It has risen by 20.94% over the past day and 57.17% over the week, per CoinGecko data. Daily trading volume hit $959.96 million.
Analyst Giannis Andreou notes that the altcoin broke above $0.1925 resistance after holding support near $0.1352. He’s now watching $0.263 as the next hurdle, with $0.302 and the 0.36–0.38 zone as further upside targets if retests hold.
Losing $0.1925 on a daily close could open a retracement toward $0.17, he added.
Altcoin Sherpa separately flagged $0.42 as ENA’s next major weekly resistance level, noting the token has consolidated below the 0.41–0.42 zone since pulling back from 2025 highs above $1.
$ENA next big big level is like 0.42 if this area can get cleared? Still 1 of the better coins you can buy IMO. pic.twitter.com/6T3CNQGou5
— Altcoin Sherpa (@AltcoinSherpa) September 25, 2026
Ethena is extending its crypto basis trade into a market more than 60 times larger. ADL protections and buyback mechanics also link ENA’s value more directly to USDe growth.
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