Ethena plans to expand delta-neutral strategies into stock perpetual futures

Ethena is exploring plans to expand its cryptocurrency-focused delta-neutral strategy into the stock perpetual futures market. The company views the growing volume and funding rates in the stock perpetuals market as a potential major revenue source to complement its existing crypto-based offerings over the next one to two years.

While this represents a long-term vision for revenue diversification, specific details regarding the implementation timeline, trading platforms, target stocks, and risk limits have not been disclosed. To successfully execute a delta-neutral strategy in stocks, Ethena would require infrastructure to hold corresponding spot or tokenized assets to offset the risk of shorting perpetual futures.

Regarding its governance, Ethena has proposed a fee conversion plan where a portion of protocol profits could be used for ENA buybacks. This is a conditional structure based on USDe supply milestones; for instance, once USDe reaches $7.5 billion in supply, 5% of total revenue would be allocated to the mechanism, with the percentage increasing as supply grows.