Ethena says Binance equity basis has averaged roughly 11%+ annualized over the past six months, with open interest growing about 30% per month in the last three months. Tokenized stocks (bStocks) will serve as spot collateral, hedged with Binance USDT-denominated equity perpetuals using the same delta-neutral structure applied to crypto. Binance reportedly offers lower auto-deleveraging priority for eligible delta-neutral accounts, a risk mitigation for USDe holders. Ethena expects equity perpetuals to exceed the $15b+ in crypto perpetuals captured last cycle; allocations began after Risk Committee review and due diligence, with transparency dashboards published.

AI summary of the linked source — not editorial content.

Story signal · how it spread on X · via Elfa

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Spread
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48 accounts

first post
Leviathan +2.3 h later

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+17.6% 24h after post

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−0.7% 24h after post

$779.64 → $773.88
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Thread · 2 events · started 28 Aug 21:29 · last update 26 Sep 11:46 · quiet
  1. UpdateEthena partners with Binance to expand USDe backing into tokenized stocks and equity perpetuals45 acc.
  2. Leviathan published this article
  3. UpdateEthena expands USDe backing to tokenized stocks through Binance3 acc.

All times UTC.

Cited posts

  • @TheBlockCo The BlockFirst reportOn X ↗

    EXCLUSIVE: Ethena expands USDe backing strategy into bStocks and equity perpetuals on Binance https://t.co/xKRFiUJD2O

  • @ethenaOn X ↗

    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…

  • @Ethena_Eco Ethena EcosystemOn X ↗

    Ethena is partnering with @Binance as the first venue for the extension of the basis trade into equity perpetuals. https://t.co/DmudcM2elo

Show 3 more cited posts
  • @cryptounfolded unfolded.On X ↗

    Ethena expands USDe backing strategy into bStocks and equity perpetuals on Binance

  • @Crypto_Briefing Crypto BriefingOn X ↗

    📈NEW: Ethena partners with Binance to extend USDe’s basis trade into equity perpetuals, using bStocks as tokenized spot collateral hedged with USDT-denominated equity perps.

  • @UpsideMediaoff UpsideOn X ↗

    🚨 Ethena fait entrer les actions américaines dans la réserve de l'USDe, son dollar synthétique. Jusqu'ici, le protocole appliquait sa stratégie aux seuls cryptoactifs. Il achète l'actif au comptant et vend en parallèle un contrat perpétuel de même taille, ce qui neutralise…

42 more accounts posted about this · 5 Telegram channels (no public link)

TradersTrader calls tracked by Elfa · not advice

Positioning · ENA

Open206 open positions · 203 long · 3 short

Tracked accounts lean long about 97% of the time, so a long-heavy book is normal, not a signal. As of 25 Sep 13:19 UTC.

Reaction since the first post

Since 25 Sep 11:00 UTC28 calls opened · 27 long · 1 short

Callers with a scored record

@CryptoBoss1984 long · entry $0.2443alpha +0.068 · 55% hit rate · 55 scored
@J_Dood_ long · entry $0.2663alpha −0.100 · 56% hit rate · 34 scored

Alpha, hit rate and sample size exactly as Elfa reports them.

Whole crypto market, not this story

Crowding60th percentile · vs last 28 days, 50 typical
Pulse 24h56/100 · unusualness of new calls, 0–100, 50 typical, higher means more long than usual
Book97.3% long · 11,999 accounts

As of 25 Sep 13:00 UTC.

Social-monitoring data, not investment advice Elfa prices Hyperliquid post text from Xas of

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