Ethereal
AuditedNewEthereal is a non-custodial perpetual-futures DEX built on its own EVM appchain, using USDe as the primary collateral and gas token, with deep integration into Ethena's ecosystem.
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The Problem
Perp DEX users face a choice between slow on-chain venues with poor execution and fast off-chain venues with custody risk; meanwhile, idle margin collateral generally earns no yield.
The Solution
Ethereal pairs an off-chain CLOB with on-chain settlement on its own EVM appchain and uses USDe as the collateral and gas token, so idle margin balances continuously accrue native USDe yield while users trade.
Why it Matters
First Ethena-native perp DEX; yield-bearing margin, USDe-as-gas, ENA Exchange Points distribution, and direct integration into Ethena's reserve management.
Protocol Metrics
Related Research
View allFrequently asked questions about Ethereal
What is Ethereal?+
Ethereal is a DEX protocol operating on Ethereal. Ethereal is a non-custodial perpetual-futures DEX built on its own EVM appchain, using USDe as the primary collateral and gas token, with deep integration into Ethena's ecosystem.
How does Ethereal work?+
Ethereal pairs an off-chain CLOB with on-chain settlement on its own EVM appchain and uses USDe as the collateral and gas token, so idle margin balances continuously accrue native USDe yield while users trade.
Is Ethereal safe?+
DeFi Sentinel rates Ethereal BBB with a safety score of 68/100, indicating moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Ethereal has 3 audits on record. DeFi Sentinel's analysis flagged 3 high, 7 medium, 3 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Ethereal?+
Ethereal has a DeFi Sentinel safety score of 68/100 (rating BBB), last updated May 22, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Ethereal support?+
Ethereal is deployed on Ethereal.
Has Ethereal been audited?+
Yes. Ethereal has 3 audit reports on record from firms including ChainSecurity, Guardian Audits, Guardian Audits (Season Zero). Audit reports and dates are linked under the Resources tab on this page.