Ethena plans to expand its crypto arbitrage strategy to stock perpetual contracts, with a theoretical potential open interest of $4 trillion.
Odaily reported that Ethena plans to expand its cryptocurrency spot and perpetual contract arbitrage strategy to the stock perpetual contracts market to capture funding rate premiums. Ethena’s existing cryptocurrency arbitrage allocation has peaked at over 8 billion USD, while the theoretical potential open interest for stock perpetual contracts could reach 4 trillion USD. As of August 11, the total market open interest for stock perpetual contracts reached 6.2 billion USD. The average annualized funding rates for Hyperliquid and a certain exchange were 14% and 17.5% respectively, compared to the annualized Bitcoin funding rate of 4.1% during the same period.
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