Ethereal funding rates and fees
Ethereal lists 0 perpetual markets and settles funding hourly, at 0.050% taker / 0.020% maker. It publishes no 24-hour volume, so we cannot confirm that any of its books are deep enough to size into — none of its 0 pairs clear the $1.00M floor the ranking uses. The pairs are below anyway, marked as unverified rather than hidden.
A perpetuals DEX built around Ethena's USDe: margin is posted in USDe and keeps earning while it sits as collateral, which is unusual — on most venues idle margin earns nothing. It runs as an EVM appchain that settles on Arbitrum One with Celestia for data availability, and it opened a mainnet alpha in October 2025 after being approved through Ethena governance. The trade-off is a very young venue whose collateral asset carries Ethena's risk on top of the exchange's own.
The pairs
Where Ethereal is worth trading — and against whom.
Every market here, matched against the venue that opens the widest funding gap against it. The axis draws both rates on one scale, and the lit bar between them is the spread — the money. Net APR is what that spread pays after both venues' taker fees, held a week.
Nothing to pair. None of the markets on Ethereal are listed on another venue we track, so there is no second leg to trade them against.
A pair counts as tradable when both legs did more than $1.00Mof volume in the last 24 hours: a wide spread across two thin books is arithmetic, not a trade. Rates are annualized and 8h-normalized, so an hourly venue and an 8-hour one are directly comparable. Net APR can be negative — the fees have eaten the spread — and those pairs are shown greyed rather than hidden, because “not worth it” is an answer. Funding is a floating rate: it can flip before it has paid you back.
The book
Every market on Ethereal
All 0 perpetuals Ethereal quotes, with the funding rate each one is paying right now.
No market on Ethereal matches “”.
The evidence
How much size Ethereal can absorb
Volume says how much trades here; open interest says how much is actually held. Neither is the reason to put a leg on this venue — the pairs above are — but both decide whether the leg you want will fill.
Each point is the rolling 24-hour figure as of that hour. Ethereal publishes no open interest, so that series is empty — not a flat line at zero.
FAQ
Ethereal, answered
How often does Ethereal pay funding?
Ethereal settles funding hourly, though it does not publish a schedule for the next settlement, so no countdown is shown on this page rather than a guessed one. The interval matters more than it looks: a rate quoted per hour and a rate quoted per eight hours are not comparable until they are put on the same basis, so every figure on this site is normalized to an 8-hour basis before it is compared or ranked.
What are Ethereal's trading fees?
Ethereal charges 0.050% to take liquidity and 0.020% to make it. These are the fees used in every net-APR figure on this page: a funding trade pays the taker fee four times (in and out of both legs), which is exactly why a wide spread held briefly can still lose money.
How many markets does Ethereal list?
We collect 0 perpetual markets from Ethereal. Ethereal publishes no 24-hour volume for any of them, so its volume column is blank on this site rather than zero — we do not print a number we were not given. Every one is listed with its mark price, funding rate and funding interval in the book on this page.
Is Ethereal good for funding arbitrage?
We can't say, and we would rather say so. Ethereal publishes no 24-hour volume, so there is no way for us to confirm that its books are deep enough to open a leg on without slippage — and a funding spread on a book you cannot size into is arithmetic, not a trade. The funding gaps themselves are real and they are listed on this page, marked as unverified.