Ethena plans to expand its arbitrage strategy to the stock perpetual contract market

Ethena plans to expand its cryptocurrency spot and perpetual contract arbitrage strategy to the stock perpetual contract market, in order to capture the premium of funding rates. Ethena's current peak cryptocurrency arbitrage allocation exceeds $8 billion, and the theoretical potential open interest size of perpetual stock contracts can reach $4 trillion. As of August 11th, the total open interest of perpetual contracts in the stock market reached 6.2 billion US dollars. The average annualized funding rates for Hyperliquid and Binance were 14% and 17.5%, respectively, while the annualized funding rate for Bitcoin was 4.1% during the same period.