USDE — price, funding and open interest
USDE/USDT perpetual on Bybit · Kraken · Upbit: price 0.9993, 24h turnover $13K. Updated in real time.
What this is
StablecoinUSDe — Ethena's synthetic dollar. It rests not on bank reserves but on a hedged crypto position: there is yield, but the risks are its own and unfamiliar.
Chart
Chart built from data of Bybit
USDE unlocks
No unlock schedule: the whole supply is already in circulation (100 % per CoinGecko).
Net issuance will appear once our supply ledger covers 30 days.
Supply figures are from CoinGecko, updated once a day. We do not take unlock schedules from trackers.
What the data shows
USDE trades at 0.9993. Over 365 days it ranged between 0.9507 and 1.0041; the price now sits in the upper third of that range — 91% of the way from the yearly low to the high.
All-time high is 1.0381 (August 2024); the price is 4% below it now.
The daily range is 0.0% and five-minute NATR is 0.00%. That range is at percentile 0 for the year — a noticeably calmer day than usual.
Open positions in USDE are worth $1.2M. Over the past hour open interest fell by 0.01%. That is at percentile 6 over three weeks: noticeably fewer positions than usual.
24-hour turnover is $13K — percentile 13 for the year: trading is quiet.
Funding is -0.0023%: shorts pay longs, so positioning leans to sellers. For this coin that is an ordinary rate — percentile 26 for the month.
USDE correlation with Bitcoin over 24 hours is 0.16 — it goes its own way, barely looking at Bitcoin.
Traded on 3 venues: Bybit, Kraken, Upbit — the price is cross-checked across several sources.
Over the day -0.01%, over the hour 0.00%, over the last five minutes 0.00% — it moved livelier an hour ago and has since gone quiet.
By turnover it ranks 1800 of 2043 instruments in the screener.
By daily range it ranks 2003 of 2043.
Built from current numbers and the coin's own year of history. Updates with the data.
How USDE behaved before
Tracked since August 2024 — 26 full months. 15 of 26 closed higher, median month +0.0%.
Best month — January 2025: +0.3%. Worst — August 2024: -1.3%.
Computed from our own minute history, month by month. The past promises nothing — but it shows what is ordinary for this instrument and what is not.
Our observations
KairoRight now USDE is within its usual range: volume, funding and open interest are all unremarkable.
Computed from our own minute history for this coin over a year. Percentile is the share of days the value was below today's. Description only, no forecasts.
What we noticed earlier
Similar instruments
From the same group — stablecoin. They open the same way, with a chart and a breakdown.
Price and movement
Turnover and activity
Futures metrics
How to read this
- Funding is a payment between longs and shorts. A positive rate means longs pay shorts: the market is crowded long.
- The rate rank shows how unusual that rate is for this particular coin: 97 means above 97% of the last month, a rare skew. Without the rank the bare number says nothing — every coin has its own normal.
- Open interest is the money sitting in positions that are still open. Rising alongside price means new money entering; rising while price falls means shorts building up.
- The OI rank is measured in contracts rather than dollars: otherwise it would drift up with price alone and claim a record where nothing changed.
- NATR shows how much a coin moves relative to its own price. High NATR with high turnover is where today's action is.
How much money sits in open positions on each venue. The total spans every exchange listing the contract.