Ethena Diversifies USDe Backing with Binance Equity Perpetuals
Ethena (ENA)
Editor:
Eugene Serbin
cryptocurrency.com.tr reports that Ethena has expanded its USDe collateral strategy by partnering with Binance to include tokenized equities. This move targets yield opportunities outside of the crypto market by utilizing Binance’s bStocks alongside equity perpetuals. The structure is delta-neutral, pairing bStocks on the spot side with short positions in USDT-denominated equity perpetuals.
This mirrors the basis trade Ethena has previously applied to Bitcoin, Ether, and other crypto assets. The expansion provides USDe access to a broader collateral pool, with global real-world assets estimated at over $150 trillion compared to roughly $2.5 trillion in crypto. Binance’s equity perpetuals have recently offered stronger funding returns than major crypto markets. Ethena rep...
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 26 September 2026. Not the outlet's figures.
ENA is trading at $0.2680 with a 24-hour spot volume of $122,704,831. The 1-hour buy ratio is 45.1%, while the 4-hour ratio is 42.7%, both lower than the 24-hour average of 47.8%, indicating that buying pressure is fading in the short term. Volume Delta is negative across all timeframes, showing -$241,640 in the last hour and -$2,144,778 over four hours. This means sellers are executing larger trades than buyers, resulting in a net outflow of capital. Over 24 hours, the Volume Delta stands at -$5,588,920, with only 5 hours of net buying recorded. The Cumulative Volume Delta closed at -$6,233,556, confirming sustained selling pressure.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.7%, making today's 24-hour ratio of 47.8% 1.9 points below the norm. Volume is 1.73 times the average, indicating an unusual level of activity compared to typical days. The price has risen 59.1% over eight days, despite a total Volume Delta of -$9,335,643. This suggests that while buying volume is high, the intensity of selling has been greater than usual. Only 4 of the last 7 days saw net buying, highlighting the mixed nature of this week's flow.