CURRENT PEG STATUS
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- Current price
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- Distance from $1
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- Status
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Shows where the USDe stablecoin is trading relative to its $1 reference value.
MARKET
Ethena USDe Trading Chart and Market Analysis
Follow the Ethena USDe price with a detailed market chart, trading volume and peg indicators. Switch between market price and peg deviation to examine short-term movements, longer-term trends and changes relative to the $1 target.
Because USDe is designed to remain close to $1, its market analysis focuses on peg deviations, liquidity and price direction rather than conventional bullish or bearish signals. Technical indicators should be considered alongside protocol backing, mint and redeem activity and derivatives-market conditions.
LIVE USDe MARKET
Ethena USDe Market Price Chart
Follow the USDe price across one day, seven days, one month, three months, one year or its full available market history. Switch between market price and peg deviation, compare USDe with its $1 target and hover over the chart to inspect price, peg deviation and trading volume.
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PEG ANALYSIS
Ethena USDe Technical Indicators
Review USDe momentum, moving averages and its position relative to the $1 target across hourly, daily and weekly timeframes. These indicators describe recent market behavior without treating small stablecoin moves as conventional buy or sell signals.
TIMEFRAME
Based on USDe/USD price data
30-DAY PEG STABILITY
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- Observations in range
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- 30-day range
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- Average deviation
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Measures how consistently USDe remained inside the defined ±0.5% peg band over 30 days.
PEG VOLATILITY
—Selected timeframe
- Maximum deviation
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- Volatility
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- Overall condition
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Summarizes recent deviation size and whether peg risk appears low, moderate or elevated.
Stable, Watch and Elevated Deviation readings are calculated automatically from USDe/USD peg measurements. Results use historical market data and should not be treated as price predictions or financial advice.
01
MARKET DATA
LOAD THE PRICE INTERVALS
USDe/USD price data is loaded for the selected 1H, 4H, 1D or 1W timeframe. Each interval provides the opening, highest, lowest and closing prices used to assess peg performance.
02
PEG MEASUREMENTS
CALCULATE PEG STABILITY
Each valid closing price is compared with the $1 target. The system calculates the current, average and maximum peg deviation, the time spent within the defined peg range and price volatility.
03
OVERALL RESULT
CLASSIFY THE PEG CONDITION
The results are compared with the same stablecoin thresholds used for USDC and USDT. The overall condition is classified as Stable, Watch, Elevated Deviation or Insufficient Data.
Current Interval
If the selected interval has not closed, its values are provisional and may still change.
Missing Data
Unavailable intervals are excluded from the calculations. They are never treated as within range or included in the total.
Source and Freshness
Calculated using USDe/USD spot-market data. Results update when new market data becomes available.
EXCHANGE DATA
Ethena USDe Markets
The Ethena USDe price can vary slightly between markets because each venue has different liquidity, spreads and trading activity. Compare the USDe USD price across active centralized and decentralized spot markets, including each market’s distance from $1, reported 24-hour volume and latest update.
Distance from $1 always uses USD
| Venue | Type | Pair | Price | Distance From $1 | 24-Hour Volume | Updated |
|---|---|---|---|---|---|---|
 Bybit | CEX | USDE/USDT | 1.0003 USDT · ≈$0.9996 | Below 0.036% Stale data | $3.2M | — |
 MEXC | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $2.2M | — |
 WEEX | CEX | USDE/USDT | 1.0000 USDT · ≈$0.9993 | Below 0.066% Stale data | $2.0M | — |
 Binance | CEX | USDE/USDC | 0.9997 USDC · ≈$0.9995 | Below 0.050% | $744,241 | — |
| Binance | CEX | USDE/USDT | 1.0003 USDT · ≈$0.9993 | Below 0.065% | $422,153 | — |
 LBank | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $353,723 | — |
 Biconomy.com | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $201,176 | — |
 Toobit | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $165,037 | — |
 Hyperliquid | CEX | USDE/USDC | 0.9999 USDC · ≈$0.9992 | Below 0.076% Stale data | $114,938 | — |
 Bitrue | CEX | USDE/USDT | 1.0004 USDT · ≈$0.9997 | Below 0.026% Stale data | $113,669 | — |
 BTCC | CEX | USDE/USDT | 0.9997 USDT · ≈$0.9990 | Below 0.096% Stale data | $106,574 | — |
 Bitunix | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $90,883 | — |
 XT.COM | CEX | USDE/USDT | 1.0002 USDT · ≈$0.9995 | Below 0.046% Stale data | $82,113 | — |
 Kraken | CEX | USDE/USD | $1.0001 | At Peg · 0.00% Stale data | $8,210 | — |
 Upbit | CEX | USDE/KRW | 1,364.0000 KRW · ≈$1.0150 | Above 1.500% Stale data | $7,756 | — |
| Kraken | CEX | USDE/EUR | 0.8935 EUR · ≈$0.9997 | Below 0.028% Stale data | $7,253 | — |
 Bithumb | CEX | USDE/KRW | 1,362.0000 KRW · ≈$1.0140 | Above 1.400% Stale data | $3,201 | — |
SUPPLY AND BACKING
Ethena USDe Supply and Backing
The USDe stablecoin has no fixed maximum supply. Authorized participants can mint USDe by providing eligible backing assets and redeem it through Ethena’s approved process, while staking moves USDe into the sUSDe vault without removing it from the outstanding supply. Compare the current supply with Ethena’s reported backing, reserve fund and backing allocation.
USDe Backing Coverage
101.37% BACKING
+1.37% reported surplus above full backing
USDe Supply
| USDe Total Supply | 4.59B USDe |
| USDe Staked | 1.14B USDe |
| Unstaked USDe | 3.45B USDe |
| Staked Share of Supply | 24.87% |
| 24-Hour Net Supply Change | -21.30M USDe · -0.46% |
| 30-Day Net Supply Change | -365.09M USDe · -7.36% |
USDe Backing Allocation
| Total Backing and Reserve Fund | $4.59B USD |
| Protocol Backing Ratio | 101.37% |
| Reserve Fund | $61.98M USD |
| Crypto Asset Backing | Unavailable |
| Liquid Stablecoin Backing | Unavailable |
| Other Eligible Backing | Unavailable |
| Short Hedge Notional | Unavailable |
How Ethena USDe Supply Metrics Are Calculated
Ethena USDe supply metrics combine issued-token data, sUSDe vault balances, backing-asset values, hedge information and the reserve fund. The calculations keep outstanding USDe separate from staked USDe and compare the total supply with the protocol’s reported backing.
01
SUPPLY DATA
Load the Current USDe Supply
Load the total outstanding USDe supply from Ethena’s official protocol data. Check the supported networks and token contracts, then remove any duplicated supply created by bridges or cross-chain accounting.
02
SUPPLY ACTIVITY
Track Minting, Redemption and Staking
Track confirmed USDe minting and redemption activity to measure changes in the outstanding supply. Read the USDe held by the sUSDe vault separately, since staking changes where the tokens sit but does not remove them from the total supply.
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BACKING DATA
Compare USDe Supply with Protocol Backing
Load the current value and composition of Ethena’s reported backing assets, hedge positions and reserve fund. Compare that backing with the outstanding USDe supply and show when the reported coverage moves above or below full backing.
USDe Total Supply
USDe total supply represents all outstanding USDe created through the protocol, including tokens held by users, exchanges, liquidity pools and the sUSDe staking vault.
Protocol Backing
Protocol backing represents the reported value of the assets and positions supporting USDe. Display the asset categories and valuation time because their composition and market value can change.
Reserve Fund
The reserve fund provides an additional buffer for the USDe system. Report it separately while making clear whether Ethena already includes it in the displayed total backing figure.