Ethena plans to extend its crypto spot and perpetual-contract arbitrage strategy into stock perpetuals to capture funding-rate premiums. Its existing crypto arbitrage allocation has peaked at more than $8 billion, while the theoretical potential open interest for stock perpetuals could reach $4 trillion. As of Aug. 11, total stock-perpetual open interest stood at $6.2 billion. Average annualized funding rates were 14% on Hyperliquid and 17.5% on Binance, compared with 4.1% for Bitcoin over the same period.