Ethena plans to extend its delta-neutral strategy beyond crypto into stock perpetual futures, which it says currently offer high funding rates and could become the main yield source for USDe within one to two years. Perpetual futures are contracts without a fixed expiry. When users deposit collateral and mint USDe, Ethena buys an equivalent amount of spot crypto and opens a matching one-times short futures position. This structure is designed to limit price exposure while earning funding fees typically paid by long-position holders to short-position holders. Ethena also earns staking yield, shares part of the income with USDe depositors and retains the remainder as profit. As part of a recent ecosystem restructuring plan, the company previously announced that 95% of revenue would be used for ENA buybacks.