Introducing Ethena Exchange Points
Ethena Foundation is launching Ethena Exchange points: a program rewarding trading activity using USDe as collateral on Ethena-powered exchanges.
Following the launches of USDe-settled perpetuals trading venues, including Ethereal and HyENA, the Ethena Foundation (via an affiliate) is launching the Ethena Exchange points campaign: a six-month program rewarding organic trading activity using USDe as core collateral on Ethena-powered exchanges.
Ethena Exchange Points includes two separate programs—Ethereal Exchange Rewards and HyENA Points—each normally distributing 100,000,000 points weekly to eligible users. Both programs reward aligned exchange activity utilizing USDe as margin collateral. Results are posted to account dashboards after each epoch. Both programs began in early December 2025, with Ethereal Exchange Rewards backdated. There will be 24 epochs, with each epoch lasting a week.
For the sake of clarity:
- ”Ethena Exchange Points” are separate and additive to Ethena’s ongoing Season 5 points program, but the intention is to meaningfully reward authentic trading behavior proportionally across all venues.
To preserve integrity, anti-gaming protections exclude self-trades, circular volume, and other manipulative patterns, per-account caps and post-distribution reviews may apply. Ethena may refine parameters, apply filters, or claw back rewards in its discretion to ensure the program continues to favor genuine usage as market conditions evolve.
