USDE/USDC on Hyperliquid

Daily closes spanning the full history since listing. Switch to 1M for finer hourly-snapshot detail (our moat, collected since 2026-06-14).

Historical data is free to cite and reuse with attribution — link this page or hyperacademy.io.

Predicted funding (Binance/Bybit normalized to a 1h basis). Informational only — not investment advice.

USDE represents Ethena's synthetic dollar, USDe, an asset that reaches its dollar peg not through cash reserves but through a delta-neutral strategy pairing staked-ETH-style collateral against offsetting short futures. Trading it here means trading a stablecoin-to-stablecoin pair against USDC rather than a directional position, so the things worth tracking are peg health and how well Ethena's hedge is holding up, not upside potential. Part of Ethena's yield engine comes from income earned on funding rates across perpetual futures markets broadly, meaning USDe's peg can wobble during unusual, sustained funding conditions industry-wide — a risk profile that looks nothing like a plain fiat-backed stablecoin's. Anyone treating USDE as risk-free dollar exposure should understand that mechanism-specific de-peg risk first, and check this pair's liquidity before committing size.