Ethereal Review & Guide 2026
Orderbook•Ethena
Ethereal is a non-custodial spot and perpetual DEX built as a Layer 3 application on the Ethena Network. The platform uses USDe, Ethena's synthetic dollar, for margin trading, providing unique integration with the Ethena ecosystem. Ethereal delivers CEX-like performance with high-speed execution while maintaining decentralization. A key feature is that ENA token holders are allocated 15% of the Ethereal governance token through the Season 5 airdrop, creating strong alignment between the two protocols.
24h Volume
$80M
Open Interest
$45M
Markets
18
24h Change
+14.6%
Pros
- ENA holders receive 15% of Ethereal token - hold ENA to qualify
- Built on Ethena Network L3 for optimized performance
- Uses USDe for margin - earn yield while trading
- Season 5 active until March 2026
- CEX-like speed on decentralized infrastructure
- Zero maker fees
Cons
- Requires USDe deposits - need to acquire or swap
- Smaller platform with lower volume currently
- Dependent on Ethena Network and USDe stability
- Fewer markets (18) than major competitors
Ethereal Trading Fees
Maker Fee
0%
Taker Fee
0.03%
Ethereal Airdrop Status
Status
PointsLiveToken
ETH
Season Zero active. Deposit USDe to earn Ethereal Points + 30× Ethena rewards. ENA holders get 15% of future token.
How to Trade on Ethereal
- 1Acquire ENA tokens to qualify for 15% allocation bonus
- 2Get USDe (swap from USDC or mint on Ethena)
- 3Connect to Ethereal on the Ethena Network L3
- 4Deposit USDe as trading margin
- 5Trade perpetuals with zero maker fees
- 6Hold ENA and trade to maximize Season 5 airdrop
PerpScope Rating for Ethereal
8.5