USDe / sUSDe Yield in DeFi — Live Rates
The top USDe vault currently offers a 9.96% 7-day average APY. The table below ranks 3 USDe / sUSDe vaults by 7-day average APY. Rates update daily at 06:00 UTC.
Last updated: May 18, 2026 · Data: vaults.fyi
| Protocol | Vault (links to app) | Network | 7-day APY | TVL | Reputation |
|---|---|---|---|---|---|
| Wildcat | Hyperithm Wildcat USDe | Ethereum | 9.96% | $2M | Low |
| Ethena | Ethena Staked USDe | Ethereum | 4.02% | $1.8B | High |
| Aave | Aave v3 USDe | Ethereum | 3.75% | $244M | High |
Where does this yield come from?
USDe yield comes from Ethena's delta-neutral strategy: staking ETH and BTC while holding perpetual short positions to neutralize price exposure. The net funding rate from short positions generates yield distributed to sUSDe holders. This yield is fundamentally different from lending yield — it depends on perpetual funding rates.
Risk considerations
USDe is not a traditional fiat-backed stablecoin. It carries funding rate risk (if funding turns negative, yield falls and the peg can be stressed), exchange counterparty risk (Ethena uses centralized exchanges for hedging), and smart contract risk. USDe has grown rapidly but has a shorter track record. No DeFi deposit is insured.
Frequently asked questions
What is the current USDe / sUSDe yield?
The top 7-day average USDe vault APY is currently 9.96%, from Hyperithm Wildcat USDe on Ethereum. Across 3 tracked USDe vaults, rates range from 3.75% to 9.96%. Data from vaults.fyi, updated daily.
What is the difference between USDe and sUSDe?
USDe is Ethena's synthetic dollar. sUSDe (staked USDe) is the yield-bearing version — when you stake USDe you receive sUSDe, which accrues the protocol yield automatically. sUSDe is an ERC-4626 vault; its exchange rate to USDe increases over time as yield accrues.
Is USDe yield sustainable?
USDe yield depends on perpetual funding rates, which are positive on average but can turn negative during bear markets or low-volatility periods. When funding is negative, Ethena draws down a reserve fund to maintain the peg. The yield is not guaranteed and varies significantly with market conditions.
Related pages
Data sourced from vaults.fyi, updated daily. Last updated: May 18, 2026. Explore all vaults.