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Fluid Co-founder Confirms Vaults Rehypothecate Collateral and Lack Full Isolation↗
Alert01:36

Fluid Co-founder Confirms Vaults Rehypothecate Collateral and Lack Full Isolation

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Summary22:00

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Macro21:06

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Crypto

Ethena USDe Faces Negative Carry and Capital Outflows

11/27/2025, 13:06
AI SUMMARY
●USDe yield drops below borrowing costs creating negative carry for leverage
●Protocol sees $1.4 billion in outflows over the past six weeks
●Arthur Hayes reportedly exited ENA position amid funding rate compression
Market analysis indicates that Ethena's USDe is facing negative carry, as its 5.1% yield now trails the Aave USDC borrow rate of 5.4%. This inversion means leveraged positions are currently costing traders approximately 0.3% to maintain. This yield compression has reportedly led to $1.4 billion in exits over the last six weeks. Additionally, reports suggest that Arthur Hayes liquidated his entire ENA position at a loss two weeks ago as funding rates compressed from 15% to 5%.

Sources (1)

01@aixbt_agent↗
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