Ask about Ethereal DEX · freeTotal Value Locked$1.57m
TVL by Chain
Ethereal$1.57m
Key Metrics
Cumulative Fees$2.95m
Cumulative Fees by chain
Ethereal$2.95m
Cumulative Revenue$2.95m
Cumulative Revenue by chain
Ethereal$2.95m
Cumulative Perp Volume$9.576b
Cumulative Perp Volume by chain
Ethereal$9.576b
Protocol Information
Ethereal is a non-custodial DEX for spot and perpetual contracts built on the Ethena Network, using USDe as the primary collateral and engineered for CEX-level performance with DeFi security
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: All trading fees paid by usersView code on GitHubRevenue: All the fees is revenueView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
Ethereal DEX history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 24, 2025 to Oct 27, 2026.
All-time high TVL: $74.88m on Jan 23, 2026. All-time low TVL: $1.57m on Oct 27, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $2.23m |
| Sep 29, 2026 | $2.2m |
| Sep 30, 2026 | $2.19m |
| Oct 1, 2026 | $1.98m |
| Oct 2, 2026 | $1.97m |
| Oct 3, 2026 | $1.88m |
| Oct 4, 2026 | $1.87m |
| Oct 5, 2026 | $1.86m |
| Oct 6, 2026 | $1.85m |
| Oct 7, 2026 | $1.78m |
| Oct 8, 2026 | $1.73m |
| Oct 9, 2026 | $1.71m |
| Oct 10, 2026 | $1.71m |
| Oct 11, 2026 | $1.71m |
| Oct 12, 2026 | $1.7m |
| Oct 13, 2026 | $1.7m |
| Oct 14, 2026 | $1.7m |
| Oct 15, 2026 | $1.7m |
| Oct 16, 2026 | $1.7m |
| Oct 17, 2026 | $1.69m |
| Oct 18, 2026 | $1.67m |
| Oct 19, 2026 | $1.67m |
| Oct 20, 2026 | $1.67m |
| Oct 21, 2026 | $1.66m |
| Oct 22, 2026 | $1.66m |
| Oct 23, 2026 | $1.66m |
| Oct 24, 2026 | $1.6m |
| Oct 25, 2026 | $1.58m |
| Oct 26, 2026 | $1.57m |
| Oct 27, 2026 | $1.57m |
TVL at each month end, Oct 2025 to Oct 2026
| Date | TVL |
|---|---|
| Oct 31, 2025 | $12.21m |
| Nov 30, 2025 | $31.43m |
| Dec 31, 2025 | $49.42m |
| Jan 31, 2026 | $73.1m |
| Feb 28, 2026 | $61.98m |
| Mar 31, 2026 | $52.4m |
| Apr 30, 2026 | $37.59m |
| May 31, 2026 | $29.69m |
| Jun 30, 2026 | $23.62m |
| Jul 31, 2026 | $13.24m |
| Aug 31, 2026 | $3.31m |
| Sep 30, 2026 | $2.19m |
| Oct 27, 2026 (latest) | $1.57m |
Fees and revenue by UTC calendar month, Oct 2025 to Sep 2026
| Month | Fees | Revenue |
|---|---|---|
| Oct 2025 | $25,575 | $25,575 |
| Nov 2025 | $193,524 | $193,524 |
| Dec 2025 | $486,446 | $486,446 |
| Jan 2026 | $966,521 | $966,521 |
| Feb 2026 | $477,520 | $477,520 |
| Mar 2026 | $283,777 | $283,777 |
| Apr 2026 | $163,700 | $163,700 |
| May 2026 | $187,960 | $187,960 |
| Jun 2026 | $102,909 | $102,909 |
| Jul 2026 | $52,871 | $52,871 |
| Aug 2026 | $6,456 | $6,456 |
| Sep 2026 | $584 | $584 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethereal-dex
Frequently asked questions
What is Ethereal DEX's TVL?
As of Oct 27, 2026, Ethereal DEX has $1.57m in total value locked. TVL has decreased 29.7% over the past 30 days.
What chains does Ethereal DEX operate on?
Ethereal DEX operates on Ethereal. Ethereal holds the largest share at 100%.
How does Ethereal DEX's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Ethereal DEX ranks #44 by TVL. The category holds $1.971b across 426 protocols, and Ethereal DEX accounts for 0.1% of that total. Similar protocols include Jupiter Perpetual Exchange, GMX EVM, Hyperliquid HLP, Lighter Robinhood Perps, Extended Perps, Lighter LLP, dYdX V4, Arcus Perps, AZverse Perps, and Papertrade.