sUSDe: redemption value, spread and APY
sUSDe is Ethena's staked USDe: the yield-bearing form of USDe, the synthetic dollar issued by Ethena. ArbScreener compares what sUSDe costs on a DEX with the USDe it redeems for on-chain, and shows the gap as a spread and an APY — priced in USDe, not USD.
Redemption at a glance
| Chain | Redeems into | Redeem time | Token address |
|---|---|---|---|
| Ethereum | USDe | Set by the protocol, read live on-chain | 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 |
| Arbitrum redeemed on Ethereum |
USDe | Set by the protocol, read live on-chain | 0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2 |
| Plasma redeemed on Ethereum |
USDe | Set by the protocol, read live on-chain | 0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2 |
Verify any address against the protocol's own documentation before using it.
Live status
| Chain | Spread | APY | Redeem time | Enter | Exit |
|---|---|---|---|---|---|
| Ethereum | +0.05% | 18.9% | About 1 day | Buy on a DEX | Redeem via the protocol |
| Plasma | +0.02% | 8.4% | About 1 day | Buy on a DEX | Redeem via the protocol |
| Arbitrum | +0.00% | 1.1% | About 1 day | Buy on a DEX | Redeem via the protocol |
As of 20:44 UTC; refreshed while the board is in use. A positive spread means redeeming returns more than buying costs. Gross estimates, not advice. The exact size of each verdict, a quote at your own position size and Telegram alerts are on Pro.
How ArbScreener prices sUSDe
sUSDe is Ethena's staked USDe vault. Its redemption value comes from the vault's convertToAssets. Unstaking runs through a cooldown whose length is read live from the contract.
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in USDe, never USD.
The board's full method is in the EVM YBS & Stablecoins guide.
Official links
- Mint and redeem: https://app.ethena.fi/
Questions
What is sUSDe?
sUSDe is Ethena's staked USDe: the yield-bearing form of USDe, the synthetic dollar issued by Ethena.
How does ArbScreener value sUSDe?
sUSDe is Ethena's staked USDe vault. Its redemption value comes from the vault's convertToAssets. Unstaking runs through a cooldown whose length is read live from the contract.
How long does it take to redeem sUSDe?
Ethereum, Arbitrum, Plasma: set by the protocol, read live on-chain. The wait is priced into the APY, so a slow redemption needs a bigger discount to rank high.
What does the sUSDe redemption spread mean?
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in USDe, never USD.
Risks
These are gross estimates for research, not financial advice. They do not include gas, bridge fees, slippage beyond the quote, or smart-contract and depeg risk, and a redemption value can move during the wait. ArbScreener is read-only and never signs, routes or custodies anything. See the Terms of Service.
Other tokens on this board
syzUSD · sfrxUSD · scrvUSD · sDOLA · sUSDS · fxSAVE · sUSDai · USDai · all tracked tokens