Ethena Pay
VisaTerms verified Nov 11, 2026Terms, rewards, fees, eligibility, supported assets, and source-backed disclosures for every card issued by Ethena. Compare all crypto cards.
- Cashback
- Up to 5% in AVAX (by spend band per month) · See tier terms
- Lowest annual fee
- Not disclosed
- FX fee
- 0% provider fee (non-USD) · See tier terms
- Available in
- 46 countries
Compare tiers
| ProInternational | StandardInternational | VIPInternational | ||
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| Eligibility and availability | ||||
| Requirements |
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| Rewards and perks | ||||
| Cashback | 4.5% through $8,000, 2% through $10,000, 1% through $12,000, 0.5% above the last threshold per month (by spend band) · paid in AVAX (A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible, A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full, Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges, Transactions of less than $1.00 do not earn cashback) | 4% through $2,500, 1% through $4,000, 0% above the last threshold per month (by spend band) · paid in AVAX (A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible, A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full, Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges, Transactions of less than $1.00 do not earn cashback) | 5% through $20,000, 2% through $30,000, 1% through $40,000, 0.5% above the last threshold per month (by spend band) · paid in AVAX (A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible, A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full, Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges, Transactions of less than $1.00 do not earn cashback) | |
| Fees and ATM access | ||||
| Card cancellation fee | — | 0% | — | |
Same on every tier
Eligibility and availability
- Countries
- United Arab Emirates
- Antigua & Barbuda
- Argentina
- Barbados
- Bolivia
- Brazil
- Bahamas
- Belize
Rewards and perks
- Payout asset
- AVAX
Fees and ATM access
- FX fee
- 0% provider fee (non-USD)
- Typically around 1.0%, passed through directly from the applicable card network with no markup. For most currencies it is around 1.0%. (non-USD, The approximate figure above is given as a guide to what you should typically expect and is not a cap or a guarantee)
- ATM terms
- $1 + 0.65% (If ATM access is available)
- The ATM operator might charge its own separate surcharge, which we do not set or receive.
- Cross Border
- 0% (transactions with foreign merchants)
- Inactivity
- 0%
- Card issuance fee
- 0% (virtual)
- Late Payment
- Late Payment Fee | Up to $40 (max $40)
- Monthly fee
- 0%
- Other
- account-opening: 0%
- card-activation: 0%
- statement-copy: 0%
- Card replacement fee
- 0%
- Returned Payment
- See pricing (max $29) (We will not charge a returned payment fee if we are charging a late fee with respect to the same minimum payment due and will never charge a returned payment fee exceeding the minimum payment due that was due immediately prior to the date on which the payment was returned to us)
- Transaction
- 0% (USD)
Card and crypto support
- Network
- Visa
- Form
- Virtual
- Issuer
- Third National
- Custody
- Self Custodial
Integrations and limits
- Apple Pay
- Yes
- Other spending limits
- Your spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount. If you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards.
Disclosure status and sources (11)
Pro
Fees
ConfirmedEthena Pay charges no foreign exchange fee and no markup of any kind on currency conversion. We do not earn anything on it.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
Official source
Account opening | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
The ATM operator might charge its own separate surcharge, which we do not set or receive.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
Charged by | Type of fee ; Blockchain networks | "Gas" or network transaction fees for transfers on the Supported Blockchains (Ethereum, Polygon, Optimism, Arbitrum). Variable based on network conditions. ; Card networks | Network assessment fees, currency conversion adjustments, or other rules-based charges, as applicable. ; Merchants | Surcharges or convenience fees imposed by a merchant on card payments. ; ATM operators | Where you withdraw cash at an ATM, the ATM operator may impose its own surcharge in addition to our fee in Section 2.2. Set by the operator, not by us. ; Funding partners (Moonpay / Iron) | Fees for onramp and offramp services, currency conversion, and bank transfers, as disclosed by the applicable provider at the time of the transaction. ; Stablecoin issuers | Mint, redemption, or transaction fees imposed by the issuer of a supported stablecoin, as applicable.
Official source
ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
Official source
Domestic purchase fee (transactions in U.S. dollars) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
Official source
Card activation | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
Official source
Monthly maintenance / account fee | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
Virtual card issuance | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
Official source
Typically around 1.0%, passed through directly from the applicable card network with no markup. For most currencies it is around 1.0%.
That figure belongs to the applicable card network, not us. We neither set it nor control it: it is determined by the card network using the rate and fee in force on the central processing date, varies by currency, and can change without notice to us. The approximate figure above is given as a guide to what you should typically expect and is not a cap or a guarantee. Network assessments that the applicable card network may levy separately are described in Section 4 (Third-Party Fees).
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
When you transact in a currency other than U.S. dollars, the applicable card network converts the transaction and charges a fee for doing so. We pass that fee through to you at cost, exactly as the card network charges it, and add nothing to it. For most currencies it is around 1.0%.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Returned Payment fees become payable by you each time a payment on your Account is returned or reversed for any reason or we must return any check, instrument, or transaction you send us because it is incomplete or faulty; the fee is $29 subject to the stated exception and minimum-payment limit.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
Official source
A Returned Payment Fee applies each time a payment on your account is returned, reversed, or cannot be processed. We will not charge a Returned Payment Fee for the same minimum payment due for which a Late Payment Fee has already been charged. No Returned Payment Fee will exceed the minimum payment that was due immediately prior to the date on which the payment was returned.
Official source
Periodic statements (electronic) | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
Official source
Cross-Border Fee (transactions with foreign merchants) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
Official source
Late Payment Fee | Up to $40
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
Official source
If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Inactivity fee | None
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
Replacement card | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
Official source
Limits
ConfirmedYour spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount. If you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards.
Your spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Issuer may additionally set spending limits on each Ethena Pay Card or an aggregate spending limit across all Ethena Pay Cards, at its sole discretion. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount.
Official source
You, through one or more of your Linked Wallet or Additional Wallets, must ensure that the Collateral has a Market Value in United States Dollars ("USD") that is greater than or equal to the value of all unpaid Charges to all of your Ethena Pay Cards. For example, if you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards. Once $100 USD has been charged to your Ethena Pay Cards, you will be required to either make a payment or to provide additional Collateral in order to make any additional Charges. If, at any time, the Market Value of your Collateral becomes less than the value of all unpaid Charges, we may require you to add to the Collateral or you may be subject to a Liquidation Event, at our discretion. If the Market Value of your Collateral is subject to a Liquidation Event when the Market Value is below your existing charges, you still owe Ethena Pay and Issuer any difference between the USD value of the charges, and the USD value of the collateral at the time of the Liquidation Event.
Official source
Requirements
ConfirmedSending money to other Ethena Pay users is free, with no monthly account fees and none of the usual FX markups. Pro is available via subscription or referrals.
Official source
Rewards
ConfirmedTotal rate: up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself. The Boost Rate is the amount, if any, by which the total annualized rate for your tier exceeds the underlying USDe Base Rate; where the Base Rate equals or exceeds the total rate, the Boost Rate is zero.
The Daily Boost is a discretionary promotional incentive offered to encourage active engagement with the Services. It is not a fixed or guaranteed rate of return, not interest, not yield, not a deposit, and is not insured by any government deposit insurance scheme. The Daily Boost is not available in jurisdictions where its offering would require us or our affiliates to obtain a license or registration we have not obtained. See Section 6.6 of the Terms of Use for full eligibility conditions, risks, and parameters.
Official source
The Daily Boost is calculated by reference to two components. The "Base Rate" is the underlying rate applicable to USDe from time to time, which we do not set, which varies with market conditions, and which is applied to the whole of your Eligible Balances. The "Boost Rate" is the additional annualized rate we apply, and is the amount (if any) by which the total annualized rate applicable to your tier exceeds the Base Rate; where the Base Rate equals or exceeds the total annualized rate applicable to your tier, the Boost Rate is zero. The Boost Rate is applied only to the portion of your Eligible Balances up to the Boost Cap described in Section 6.6(g).
Official source
(a) If you maintain Eligible Balances in your Ethena Pay account or profile and satisfy the activity requirement in this Section 6.6, we may, in our sole discretion and as a discretionary promotional incentive, credit to you a daily Reward (the "Daily Boost"), accrued daily on the time-weighted average daily value of your Eligible Balances and paid in USDe.
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Feature | Details ; Total rate | Up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself ; Daily Boost | The amount by which your tier's total rate exceeds the underlying USDe rate. We do not set the underlying rate, and it moves with market conditions ; Reward asset | Credited in USDe ; Eligible Balances | Supported Digital Assets (e.g., USDe, AVAX) held in your Ethena Pay account, not pledged, encumbered, or frozen, and within published minimum/maximum thresholds ; Activity requirement | At least one Qualifying Card Transaction per calendar month ; Credit timing | Credited daily, ordinarily within 24 hours after the close of the accrual day (Central European Time) ; Caps and limits | A Boost Cap applies by user tier; see the table below. Per-user, per-household, per-device, and aggregate program caps might apply
Official source
(f) Eligibility and jurisdictional exclusions. The Daily Boost is available only to users who satisfy the conditions in this Section 6.6 and who reside in a jurisdiction eligible for the Daily Boost. Without limitation, the Daily Boost is not available to any person located in or ordinarily resident in any jurisdiction where the offering of the Daily Boost would require us or any of our affiliates to obtain a license, registration, authorization, or notification that we have not obtained.
Official source
(g) Caps and limits. The Daily Boost applies only to Eligible Balances up to a maximum balance, which varies by user tier (the "Boost Cap"). The Boost Cap applicable to each tier is published on the Pricing Page. Eligible Balances in excess of the Boost Cap do not accrue any Daily Boost, and continue to earn the underlying USDe rate.
Official source
(c) Activity requirement. The Daily Boost accrues on a given calendar day only if, during the calendar month in which that day falls, you have completed at least one (1) Qualifying Card Transaction (as defined in Section 6.4(b)) or such other qualifying activity as we may specify from time to time. The Daily Boost is offered as an incentive for your active and continued engagement with the Services, and not as a reward for the passive holding of any Digital Asset.
Official source
Tier | Rate on balance up to the cap | Boost Cap (Eligible Balance) ; Standard | 5% per annum | Up to $5,000 ; Pro | 6% per annum | Up to $100,000 ; VIP | 6% per annum | Up to $1,000,000
Official source
(b) Eligible Balances. "Eligible Balances" means the portions of your Balances consisting of the supported Digital Assets identified in these terms (which may include, without limitation, USDe, AVAX and other Digital Assets specified by us) that are (i) reflected in your Ethena Pay account or profile, (ii) not pledged, encumbered, frozen, locked, or subject to any pending transaction, dispute, hold, or investigation, and (iii) within the minimum and maximum balance thresholds published in these reward terms.
Official source
The Boost Cap is a limit on your balance, not on the amount you can earn. Balances up to the cap for your tier earn the rate shown below, which already includes the Daily Boost. Balances above the cap earn the underlying USDe rate only.
Official source
Your cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made. There is no separate monthly, annual, or lifetime cap on cashback earned.
Your cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made.
Official source
Feature | Details ; Cashback rate | Up to 5%* of the U.S. dollar value of each Qualifying Card Transaction ; Reward asset | Credited in AVAX (native asset of the Avalanche network); converted at the applicable AVAX-USD rate at the time of credit ; Credit timing | Not instant. Cashback is calculated after the transaction settles, and settled cashback is paid out once a day after settlement ; Minimum transaction | Transactions of less than $1.00 do not earn cashback ; Rate schedule | Set by the tier-based table below. There is no separate monthly, annual, or lifetime cap on cashback earned
Official source
Tier | Portion of monthly spend | Cashback rate ; Standard | $0 – $2,500 | 4% ; Standard | $2,500 – $4,000 | 1% ; Standard | Over $4,000 | 0% ; Pro | $0 – $8,000 | 4.5% ; Pro | $8,000 – $10,000 | 2% ; Pro | $10,000 – $12,000 | 1% ; Pro | Over $12,000 | 0.5% ; VIP | $0 – $20,000 | 5% ; VIP | $20,000 – $30,000 | 2% ; VIP | $30,000 – $40,000 | 1% ; VIP | Over $40,000 | 0.5%
Official source
The cashback rate is not a single rate. For each tier it is a schedule of rates over bands of your cumulative spend in the calendar month, and the rate stated above is the rate applicable to the first band. Each band applies only to the portion of your spend falling within it, so crossing a band changes the rate applicable to further spend and does not change the rate applicable to spend already made. Spend is measured per calendar month and resets at the start of each calendar month. The bands and rates applicable to each tier are published on the Pricing Page, which is the authoritative source for them.
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
(c) Accrual and credit. Cashback accrues only after the underlying Qualifying Card Transaction has fully settled and cleared all applicable network and processor cutoffs. Pending or authorization-only transactions do not earn cashback, and cashback is therefore not credited at the time of purchase. Accrued cashback is credited in AVAX to your account in a batch process that we ordinarily run once per day, so that in the ordinary course cashback is credited within several days of the underlying purchase, and in any event within a commercially reasonable period after settlement and no later than thirty (30) days. We may defer credit of an amount below the minimum transfer size we apply from time to time until that amount, together with subsequently accrued cashback, exceeds that minimum, and we may defer credit of any amount in the circumstances described in Section 6.4(e). Amounts deferred under this paragraph are not forfeited and are credited once the relevant condition ceases to apply. Transactions below the minimum transaction value published on the Pricing Page do not earn cashback.
Official source
(a) Cashback rate. You may earn a cashback Reward equal to 4% (or up to 5% depending on the applicable user tier in which you are currently enrolled) of the U.S. dollar equivalent value of each Qualifying Card Transaction (as defined below), credited to your account in AVAX (the native digital asset of the Avalanche network), valued at the prevailing market rate at the time of credit as determined by us in good faith using one or more reputable pricing sources. The rate applicable to each tier is published on the Pricing Page.
Official source
Cashback is earned only on Qualifying Card Transactions, as defined in Section 6.4(b) of the Terms of Use. Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges. We may update this list from time to time. Cashback is reversed if the underlying transaction is later refunded, charged back, or determined to be fraudulent or ineligible. If cashback was credited before a category was excluded, we may recover it by deducting it from your future cashback, as described in Section 6.4(e) of the Terms of Use.
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(d) Rate schedule and caps. The amount of cashback you may earn in a calendar month is determined by the band schedule described in Section 6.4(a) and published on the Pricing Page. We do not presently apply any separate monthly, annual, or lifetime cap on cashback in addition to that schedule. We reserve the right to impose such caps in the future, in which case the current caps will be published on the Pricing Page before they take effect.
Official source
One thing can extend that. A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full.
Official source
(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; cash advances, ATM withdrawals, money orders, traveler's checks, or other cash equivalents; ; purchases of cryptocurrency, stablecoins, NFTs, securities, foreign currency, or other monetary instruments; ; gambling, wagering, lottery, or gaming transactions; ; gift card or stored-value purchases; ; peer-to-peer transfers and remittances; ; account funding, loan or credit repayments, balance transfers, insurance premiums, securities, or other financial-services transactions;
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(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; fees, taxes, fines, or charges imposed by us, any Third-Party Provider, any card network, any merchant, or any governmental authority, and payments to any government agency (including for passports, visas, licences, court costs, and bail); ; transactions that are returned, refunded, reversed, charged back, or otherwise unwound; and ; any other transactions identified as ineligible in these reward terms or that violate these Terms or the Acceptable Use Policy.
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Standard
Fees
ConfirmedEthena Pay charges no foreign exchange fee and no markup of any kind on currency conversion. We do not earn anything on it.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
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Account opening | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
The ATM operator might charge its own separate surcharge, which we do not set or receive.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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Charged by | Type of fee ; Blockchain networks | "Gas" or network transaction fees for transfers on the Supported Blockchains (Ethereum, Polygon, Optimism, Arbitrum). Variable based on network conditions. ; Card networks | Network assessment fees, currency conversion adjustments, or other rules-based charges, as applicable. ; Merchants | Surcharges or convenience fees imposed by a merchant on card payments. ; ATM operators | Where you withdraw cash at an ATM, the ATM operator may impose its own surcharge in addition to our fee in Section 2.2. Set by the operator, not by us. ; Funding partners (Moonpay / Iron) | Fees for onramp and offramp services, currency conversion, and bank transfers, as disclosed by the applicable provider at the time of the transaction. ; Stablecoin issuers | Mint, redemption, or transaction fees imposed by the issuer of a supported stablecoin, as applicable.
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ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
Official source
Domestic purchase fee (transactions in U.S. dollars) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
Official source
Card activation | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Monthly maintenance / account fee | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
Virtual card issuance | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Account closure | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Typically around 1.0%, passed through directly from the applicable card network with no markup. For most currencies it is around 1.0%.
That figure belongs to the applicable card network, not us. We neither set it nor control it: it is determined by the card network using the rate and fee in force on the central processing date, varies by currency, and can change without notice to us. The approximate figure above is given as a guide to what you should typically expect and is not a cap or a guarantee. Network assessments that the applicable card network may levy separately are described in Section 4 (Third-Party Fees).
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
When you transact in a currency other than U.S. dollars, the applicable card network converts the transaction and charges a fee for doing so. We pass that fee through to you at cost, exactly as the card network charges it, and add nothing to it. For most currencies it is around 1.0%.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Returned Payment fees become payable by you each time a payment on your Account is returned or reversed for any reason or we must return any check, instrument, or transaction you send us because it is incomplete or faulty; the fee is $29 subject to the stated exception and minimum-payment limit.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
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A Returned Payment Fee applies each time a payment on your account is returned, reversed, or cannot be processed. We will not charge a Returned Payment Fee for the same minimum payment due for which a Late Payment Fee has already been charged. No Returned Payment Fee will exceed the minimum payment that was due immediately prior to the date on which the payment was returned.
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Periodic statements (electronic) | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Cross-Border Fee (transactions with foreign merchants) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Official source
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
Official source
Late Payment Fee | Up to $40
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
Official source
If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
Official source
Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Inactivity fee | None
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
Official source
Replacement card | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Limits
ConfirmedYour spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount. If you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards.
Your spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Issuer may additionally set spending limits on each Ethena Pay Card or an aggregate spending limit across all Ethena Pay Cards, at its sole discretion. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount.
Official source
You, through one or more of your Linked Wallet or Additional Wallets, must ensure that the Collateral has a Market Value in United States Dollars ("USD") that is greater than or equal to the value of all unpaid Charges to all of your Ethena Pay Cards. For example, if you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards. Once $100 USD has been charged to your Ethena Pay Cards, you will be required to either make a payment or to provide additional Collateral in order to make any additional Charges. If, at any time, the Market Value of your Collateral becomes less than the value of all unpaid Charges, we may require you to add to the Collateral or you may be subject to a Liquidation Event, at our discretion. If the Market Value of your Collateral is subject to a Liquidation Event when the Market Value is below your existing charges, you still owe Ethena Pay and Issuer any difference between the USD value of the charges, and the USD value of the collateral at the time of the Liquidation Event.
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Requirements
ConfirmedItem | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Rewards
ConfirmedYour cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made. There is no separate monthly, annual, or lifetime cap on cashback earned.
Your cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made.
Official source
Feature | Details ; Cashback rate | Up to 5%* of the U.S. dollar value of each Qualifying Card Transaction ; Reward asset | Credited in AVAX (native asset of the Avalanche network); converted at the applicable AVAX-USD rate at the time of credit ; Credit timing | Not instant. Cashback is calculated after the transaction settles, and settled cashback is paid out once a day after settlement ; Minimum transaction | Transactions of less than $1.00 do not earn cashback ; Rate schedule | Set by the tier-based table below. There is no separate monthly, annual, or lifetime cap on cashback earned
Official source
Tier | Portion of monthly spend | Cashback rate ; Standard | $0 – $2,500 | 4% ; Standard | $2,500 – $4,000 | 1% ; Standard | Over $4,000 | 0% ; Pro | $0 – $8,000 | 4.5% ; Pro | $8,000 – $10,000 | 2% ; Pro | $10,000 – $12,000 | 1% ; Pro | Over $12,000 | 0.5% ; VIP | $0 – $20,000 | 5% ; VIP | $20,000 – $30,000 | 2% ; VIP | $30,000 – $40,000 | 1% ; VIP | Over $40,000 | 0.5%
Official source
The cashback rate is not a single rate. For each tier it is a schedule of rates over bands of your cumulative spend in the calendar month, and the rate stated above is the rate applicable to the first band. Each band applies only to the portion of your spend falling within it, so crossing a band changes the rate applicable to further spend and does not change the rate applicable to spend already made. Spend is measured per calendar month and resets at the start of each calendar month. The bands and rates applicable to each tier are published on the Pricing Page, which is the authoritative source for them.
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
Official source
(c) Accrual and credit. Cashback accrues only after the underlying Qualifying Card Transaction has fully settled and cleared all applicable network and processor cutoffs. Pending or authorization-only transactions do not earn cashback, and cashback is therefore not credited at the time of purchase. Accrued cashback is credited in AVAX to your account in a batch process that we ordinarily run once per day, so that in the ordinary course cashback is credited within several days of the underlying purchase, and in any event within a commercially reasonable period after settlement and no later than thirty (30) days. We may defer credit of an amount below the minimum transfer size we apply from time to time until that amount, together with subsequently accrued cashback, exceeds that minimum, and we may defer credit of any amount in the circumstances described in Section 6.4(e). Amounts deferred under this paragraph are not forfeited and are credited once the relevant condition ceases to apply. Transactions below the minimum transaction value published on the Pricing Page do not earn cashback.
Official source
(a) Cashback rate. You may earn a cashback Reward equal to 4% (or up to 5% depending on the applicable user tier in which you are currently enrolled) of the U.S. dollar equivalent value of each Qualifying Card Transaction (as defined below), credited to your account in AVAX (the native digital asset of the Avalanche network), valued at the prevailing market rate at the time of credit as determined by us in good faith using one or more reputable pricing sources. The rate applicable to each tier is published on the Pricing Page.
Official source
Cashback is earned only on Qualifying Card Transactions, as defined in Section 6.4(b) of the Terms of Use. Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges. We may update this list from time to time. Cashback is reversed if the underlying transaction is later refunded, charged back, or determined to be fraudulent or ineligible. If cashback was credited before a category was excluded, we may recover it by deducting it from your future cashback, as described in Section 6.4(e) of the Terms of Use.
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(d) Rate schedule and caps. The amount of cashback you may earn in a calendar month is determined by the band schedule described in Section 6.4(a) and published on the Pricing Page. We do not presently apply any separate monthly, annual, or lifetime cap on cashback in addition to that schedule. We reserve the right to impose such caps in the future, in which case the current caps will be published on the Pricing Page before they take effect.
Official source
One thing can extend that. A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full.
Official source
(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; cash advances, ATM withdrawals, money orders, traveler's checks, or other cash equivalents; ; purchases of cryptocurrency, stablecoins, NFTs, securities, foreign currency, or other monetary instruments; ; gambling, wagering, lottery, or gaming transactions; ; gift card or stored-value purchases; ; peer-to-peer transfers and remittances; ; account funding, loan or credit repayments, balance transfers, insurance premiums, securities, or other financial-services transactions;
Official source
(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; fees, taxes, fines, or charges imposed by us, any Third-Party Provider, any card network, any merchant, or any governmental authority, and payments to any government agency (including for passports, visas, licences, court costs, and bail); ; transactions that are returned, refunded, reversed, charged back, or otherwise unwound; and ; any other transactions identified as ineligible in these reward terms or that violate these Terms or the Acceptable Use Policy.
Official source
Total rate: up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself. The Boost Rate is the amount, if any, by which the total annualized rate for your tier exceeds the underlying USDe Base Rate; where the Base Rate equals or exceeds the total rate, the Boost Rate is zero.
The Daily Boost is a discretionary promotional incentive offered to encourage active engagement with the Services. It is not a fixed or guaranteed rate of return, not interest, not yield, not a deposit, and is not insured by any government deposit insurance scheme. The Daily Boost is not available in jurisdictions where its offering would require us or our affiliates to obtain a license or registration we have not obtained. See Section 6.6 of the Terms of Use for full eligibility conditions, risks, and parameters.
Official source
The Daily Boost is calculated by reference to two components. The "Base Rate" is the underlying rate applicable to USDe from time to time, which we do not set, which varies with market conditions, and which is applied to the whole of your Eligible Balances. The "Boost Rate" is the additional annualized rate we apply, and is the amount (if any) by which the total annualized rate applicable to your tier exceeds the Base Rate; where the Base Rate equals or exceeds the total annualized rate applicable to your tier, the Boost Rate is zero. The Boost Rate is applied only to the portion of your Eligible Balances up to the Boost Cap described in Section 6.6(g).
Official source
(a) If you maintain Eligible Balances in your Ethena Pay account or profile and satisfy the activity requirement in this Section 6.6, we may, in our sole discretion and as a discretionary promotional incentive, credit to you a daily Reward (the "Daily Boost"), accrued daily on the time-weighted average daily value of your Eligible Balances and paid in USDe.
Official source
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
Official source
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Feature | Details ; Total rate | Up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself ; Daily Boost | The amount by which your tier's total rate exceeds the underlying USDe rate. We do not set the underlying rate, and it moves with market conditions ; Reward asset | Credited in USDe ; Eligible Balances | Supported Digital Assets (e.g., USDe, AVAX) held in your Ethena Pay account, not pledged, encumbered, or frozen, and within published minimum/maximum thresholds ; Activity requirement | At least one Qualifying Card Transaction per calendar month ; Credit timing | Credited daily, ordinarily within 24 hours after the close of the accrual day (Central European Time) ; Caps and limits | A Boost Cap applies by user tier; see the table below. Per-user, per-household, per-device, and aggregate program caps might apply
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(f) Eligibility and jurisdictional exclusions. The Daily Boost is available only to users who satisfy the conditions in this Section 6.6 and who reside in a jurisdiction eligible for the Daily Boost. Without limitation, the Daily Boost is not available to any person located in or ordinarily resident in any jurisdiction where the offering of the Daily Boost would require us or any of our affiliates to obtain a license, registration, authorization, or notification that we have not obtained.
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(g) Caps and limits. The Daily Boost applies only to Eligible Balances up to a maximum balance, which varies by user tier (the "Boost Cap"). The Boost Cap applicable to each tier is published on the Pricing Page. Eligible Balances in excess of the Boost Cap do not accrue any Daily Boost, and continue to earn the underlying USDe rate.
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(c) Activity requirement. The Daily Boost accrues on a given calendar day only if, during the calendar month in which that day falls, you have completed at least one (1) Qualifying Card Transaction (as defined in Section 6.4(b)) or such other qualifying activity as we may specify from time to time. The Daily Boost is offered as an incentive for your active and continued engagement with the Services, and not as a reward for the passive holding of any Digital Asset.
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Tier | Rate on balance up to the cap | Boost Cap (Eligible Balance) ; Standard | 5% per annum | Up to $5,000 ; Pro | 6% per annum | Up to $100,000 ; VIP | 6% per annum | Up to $1,000,000
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(b) Eligible Balances. "Eligible Balances" means the portions of your Balances consisting of the supported Digital Assets identified in these terms (which may include, without limitation, USDe, AVAX and other Digital Assets specified by us) that are (i) reflected in your Ethena Pay account or profile, (ii) not pledged, encumbered, frozen, locked, or subject to any pending transaction, dispute, hold, or investigation, and (iii) within the minimum and maximum balance thresholds published in these reward terms.
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The Boost Cap is a limit on your balance, not on the amount you can earn. Balances up to the cap for your tier earn the rate shown below, which already includes the Daily Boost. Balances above the cap earn the underlying USDe rate only.
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VIP
Fees
ConfirmedEthena Pay charges no foreign exchange fee and no markup of any kind on currency conversion. We do not earn anything on it.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
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Account opening | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
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The ATM operator might charge its own separate surcharge, which we do not set or receive.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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Charged by | Type of fee ; Blockchain networks | "Gas" or network transaction fees for transfers on the Supported Blockchains (Ethereum, Polygon, Optimism, Arbitrum). Variable based on network conditions. ; Card networks | Network assessment fees, currency conversion adjustments, or other rules-based charges, as applicable. ; Merchants | Surcharges or convenience fees imposed by a merchant on card payments. ; ATM operators | Where you withdraw cash at an ATM, the ATM operator may impose its own surcharge in addition to our fee in Section 2.2. Set by the operator, not by us. ; Funding partners (Moonpay / Iron) | Fees for onramp and offramp services, currency conversion, and bank transfers, as disclosed by the applicable provider at the time of the transaction. ; Stablecoin issuers | Mint, redemption, or transaction fees imposed by the issuer of a supported stablecoin, as applicable.
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ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
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Domestic purchase fee (transactions in U.S. dollars) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
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Card activation | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Monthly maintenance / account fee | Free
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
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Virtual card issuance | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Typically around 1.0%, passed through directly from the applicable card network with no markup. For most currencies it is around 1.0%.
That figure belongs to the applicable card network, not us. We neither set it nor control it: it is determined by the card network using the rate and fee in force on the central processing date, varies by currency, and can change without notice to us. The approximate figure above is given as a guide to what you should typically expect and is not a cap or a guarantee. Network assessments that the applicable card network may levy separately are described in Section 4 (Third-Party Fees).
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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When you transact in a currency other than U.S. dollars, the applicable card network converts the transaction and charges a fee for doing so. We pass that fee through to you at cost, exactly as the card network charges it, and add nothing to it. For most currencies it is around 1.0%.
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Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Returned Payment fees become payable by you each time a payment on your Account is returned or reversed for any reason or we must return any check, instrument, or transaction you send us because it is incomplete or faulty; the fee is $29 subject to the stated exception and minimum-payment limit.
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
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A Returned Payment Fee applies each time a payment on your account is returned, reversed, or cannot be processed. We will not charge a Returned Payment Fee for the same minimum payment due for which a Late Payment Fee has already been charged. No Returned Payment Fee will exceed the minimum payment that was due immediately prior to the date on which the payment was returned.
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Periodic statements (electronic) | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Cross-Border Fee (transactions with foreign merchants) | None
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
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Late Payment Fee | Up to $40
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Fee | Amount ; Late Payment Fee | Up to $40 ; Returned Payment Fee | Up to $29 ; Over limit fee | None
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If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
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Fee | Amount ; Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup ; Cross-Border Fee (transactions with foreign merchants) | None ; Domestic purchase fee (transactions in U.S. dollars) | None ; ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount
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Inactivity fee | None
Item | Fee ; Account opening | Free ; Monthly maintenance / account fee | Free ; Minimum balance requirement | None ; Inactivity fee | None ; Account closure | Free
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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There are no account opening, monthly, or inactivity fees, and the Spend Card is 0% APR on purchases. Spending in U.S. dollars is free.
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Replacement card | Free
Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Service | Fee ; Virtual card issuance | Free ; Replacement card | Free ; Card activation | Free ; Periodic statements (electronic) | Free
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Limits
ConfirmedYour spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount. If you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards.
Your spending limit is generally set by Ethena Pay pursuant to the terms of the Ethena Pay Terms and the amount of Collateral. Issuer may additionally set spending limits on each Ethena Pay Card or an aggregate spending limit across all Ethena Pay Cards, at its sole discretion. Ethena Pay Account spending limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing spending limits to $0. Any authorized Charge or fee on an Ethena Pay Card may reduce your spending limit by a corresponding amount.
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You, through one or more of your Linked Wallet or Additional Wallets, must ensure that the Collateral has a Market Value in United States Dollars ("USD") that is greater than or equal to the value of all unpaid Charges to all of your Ethena Pay Cards. For example, if you provide Digital Assets with a Market Value equal to $100 of value in USD, and that Market Value does not change, your spending limit will be equal to $100 USD across all your Ethena Pay Cards. Once $100 USD has been charged to your Ethena Pay Cards, you will be required to either make a payment or to provide additional Collateral in order to make any additional Charges. If, at any time, the Market Value of your Collateral becomes less than the value of all unpaid Charges, we may require you to add to the Collateral or you may be subject to a Liquidation Event, at our discretion. If the Market Value of your Collateral is subject to a Liquidation Event when the Market Value is below your existing charges, you still owe Ethena Pay and Issuer any difference between the USD value of the charges, and the USD value of the collateral at the time of the Liquidation Event.
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Rewards
ConfirmedYour cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made. There is no separate monthly, annual, or lifetime cap on cashback earned.
Your cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made.
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Feature | Details ; Cashback rate | Up to 5%* of the U.S. dollar value of each Qualifying Card Transaction ; Reward asset | Credited in AVAX (native asset of the Avalanche network); converted at the applicable AVAX-USD rate at the time of credit ; Credit timing | Not instant. Cashback is calculated after the transaction settles, and settled cashback is paid out once a day after settlement ; Minimum transaction | Transactions of less than $1.00 do not earn cashback ; Rate schedule | Set by the tier-based table below. There is no separate monthly, annual, or lifetime cap on cashback earned
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Tier | Portion of monthly spend | Cashback rate ; Standard | $0 – $2,500 | 4% ; Standard | $2,500 – $4,000 | 1% ; Standard | Over $4,000 | 0% ; Pro | $0 – $8,000 | 4.5% ; Pro | $8,000 – $10,000 | 2% ; Pro | $10,000 – $12,000 | 1% ; Pro | Over $12,000 | 0.5% ; VIP | $0 – $20,000 | 5% ; VIP | $20,000 – $30,000 | 2% ; VIP | $30,000 – $40,000 | 1% ; VIP | Over $40,000 | 0.5%
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The cashback rate is not a single rate. For each tier it is a schedule of rates over bands of your cumulative spend in the calendar month, and the rate stated above is the rate applicable to the first band. Each band applies only to the portion of your spend falling within it, so crossing a band changes the rate applicable to further spend and does not change the rate applicable to spend already made. Spend is measured per calendar month and resets at the start of each calendar month. The bands and rates applicable to each tier are published on the Pricing Page, which is the authoritative source for them.
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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(c) Accrual and credit. Cashback accrues only after the underlying Qualifying Card Transaction has fully settled and cleared all applicable network and processor cutoffs. Pending or authorization-only transactions do not earn cashback, and cashback is therefore not credited at the time of purchase. Accrued cashback is credited in AVAX to your account in a batch process that we ordinarily run once per day, so that in the ordinary course cashback is credited within several days of the underlying purchase, and in any event within a commercially reasonable period after settlement and no later than thirty (30) days. We may defer credit of an amount below the minimum transfer size we apply from time to time until that amount, together with subsequently accrued cashback, exceeds that minimum, and we may defer credit of any amount in the circumstances described in Section 6.4(e). Amounts deferred under this paragraph are not forfeited and are credited once the relevant condition ceases to apply. Transactions below the minimum transaction value published on the Pricing Page do not earn cashback.
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(a) Cashback rate. You may earn a cashback Reward equal to 4% (or up to 5% depending on the applicable user tier in which you are currently enrolled) of the U.S. dollar equivalent value of each Qualifying Card Transaction (as defined below), credited to your account in AVAX (the native digital asset of the Avalanche network), valued at the prevailing market rate at the time of credit as determined by us in good faith using one or more reputable pricing sources. The rate applicable to each tier is published on the Pricing Page.
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Cashback is earned only on Qualifying Card Transactions, as defined in Section 6.4(b) of the Terms of Use. Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, insurance premiums, payments to government agencies (such as for passports, visas, licences, court costs, and bail), and fees, taxes, fines, or charges. We may update this list from time to time. Cashback is reversed if the underlying transaction is later refunded, charged back, or determined to be fraudulent or ineligible. If cashback was credited before a category was excluded, we may recover it by deducting it from your future cashback, as described in Section 6.4(e) of the Terms of Use.
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(d) Rate schedule and caps. The amount of cashback you may earn in a calendar month is determined by the band schedule described in Section 6.4(a) and published on the Pricing Page. We do not presently apply any separate monthly, annual, or lifetime cap on cashback in addition to that schedule. We reserve the right to impose such caps in the future, in which case the current caps will be published on the Pricing Page before they take effect.
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One thing can extend that. A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full.
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(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; cash advances, ATM withdrawals, money orders, traveler's checks, or other cash equivalents; ; purchases of cryptocurrency, stablecoins, NFTs, securities, foreign currency, or other monetary instruments; ; gambling, wagering, lottery, or gaming transactions; ; gift card or stored-value purchases; ; peer-to-peer transfers and remittances; ; account funding, loan or credit repayments, balance transfers, insurance premiums, securities, or other financial-services transactions;
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(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback: ; fees, taxes, fines, or charges imposed by us, any Third-Party Provider, any card network, any merchant, or any governmental authority, and payments to any government agency (including for passports, visas, licences, court costs, and bail); ; transactions that are returned, refunded, reversed, charged back, or otherwise unwound; and ; any other transactions identified as ineligible in these reward terms or that violate these Terms or the Acceptable Use Policy.
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Total rate: up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself. The Boost Rate is the amount, if any, by which the total annualized rate for your tier exceeds the underlying USDe Base Rate; where the Base Rate equals or exceeds the total rate, the Boost Rate is zero.
The Daily Boost is a discretionary promotional incentive offered to encourage active engagement with the Services. It is not a fixed or guaranteed rate of return, not interest, not yield, not a deposit, and is not insured by any government deposit insurance scheme. The Daily Boost is not available in jurisdictions where its offering would require us or our affiliates to obtain a license or registration we have not obtained. See Section 6.6 of the Terms of Use for full eligibility conditions, risks, and parameters.
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The Daily Boost is calculated by reference to two components. The "Base Rate" is the underlying rate applicable to USDe from time to time, which we do not set, which varies with market conditions, and which is applied to the whole of your Eligible Balances. The "Boost Rate" is the additional annualized rate we apply, and is the amount (if any) by which the total annualized rate applicable to your tier exceeds the Base Rate; where the Base Rate equals or exceeds the total annualized rate applicable to your tier, the Boost Rate is zero. The Boost Rate is applied only to the portion of your Eligible Balances up to the Boost Cap described in Section 6.6(g).
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(a) If you maintain Eligible Balances in your Ethena Pay account or profile and satisfy the activity requirement in this Section 6.6, we may, in our sole discretion and as a discretionary promotional incentive, credit to you a daily Reward (the "Daily Boost"), accrued daily on the time-weighted average daily value of your Eligible Balances and paid in USDe.
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Effective Date: September 1, 2026 · Last Updated: September 30, 2026
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This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
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Feature | Details ; Total rate | Up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself ; Daily Boost | The amount by which your tier's total rate exceeds the underlying USDe rate. We do not set the underlying rate, and it moves with market conditions ; Reward asset | Credited in USDe ; Eligible Balances | Supported Digital Assets (e.g., USDe, AVAX) held in your Ethena Pay account, not pledged, encumbered, or frozen, and within published minimum/maximum thresholds ; Activity requirement | At least one Qualifying Card Transaction per calendar month ; Credit timing | Credited daily, ordinarily within 24 hours after the close of the accrual day (Central European Time) ; Caps and limits | A Boost Cap applies by user tier; see the table below. Per-user, per-household, per-device, and aggregate program caps might apply
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(f) Eligibility and jurisdictional exclusions. The Daily Boost is available only to users who satisfy the conditions in this Section 6.6 and who reside in a jurisdiction eligible for the Daily Boost. Without limitation, the Daily Boost is not available to any person located in or ordinarily resident in any jurisdiction where the offering of the Daily Boost would require us or any of our affiliates to obtain a license, registration, authorization, or notification that we have not obtained.
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(g) Caps and limits. The Daily Boost applies only to Eligible Balances up to a maximum balance, which varies by user tier (the "Boost Cap"). The Boost Cap applicable to each tier is published on the Pricing Page. Eligible Balances in excess of the Boost Cap do not accrue any Daily Boost, and continue to earn the underlying USDe rate.
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(c) Activity requirement. The Daily Boost accrues on a given calendar day only if, during the calendar month in which that day falls, you have completed at least one (1) Qualifying Card Transaction (as defined in Section 6.4(b)) or such other qualifying activity as we may specify from time to time. The Daily Boost is offered as an incentive for your active and continued engagement with the Services, and not as a reward for the passive holding of any Digital Asset.
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Tier | Rate on balance up to the cap | Boost Cap (Eligible Balance) ; Standard | 5% per annum | Up to $5,000 ; Pro | 6% per annum | Up to $100,000 ; VIP | 6% per annum | Up to $1,000,000
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(b) Eligible Balances. "Eligible Balances" means the portions of your Balances consisting of the supported Digital Assets identified in these terms (which may include, without limitation, USDe, AVAX and other Digital Assets specified by us) that are (i) reflected in your Ethena Pay account or profile, (ii) not pledged, encumbered, frozen, locked, or subject to any pending transaction, dispute, hold, or investigation, and (iii) within the minimum and maximum balance thresholds published in these reward terms.
Official source
The Boost Cap is a limit on your balance, not on the amount you can earn. Balances up to the cap for your tier earn the rate shown below, which already includes the Daily Boost. Balances above the cap earn the underlying USDe rate only.
Official source