Ask about Ethereal DEX · freeTotal Value Locked$0
TVL by Chain
Ethereal$0
Key Metrics
Cumulative Fees$2.95m
Cumulative Fees by chain
Ethereal$2.95m
Cumulative Revenue$2.95m
Cumulative Revenue by chain
Ethereal$2.95m
Cumulative Perp Volume$9.576b
Cumulative Perp Volume by chain
Ethereal$9.576b
Protocol Information
Ethereal is a non-custodial DEX for spot and perpetual contracts built on the Ethena Network, using USDe as the primary collateral and engineered for CEX-level performance with DeFi security
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: All trading fees paid by usersView code on GitHubRevenue: All the fees is revenueView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubEthereal DEX history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 24, 2025 to Nov 13, 2026.
All-time high TVL: $74.88m on Jan 23, 2026. All-time low TVL: $1.55m on Nov 3, 2026.
Daily TVL, Oct 14, 2026 to Nov 13, 2026
| Date | TVL |
|---|---|
| Oct 14, 2026 | $1.7m |
| Oct 15, 2026 | $1.7m |
| Oct 16, 2026 | $1.7m |
| Oct 17, 2026 | $1.69m |
| Oct 18, 2026 | $1.67m |
| Oct 19, 2026 | $1.67m |
| Oct 20, 2026 | $1.67m |
| Oct 21, 2026 | $1.66m |
| Oct 22, 2026 | $1.66m |
| Oct 23, 2026 | $1.66m |
| Oct 24, 2026 | $1.6m |
| Oct 25, 2026 | $1.58m |
| Oct 26, 2026 | $1.57m |
| Oct 27, 2026 | $1.57m |
| Oct 28, 2026 | $1.57m |
| Oct 29, 2026 | $1.57m |
| Oct 30, 2026 | $1.56m |
| Oct 31, 2026 | $1.55m |
| Nov 1, 2026 | $1.55m |
| Nov 2, 2026 | $1.55m |
| Nov 3, 2026 | $1.55m |
| Nov 4, 2026 | $1.55m |
| Nov 6, 2026 | $0 |
| Nov 7, 2026 | $0 |
| Nov 8, 2026 | $0 |
| Nov 9, 2026 | $0 |
| Nov 10, 2026 | $0 |
| Nov 11, 2026 | $0 |
| Nov 12, 2026 | $0 |
| Nov 13, 2026 | $0 |
TVL at each month end, Oct 2025 to Nov 2026
| Date | TVL |
|---|---|
| Oct 31, 2025 | $12.21m |
| Nov 30, 2025 | $31.43m |
| Dec 31, 2025 | $49.42m |
| Jan 31, 2026 | $73.1m |
| Feb 28, 2026 | $61.98m |
| Mar 31, 2026 | $52.4m |
| Apr 30, 2026 | $37.59m |
| May 31, 2026 | $29.69m |
| Jun 30, 2026 | $23.62m |
| Jul 31, 2026 | $13.24m |
| Aug 31, 2026 | $3.31m |
| Sep 30, 2026 | $2.19m |
| Oct 31, 2026 | $1.55m |
| Nov 13, 2026 (latest) | $0 |
Fees and revenue by UTC calendar month, Oct 2025 to Sep 2026
| Month | Fees | Revenue |
|---|---|---|
| Oct 2025 | $25,575 | $25,575 |
| Nov 2025 | $193,524 | $193,524 |
| Dec 2025 | $486,446 | $486,446 |
| Jan 2026 | $966,521 | $966,521 |
| Feb 2026 | $477,520 | $477,520 |
| Mar 2026 | $283,777 | $283,777 |
| Apr 2026 | $163,700 | $163,700 |
| May 2026 | $187,960 | $187,960 |
| Jun 2026 | $102,909 | $102,909 |
| Jul 2026 | $52,871 | $52,871 |
| Aug 2026 | $6,456 | $6,456 |
| Sep 2026 | $584 | $584 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethereal-dex
Frequently asked questions
What is Ethereal DEX's TVL?
As of Nov 13, 2026, Ethereal DEX has $0 in total value locked. TVL has decreased 100% over the past 30 days.
What chains does Ethereal DEX operate on?
Ethereal DEX operates on Ethereal.
How does Ethereal DEX's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Ethereal DEX ranks #373 by TVL. The category holds $1.749b across 425 protocols, and Ethereal DEX accounts for 0% of that total. Similar protocols include Jupiter Perpetual Exchange, GMX EVM, Hyperliquid HLP, Lighter Robinhood Perps, Lighter LLP, Extended Perps, dYdX V4, Arcus Perps, AZverse Perps, and Decibel.