After many days of continuous decline, the perpetual contract funding rates of multiple currencies have turned negative.

The stablecoin protocol Ethena, which relies on funding rates as a source of interest, will face its biggest stress test since its launch. According to the latest data from DeFillama, Ethena experienced negative returns for the first time on August 2, with a loss of approximately US$3.73 million.

Currently, the average annualized funding rate for Ethena’s Bitcoin hedged positions is 0.95%.

The average annualized funding rate of Ethereum has reached -17.31%.

However, the stablecoin USDe has not yet experienced a serious decoupling, with a market value of approximately $0.9985.

Source