EtherealLive

Every point issued after you earn yours dilutes your share of the same pool. A programme emitting steadily is worth less per point tomorrow than today, all else equal.

Not on the original venue list; added because it runs a notable live programme. USDe-margined perp DEX on its own appchain, Ethena-built, settling to Arbitrum with Celestia DA. Two stacked streams: Ethereal Points (for a future ETHR token, emission unpublished, snapshot Wednesdays, distributed Fridays) and Ethena Exchange Points (100M/week allocated to Ethereal across 24 weekly epochs from 2026-02-03, converting to ENA). The 100M figure is the ENA stream only. On that 24-epoch schedule the campaign would conclude around late July 2026, so it may already be finished. Also pays USDe balance and trading rewards capped at 27.1828% APR. Aggregators claimed an ETHR TGE in Q1 2026 which has come and gone. Fees are from an aggregator comparison, not Ethereal docs. Still mainnet alpha with gated access. NOTE: `ethereal` is marked disabled in the app's EXCHANGE_METADATA, so this row may not render until that is changed. UPDATE 2026-10-19: the Ethena Exchange Points stream (100M/week over 24 epochs from 2026-02-03) has run its course and Ethena opened ENA claims for Ethereal traders on Sablier around June 2026, so the 100M/week figure no longer describes what a trader earns here and emission is cleared. Ethereal's own points still snapshot weekly per the docs, with emission unpublished; no Ethereal token or ticker is confirmed. UPDATE 2026-10-20: Ethereal rebranded to Meridian in late June 2026 and moved to Robinhood Chain as a launch partner, refocused on RWA perps and prediction markets, still USDe-settled. Users were told to close positions and 'Migrate to Meridian'; Ethereal Points history stays attached to the wallet. No token, ticker or allocation is confirmed. Market metrics read null because the old Ethereal endpoints no longer carry the book; Meridian needs its own metrics wiring before OI/volume return.