Ethena's basis trade is starting to expand into the gold market, serving as a complement to the BTC and ETH markets. As mentioned before, this kind of expansion is inevitable, but balancing capacity and risk control means the process must be approached with caution. Currently, PAXG total OI ≈ $205M, XAUT total OI ≈ $293M, which is already quite substantial. Funding rates are 5.8% and 12.4% (12-month average), respectively. These figures are higher than BTC and ETH, with the proportion of days with positive funding rates also being quite high, at 82–89%. If the market size gradually expands, or if tokenized stock perpetual contract trading becomes widespread in the future, Ethena's theoretically expandable market could grow even larger. Of course, this comes with uncertainties, as the data sample is only 12 months, and its scale is still far behind BTC. The opportunities here are relatively easy to observe. If the market for on-chain perpetual contracts for commodities and stocks starts to take off, the growth of USDe will likely become a more predictable trend.