Meridian

Ethereal is a decentralized exchange (DEX) focused on perpetuals trading, offering a platform designed for fast execution, deep liquidity, and non-custodial access. Powered by USDe and Ethena, it aims to provide stable funding, minimal slippage, and institutional-grade trading performance. Users can deposit USDe and earn rewards on their full margin balance through Ethena; the site also advertises a 4.

50% APY. Deposits are supported through LayerZero’s OFT standard, enabling one-click transfers from supported chains. Ethereal highlights ultra-low latency and features such as gasless orders and trades, one-click trading, and low onchain fees.

Its functions are integrated within the protocol to support capital efficiency and reduce reliance on third parties. The exchange uses EVM smart contracts and describes itself as 100% non-custodial, so users retain control of their assets. Ethereal provides a launch app, community channels, a blog, documentation, and other resources for people exploring or using its trading platform