EtherealRewards & Airdrop History
Ethereal pays weekly points on its Ethena-aligned perp DEX while the same activity accrues Ethena Exchange Points headed for ENA conversion.
Independent research, not a token-access portal
PerpFinder is not Ethereal and is not affiliated with or endorsed by it. We do not connect wallets, check eligibility, process token distributions, accept deposits, or distribute tokens. Never enter a password, seed phrase, or private key on PerpFinder. Historical distributions do not prove that a future airdrop will occur.
Documented Ethereal program mechanics
Research snapshot reviewed 2026-07-05. This table describes published mechanics; it does not check eligibility or promise a distribution.
| Method | Points / $ | Multiplier | Details |
|---|---|---|---|
| Trading | — | 1x | Points weigh fees paid, open interest, maker/taker volume, and liquidations; snapshots land Wednesdays 23:59 UTC with distributions on Fridays. |
| Ethena Exchange Points | — | 1x | The same trading simultaneously earns Ethena Exchange Points, which Ethereal's docs state will convert into ENA at the end of that program. |
| Referrals | — | 1.1x | Referrers earn 10% of all points their invitees generate; no referee-side bonus is documented. |
What Ethereal has actually paid out
No distribution is recorded for this program. A future token distribution is not guaranteed.
Status note (2026-07-05): Live as an invite-gated Mainnet Alpha since 2025-10-20. Ethena governance approved (99%+) pledging 15% of any future Ethereal token to ENA/sENA holders — conditional on a token that does not yet exist, with no ticker or tokenomics. A separate USDe real-yield track is capped at 27.18% APR. Points may never convert to tokens. The team sets any conversion ratio at distribution time. Never trade solely to farm an airdrop.
FAQ
Is a new Ethereal airdrop confirmed?
No token distribution is confirmed. Ethereal has a separately tracked rewards or points program, but points may never convert to tokens. PerpFinder does not determine or verify eligibility.
What activity does the documented Ethereal rewards program cover?
The Documented Ethereal program mechanics table lists Trading, Ethena Exchange Points, Referrals. This is research, not an eligibility check or a promise of future tokens.
What did earlier Ethereal seasons pay?
No distribution is recorded for this program. A future token distribution is not guaranteed.
Other active programs
Independent Site: PerpFinder is not Ethereal and is not affiliated with, endorsed by, or operated by the venues it covers. We do not connect wallets, process deposits, distribute tokens, or verify reward eligibility. Never share a password, seed phrase, or private key with anyone.
Affiliate Disclosure: This page contains affiliate links. We may earn a commission when you sign up through our links, at no extra cost to you. This does not influence our ratings or recommendations.
Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.