Ethereal rewards & airdrop history

SpeculativePerp DEXPhase: Season OnePre-tokenData reviewed 2026-07-05

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.

Method	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.

This table describes published mechanics. It does not check eligibility and does not promise a distribution.No method publishes a points-per-dollar rate

What Ethereal has actually paid out

No distribution is recorded for this program. A future token distribution is not guaranteed.

Ethereal pays weekly points on its Ethena-aligned perp DEX while the same activity accrues Ethena Exchange Points headed for ENA conversion.

Full Ethereal review

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.