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Overview

Ethena’s public API consists of 3 main endpoints. We offer the ability to stream indicative quotes, perform a formal RFQ and finally submitting of signed orders.

Addresses on Ethereum mainnet

USDe stablecoin: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3
Ethena Minting contract: 0x2CC440b721d2CaFd6D64908D6d8C4aCC57F8Afc3
These addresses are the production USDe stablecoin and minting contract. Care should be taken using them as real value will be transferred.

Server location

Our infrastructure is hosted on AWS Asia Pacific (Hong Kong) region, ap-east-1. Low latency with our infrastructure is necessary to algorithmically mint or redeem with Ethena as quotes are valid for limited time.

Indicative quote endpoint

This endpoint continuously updates at 0.25s intervals. It provides up to date information on mint/redeem pricing and size limits at the current instant.
Your request
key
Possible values
Description
pair
stETH/USDe
the only pair collateral/usde pair accepted
Our response
key
Possible values
Description
pair
stETH/USDe
the only pair collateral/usde pair accepted
mint
array of mapping [{size: 2, price: 1545.32},…]
indicative price of minting stETH for USDe by size
redeem
array of mapping [{size: 2, price: 1545.33},…]
indicative price of redeeming USDe for stETH by size
size
2,4,8,16,32…
size of base asset. (stETH)
price
1800.21
Price to buy/sell each stETH in USDe, before gas
gas
6.4718
Estimated gas cost of the tx.
max-mint
100000
maximum size of USDe you can mint in an order
max-redeem
100000
maximum size of USDe you redeem mint in an order
remaining-mint
80000
remaining USDe amount you can mint this block
remaining-redeem
80000
remaining USDe amount you can redeem this block
Note: Table fields in Purple are yet to be implemented.
Remaining mint and redeem amounts exist as Ethena’s minting contract has a configurable per block limit of mints and redeems. The value we will launch with is 100,000.
At the start of each block, the limit is refreshed to 100,000. On Ethena receiving an order, the remaining mint/redeem values are deducted by the order’s size, checked then sent on chain; executed on a first come first serve basis.

Example request

curl 'https://api2.ethena.fi/indicative?pair=stETH/USDe'

Example response

{
"gas":"1.959465760",
"max-mint":100000,
"max-redeem":100000,
"mint":[
{
"price":"1545.32",
"size":2
},
{
"price":"1545.32",
"size":4
},
{
"price":"1545.32",
"size":8
},
{
"price":"1545.32",
"size":16
},
{
"price":"1545.32",
"size":32
}
],
"pair":"stETH/USDe",
"redeem":[
{
"price":"1545.33",
"size":2
},
{
"price":"1545.33",
"size":4
},
{
"price":"1545.33",
"size":8
},
{
"price":"1545.33",
"size":16
},
{
"price":"1545.33",
"size":32
}
]
}

RFQ Endpoint

Call the RFQ endpoint to receive a formal mint/redeem quote. Quotes are valid for 500 milliseconds upon us sending our response.
Your request
key
Possible values
Description
pair
stETH/USDe
collateral/usde pairs we support
side
mint,redeem
size
21.2918
size of asset you will send us. stETH for mint, USDe for redeem
Our response
key
Possible values
Description
rfq_id
RFQ-B7MT6QD2JKFFC
Unique ID to be sent back to us when submitting order
pair
stETH/USDe
side
mint, redeem
size
1
size of asset you will send us. stETH for mint, USDe for redeem.
amount
1552.2695
amount of asset you will receive, before gas. USDe for mint, stETH for redeem.
collateral_asset_address
0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
The non-USDe asset in the transaction
usde_address
0x8191DC3053Fe4564c17694cB203663d3C07B8960
Address of USDe stablecoin
collateral_amount
1000000000000000000
Use this value for EIP712 signature. For mints, this is the same as size but in 18 decimals. For redeems, this is amount minus gas converted to stETH in 18 decimals
usde_amount
1550198770000000000000
Use this value for EIP712 signature. For redeems, this is the same as size but in 18 decimals. For mint, this is amount minus gas in 18 decimals
gas
2.070727513
the gas price of this tx in USD.

Example mint request

https://api2.ethena.fi/rfq?pair=stETH/USDe&side=mint&size=1

Response

{
"amount":"1552.2695",
"collateral_amount":"1000000000000000000",
"collateral_asset_address":"0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84",
"gas":"2.070727513",
"minting_contract_address":"0x980C680a90631c8Ea49fA37B47AbC3154219EC1a",
"pair":"stETH/USDe",
"rfq_id":"RFQ-GFMS55T786TWR",
"side":"MINT",
"size":"1",
"usde_address":"0x8191DC3053Fe4564c17694cB203663d3C07B8960",
"usde_amount":"1550198770000000000000"
}

Example redeem request

https://api2.ethena.fi/rfq?pair=stETH/USDe&side=redeem&size=1000

Response

{
"amount":"0.64394361",
"collateral_amount":"642561610000000000",
"collateral_asset_address":"0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84",
"gas":"2.146150654",
"minting_contract_address":"0x980C680a90631c8Ea49fA37B47AbC3154219EC1a",
"pair":"stETH/USDe",
"rfq_id":"RFQ-TYDSEL08FSU2W",
"side":"REDEEM",
"size":"1000",
"usde_address":"0x8191DC3053Fe4564c17694cB203663d3C07B8960",
"usde_amount":"1000000000000000000000"
}

Orders Submission Endpoint

After receiving the RFQ response, if you wish to execute the order as quoted, sign an EIP-712 signature using the usde_amount and collateral_amount values. Our system only accepts orders with matching values for the 2 fields, and if the order is submitted and received within 500 milliseconds of our previous RFQ response.
The order process has no interaction with the smart contracts as Ethena receives your orders, passes them through checks, then submits the order onchain.
Example payload
key
value
Description
signature
0xf80a44c799d13f257fa25459a9e2d36dadfea48a78f699de3f09fc3009a0e92d63b51ce85003c95cd7f4b80c271659092b898192d83fcd0dc1e3aae7483d59931b
Resulting signature from signing the order
order
See EIP712 signature ORDER_TYPE below
The order in plain json that they used to sign and create the signature
rfq_id
RFQ-5X5PFG1N782KM
rfq_id from rfq step
curl -d '{ "benefactor": "0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29", "beneficiary": "0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29", "collateral_amount": "2369467000000000", "collateral_asset": "0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84", "expiry": 1697333516, "nonce": 353680841566917, "order_type": "MINT", "usde_amount": "1645047190000000000" }' -H "Content-Type: application/json" -X POST https://api2.ethena.fi/order?signature=0xf80a44c799d13f257fa25459a9e2d36dadfea48a78f699de3f09fc3009a0e92d63b51ce85003c95cd7f4b80c271659092b898192d83fcd0dc1e3aae7483d59931b&rfq_id=RFQ-5X5PFG1N782KM

Response

{
"tx":"0xb0e5aad7c1e905b3dfe27dea73327eec6e31d89081e78e4442cd34aa5f9e41ae"
}
The tx that went onchain
https://etherscan.io/tx/0xb0e5aad7c1e905b3dfe27dea73327eec6e31d89081e78e4442cd34aa5f9e41ae
EIP712 signature ORDER_TYPE
bytes32 private constant ORDER_TYPE = keccak256( "Order(uint8 order_type, uint256 expiry, uint256 nonce, address benefactor, address beneficiary, address collateral_asset, uint256 collateral_amount, uint256 usde_amount)" );
order key
values
Notes
order_type
0 or 1
0 for mint, 1 for redeem
expiry
1697334256
Use an expiry of current time + 45s
nonce
256
Use a unique int for each order. eg timestamp
benefactor
0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29
address of signer. address where the asset is taken from (stETH for mint, USDe for redeem)
beneficiary
0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29
address that receives funds. (USDe for mint, stETH for redeem).
collateral_asset
0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
stETH address
collateral_amount
2369467000000000
Amount of stETH in 18 decimals. Use the exact value provided in RFQ
usde_amount
1645047190000000000
Amount of USDe in 18 decimals. Use the exact value provided in RFQ

Example raw order (before signing)

{
"benefactor":"0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29",
"beneficiary":"0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29",
"collateral_amount":"2369467000000000",
"collateral_asset":"0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84",
"expiry":1697333516,
"nonce":353680841566917,
"order_type":"MINT",
"usde_amount":"1645047190000000000"
}
Our response
We will either respond with a tx hash, where your order passed our checks and is sent to the blockchain or a failure message with a reason for failure.
The most common failure reasons include an invalid EIP-712 signature, submitting an order after the quote has expired or not having sufficient assets in your address for the mint or redeem.
Last modified 1mo ago