Ethereal Airdrop: Status & How It Works

Ethereal runs a live points program.

Program facts · at a glance

StatusLive

ChainEthereum

TokenMeridian

Est. value$500–2,000

Deadline1 May 2025

Points programYes

Official siteapp.ethereal.trade

How the Ethereal program works

Three reward tracks run in parallel on the same trading activity. (1) ETHEREAL POINTS - earned on all authentic trading activity; the docs name fees paid, open interest, liquidations, maker/taker volume and referrals as inputs, with the weighting undisclosed. Snapshots are taken Wednesdays at 23:59 UTC and points are distributed weekly on Fridays. Referrals pay 10% of all points a referred wallet generates, across trading, deposits and their own referrals. Season Zero participants carry a 100% boost on Season One points up to their Season Zero balance. (2) USDe REWARDS, paid in USDe: every USDe margin balance accrues Balance Rewards continuously with no enrolment, and any position held at least one hour accrues Trading Rewards from a pool of up to 25% of weekly exchange fees, distributed pro rata on the user's average share of total open interest. Balance plus Trading rewards are capped at 27.1828% APR on the user's average weekly margin balance, paid via Merkl on a seven-day delay. (3) ETHENA EXCHANGE POINTS - a separate Ethena campaign announced 2026-02-03 that allocated Ethereal 100 million points weekly across 24 weekly epochs of a six-month programme, converting into ENA at the end of the programme; it accrues on the same authentic trading activity and is additive to the two tracks above. Access to the venue is still gated: Ethereal is in Mainnet Alpha, entered through the waitlist or an access code issued by an existing Mainnet Alpha user.

Facts here come from official documentation and announcements.

Get access first - Ethereal is still in Mainnet Alpha, so either join the mainnet waitlist at deposit.ethereal.trade/waitlist or obtain an access code from an existing Mainnet Alpha user.

Deposit USDe as margin at app.ethereal.trade; the balance starts accruing USDe Balance Rewards immediately, with or without open positions.

Open perp positions and hold each one for at least an hour - one hour is the threshold before a position begins accruing USDe Trading Rewards, which then pay pro rata on your average share of total open interest.

Keep trading across the week: the Ethereal Points snapshot is taken Wednesday at 23:59 UTC and points are paid the following Friday. The same activity simultaneously accrues Ethena Exchange Points.

Generate access codes at app.ethereal.trade/points and refer traders to earn 10% of every point they generate, including from their own referrals.

Track balances across all three programmes at app.ethereal.trade/points; USDe rewards land one week after the Wednesday 23:59 UTC period close.

Ethereal's airdrop status is live.

Est. value for an active wallet: $500–2,000.

Start here: Get access first - Ethereal is still in Mainnet Alpha, so either join the mainnet waitlist at deposit.ethereal.trade/waitlist or obtain an access code from an existing Mainnet Alpha user.

Ethereal operates on Ethereum.

Yes, Ethereal uses points as part of its airdrop.