Annual value model Version 2026-09-25-v2

What is Ethena Pay worth to you?

Estimate card rewards, balance earnings and the costs of reaching your tier.

01 / YOUR SCENARIO

Start with your numbers

Choose a tier

Monthly eligible card spend$Only settled, qualifying purchases count. The same monthly pattern is repeated for 12 months.Average eligible USDe balance$Average USDe held over the year, not monthly deposits. $10,000 held all year or $20,000 for six months both count as a $10,000 average.

How you can qualify for paid tiers

Modeled path: $2,000 ENA lock. $2,000 ENA lock; annual cost is modeled as the forgone 5.0% alternative return.

Assumed cost per qualifying referral$Your estimated cost to acquire each approved referral; set it to $0 if referrals cost you nothing.

The comparison uses the lower modeled cost of locking ENA or referring users for each paid tier.

02 / ADJUST THE MODEL

Advanced assumptions

Spending & reward promotions Currency and favourite brand

Primary spending currencyThe model assumes deposits and bank withdrawals use this currency too. Set the non-USD card-spend share separately.Non-USD share of card spend%Card network conversion fees can apply even though Ethena's own markup is 0%.Monthly favourite-brand spend$Assumed to receive 10% total promotional cashback instead of the ordinary band rate. Promo eligibility and any cap must be confirmed in-app.Network FX fee assumption%Ethena adds no FX markup, but the card network may charge a conversion fee, typically around 1%.

Funding, withdrawals & other costs Monthly flows and fees

Monthly deposits$Monthly bank withdrawals$Bank withdrawal fee: 0.05% for USD, or 0.1% for other currencies.Reward conversion cost%Your assumed cost for selling AVAX; this is not a stated Ethena fee.Other annual costs$Optional merchant surcharge, gas, funding partner charge or other disclosed cost.

Balance & alternative return Base rate and opportunity cost

Underlying USDe base rate%Illustrative 3.8% starting rate for balance outside the tier boost. Edit to your current USDe rate.Alternative annual return%Your opportunity-cost assumption for the balance and any ENA lock.

AVAX reward exposure Sale or hold scenario

What you do with AVAX

AVAX price: Checking live quote…

03 / ANNUAL OUTCOMEPro tier

Product net annual value

$1,543Before any AVAX price change

Card rewards$1,350

Balance earnings$300

Total costs$107

TIER DECISION

Pro is the best modeled tier

Pro produces $100 more annual product value than Standard under these assumptions. The comparison uses each tier's modeled qualification path and excludes AVAX price movement.

Lead over next best$100

CARD VALUE

Cashback in AVAX

$1,350/ year

Monthly $113Headline 4.5%Blended 4.50%

Monthly progressive bands

$0–$8,000 at 4.5%$2,500 of spend$113

Favourite-brand spend is set to $0. Enter eligible spend to model the 10% promotion; eligibility and any cap may vary.

Included perks

Cashback credited in AVAX
10% boosted cashback at one favourite brand

BALANCE VALUE

Balance earnings

$300/ year

Underlying base earningsAt assumed 3.8% USDe rate$190

Incremental tier boostApplies up to $15,000 eligible balance$110

Earnings above boost cap$0 above cap$0

Difference vs alternative$50

COSTS

Annual costs

$107

Qualification opportunity cost$2,000 ENA lock$100

Network FX pass-through$0

Deposit fees$0

Bank withdrawal fees$3

Reward conversion$4

Capital required: $2,000. This is committed capital, not a fee. ENA price risk is not included.

Qualification cost covered by$185 monthly card spendor $4,545 eligible balance at the modeled boost rate

AVAX SCENARIO

Reward exposure

Product net value$1,543

AVAX price P&L$0

Total scenario outcome$1,543

All AVAX rewards are modeled as sold at credit, so price movement is zero. AVAX returns are speculative and shown separately from product value.