MODEL NOTES / 2026-09-25-v2
How the estimate is built
All figures are illustrative annual estimates. The tier rules and calculation methods are listed below. Rates and costs not fixed by product terms are labeled as editable assumptions.
Source status
Product terms version 2026-09-25-v2, reviewed 2026-09-25. The model covers Standard, Pro and VIP, including their tier rates, caps, qualification paths, fees, AVAX rewards and perks.
Operational references: Ethena Pay pricing and Ethena Pay FAQ . These provide progressive spend boundaries, monthly card activity requirements and reward timing.
Progressive cashback schedule status: current. Favourite-brand cashback status: promotional. Promotions may change or be unavailable in a given account or region.
Verified Ethena Pay tier inputs
| Tier | Headline cashback | Balance rate & cap | How to qualify |
|---|---|---|---|
| Standard | 4.0% | 5.0% on first $5,000 | Free |
| Pro | 4.5% | 6.0% on first $15,000 | $2,000 ENA lock or Refer 10 users |
| VIP | 5.0% | 6.0% on first $50,000 | $10,000 ENA lock or Refer 50 users |
Progressive monthly cashback bands
Each rate applies only to spend inside its band. The monthly schedule resets each calendar month.
| Tier | Monthly bands and rates |
|---|---|
| Standard | $0–$2,500: 4%; $2,500–$4,000: 1%; above $4,000: 0% |
| Pro | $0–$8,000: 4.5%; $8,000–$10,000: 2%; $10,000–$12,000: 1%; above $12,000: 0.5% |
| VIP | $0–$20,000: 5%; $20,000–$30,000: 2%; $30,000–$40,000: 1%; above $40,000: 0.5% |
Cashback is paid in AVAX. Pro and VIP include a 10% boosted cashback offer at a favourite brand. VIP also includes a 20% discount on the Popcorn global unlimited phone plan. The phone-plan discount is listed as a perk but is not assigned a dollar value without a plan price and usage assumption.
FX treatment
Ethena adds 0% card FX markup. A separate card-network conversion fee, typically around 1%, can still pass through. The calculator makes that rate editable and applies it only to the user's non-USD spend share.
Model formulas
- Annual card rewards = 12 × monthly progressive cashback plus any modeled favourite-brand promotion.
- Annual balance earnings = average eligible balance × underlying USDe rate + capped eligible balance × max(0, tier rate − underlying rate). The average is the time-weighted amount of eligible USDe held during the year, not deposits added together. The boost is zero when monthly eligible card spend is zero.
- Product net annual value = card rewards + balance earnings − operating fees − annual qualification cost. The balance's alternative return is displayed separately as opportunity cost; the alternative rate also prices capital tied in an ENA lock.
- AVAX scenario P&L = retained cashback value ÷ current AVAX price × (future price − current price). It is added only in the separate total scenario outcome.
- Effective cashback = monthly cashback ÷ monthly eligible spend. Effective balance yield = annual balance earnings ÷ average eligible balance.
- Break-even spend or balance covers the qualification cost using card rewards alone or the tier boost alone. It does not claim the selected tier beats Standard at that threshold.
Editable assumptions and limits
- The underlying USDe base rate defaults to an illustrative 3.8%. The user can edit it. The calculator does not silently fetch or substitute a balance rate.
- The alternative return defaults to 5%. Referral acquisition cost defaults to $50 per user. Both are personal assumptions, not Ethena terms.
- The 10% favourite-brand promotion is modeled as a total cashback rate on entered monthly brand spend, replacing ordinary band cashback on that spend. Leave brand spend at zero if the promotion does not apply to you.
- USD, EUR and GBP deposits are free. For other currencies, the user supplies the deposit fee. USD bank withdrawals use 0.05%; other primary currencies use 0.1%. The model assumes withdrawal currency matches primary funding currency.
- AVAX sale conversion cost defaults to 0.3%, a user-editable modeling assumption. A live AVAX quote is requested through the app's server route; if unavailable, the interface labels its $24 fallback. Future price is always a user scenario.
- Monthly spending, deposits and withdrawals repeat for twelve months. Enter a time-weighted average eligible balance: $10,000 held all year and $20,000 held for six months both average to $10,000. There is no compounding or tax calculation. The model cannot determine whether individual card purchases qualify.
- Pro requires either a $2,000 ENA lock or 10 referrals; VIP requires either a $10,000 ENA lock or 50 referrals. There is no subscription fee. “Lowest modeled cost” compares the lock's forgone alternative return with the user's estimated referral acquisition cost. “Already qualified” is used only when explicitly selected. ENA price risk, referral approval and third-party fees not entered by the user are outside the arithmetic.
Official pricing and eligibility may vary by jurisdiction and account. Review the current terms and in-app disclosures before acting on an estimate.