According to CoinMeta, Ethena plans to expand its cryptocurrency spot and perpetual contract arbitrage strategy to the stock perpetual contract market in order to capture the premium on funding rates. The current peak of Ethena's cryptocurrency arbitrage setup exceeds $8 billion, and the theoretical potential open interest for stock perpetual contracts could reach $4 trillion. As of August 11th, the open interest in the stock perpetual contract market reached $6.2 billion. The annualized funding rates for Hyperliquid and Binance are respectively 14% and 17.5%, whereas the annualized funding rate for Bitcoin during the same period was 4.1%.