AT A GLANCE
What matters for this program
This program records trading activity in points. Reviewed documentation does not establish an own-token conversion. The separate ENA announcement does not establish the value or current enrollment status of these points.
Scope of this article Ethereal Points mechanics. The separate ENA-linked Ethena Exchange Points campaign is not treated as the same allocation program.
Eligibility and costs
- Eligibility
- Documented
The docs describe authentic trading activity, Wednesday 23:59 UTC snapshots and Friday distributions. Conversion of these points into an Ethereal token is unconfirmed.
Source 1 - Funds & costs
- Documented
Margin and trading costs are required. Docs list maker 0 bps and taker 3 bps, while deferring current fees to the app. Liquidation risk applies.
Source 3 - Access from Japan
- Not verified
The terms include age and regional restrictions. Explicit permission for Japan residents was not established.
Source 4 - Distribution & rewards
- Not found in sources
An own-token distribution or conversion from Ethereal Points was not established in reviewed sources. Current dates for the separate ENA program are also unverified.
Source 1 · Source 5
How to check the official information
- Distinguish the points program from the separate ENA campaign. Source 1 · Source 5
- Review enrollment rules, regional restrictions and fees. Source 6 · Source 4 · Source 3
- Understand margin and liquidation before moving funds. Source 2 · Source 4
These are document-based checking steps, not a record of signing up, connecting a wallet, signing or claiming.
Unknowns and checks before participating
- The program involves margined derivatives trading, with costs and possible liquidation losses.
- Own-token distribution, new enrollment, Japan access and the program end date are unverified.
- The separate ENA program is described as lasting six months, but the reviewed article did not establish its start and end dates.
Frequently asked questions
Is participation or claiming currently open?
Access unverified — scope: Ethereal Points mechanics. The separate ENA-linked Ethena Exchange Points campaign is not treated as the same allocation program.. Documented mechanics and current access are assessed separately.
What does it cost?
Margin and trading costs are required. Docs list maker 0 bps and taker 3 bps, while deferring current fees to the app. Liquidation risk applies.
Can people in Japan participate?
The terms include age and regional restrictions. Explicit permission for Japan residents was not established.
Is a token reward guaranteed?
An own-token distribution or conversion from Ethereal Points was not established in reviewed sources. Current dates for the separate ENA program are also unverified.
Official sources and review scope
- 01Rewards & Points ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated Not established
Ethereal Points accrual and distribution cadence, separate from other programs.
- 02What is Ethereal? ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated Not established
The USDe-based derivatives service and Ethereal appchain architecture.
- 03Fees ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated Not established
Documented fee mechanics; current in-app quotes were not checked.
- 04Terms of Use ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated 2025-02-07
Age and regional restrictions; not an explicit finding of eligibility for Japan.
- 05Ethena Exchange Points ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated Not established
The separate Ethena Exchange Points/ENA program. Explicit start and end dates were not established.
- 06Ethereal Mainnet Rollout ↗
Ethereal · Reviewed 2026-10-18 · Published Not established · Updated Not established
Staged rollout and onboarding policy, not proof of unrestricted enrollment today.