Clear, upfront pricing. No hidden fees.
This Pricing Page sets out the fees, charges, and rewards that apply to your use of the Ethena Pay Platform and Services, including the Ethena Pay Spend Card. This page is referenced in Section 6.1 (Fees) of the Ethena Pay Terms of Use and forms part of the disclosures we provide to you. All amounts are shown in U.S. dollars (USD) unless otherwise indicated.
You will always see applicable fees in the Ethena Pay App before you confirm a transaction. Third-party fees (for example, blockchain network fees or merchant surcharges) are not controlled by us and may be additional. The fees disclosed below were accurate as of the Effective Date and may change in accordance with Section 6.2 (Fee changes) of the Terms of Use.
1. Account and Platform Fees
There are no recurring subscription or account fees for opening or maintaining a standard Ethena Pay account. Additional features or premium tiers, if any, will be presented to you at the time of enrollment.
| Item | Fee |
|---|---|
| Account opening | Free |
| Monthly maintenance / account fee | Free |
| Minimum balance requirement | None |
| Inactivity fee | None |
| Account closure | Free |
2. Ethena Pay Spend Card — Rates and Fees
The Ethena Pay Spend Card is issued by a third-party card issuer under license from the applicable card network. The following rates and fees apply to your use of the Spend Card and are also disclosed in the Important Disclosures section of the Ethena Pay Spend Card Terms (Exhibit H).
2.1 Interest Rates and Interest Charges
| Type | Rate / Charge |
|---|---|
| Annual Percentage Rate (APR) for Purchases | 0.00% |
| Annual Percentage Rate (APR) for Cash Advances | Not available |
| Annual Percentage Rate (APR) for Balance Transfers | Not available |
Your Spend Card is currently 0.00% interest on all purchases. The Issuer and Ethena Pay reserve the right to implement interest charges in the future for new purchases, in accordance with the Spend Card Terms. Any change will be disclosed to you before it takes effect.
2.2 Transaction Fees
| Fee | Amount |
|---|---|
| Foreign Exchange Fee (transactions in non-USD currencies) | Typically around 1.0%, passed through directly from the applicable card network with no markup |
| Cross-Border Fee (transactions with foreign merchants) | None |
| Domestic purchase fee (transactions in U.S. dollars) | None |
| ATM withdrawals | If ATM access is available: $1.00 plus 0.65% of the withdrawal amount |
Ethena Pay charges no foreign exchange fee, no cross-border fee, and no markup of any kind on currency conversion. We do not earn anything on it. Transactions in U.S. dollars carry no conversion cost at all.
When you transact in a currency other than U.S. dollars, the applicable card network converts the transaction and charges a fee for doing so. We pass that fee through to you at cost, exactly as the card network charges it, and add nothing to it. For most currencies it is around 1.0%.
That figure belongs to the applicable card network, not us. We neither set it nor control it: it is determined by the card network using the rate and fee in force on the central processing date, varies by currency, and can change without notice to us. The approximate figure above is given as a guide to what you should typically expect and is not a cap or a guarantee. Network assessments that the applicable card network may levy separately are described in Section 4 (Third-Party Fees).
ATM cash withdrawals, if and where available to you, carry a fee of $1.00 plus 0.65% of the amount withdrawn. Availability of ATM access depends on your card, your device, and your country. The ATM operator might charge its own separate surcharge, which we do not set or receive; see Section 4 (Third-Party Fees). Cash withdrawals do not earn cashback, as described further in Section 3.1.
2.3 Penalty Fees
| Fee | Amount |
|---|---|
| Late Payment Fee | Up to $40 |
| Returned Payment Fee | Up to $29 |
| Over limit fee | None |
A Returned Payment Fee applies each time a payment on your account is returned, reversed, or cannot be processed. We will not charge a Returned Payment Fee for the same minimum payment due for which a Late Payment Fee has already been charged. No Returned Payment Fee will exceed the minimum payment that was due immediately prior to the date on which the payment was returned.
2.4 Card Services
| Service | Fee |
|---|---|
| Virtual card issuance | Free |
| Replacement card | Free |
| Card activation | Free |
| Periodic statements (electronic) | Free |
3. Rewards
Ethena Pay offers the following discretionary rewards, subject to the terms set out in Article 6 of the Ethena Pay Terms of Use, the applicable reward terms posted on the Platform, and your eligibility. Rewards are not guaranteed and can be reduced, suspended, or terminated in our sole discretion.
3.1 Cashback Rewards
| Feature | Details |
|---|---|
| Cashback rate | Up to 5%* of the U.S. dollar value of each Qualifying Card Transaction |
| Reward asset | Credited in AVAX (native asset of the Avalanche network); converted at the applicable AVAX-USD rate at the time of credit |
| Credit timing | Not instant. Cashback is calculated after the transaction settles, and settled cashback is paid out once a day after settlement |
| Minimum transaction | Transactions of $1.00 or less do not earn cashback |
| Rate schedule | Set by the tier-based table below. There is no separate monthly, annual, or lifetime cap on cashback earned |
*The cashback rate is tiered, starting at 4%. See your enrollment details in the Ethena Pay App to confirm your applicable tier.
Cashback rates by tier and monthly spend
Your cashback rate depends on your user tier and on how much you have spent so far in the calendar month. Spend is counted per calendar month and resets at the start of each month. Each band applies only to the portion of your spend that falls within it; crossing a band changes the rate on further spend and not on spend you have already made.
These are the rates currently applied to your Ethena Pay account. This page is the authoritative source for these rates and it is updated whenever they change.
| Tier | Portion of monthly spend | Cashback rate |
|---|---|---|
| Standard | $0 – $2,500 | 4% |
| $2,500 – $4,000 | 1% | |
| Over $4,000 | 0% | |
| Pro | $0 – $8,000 | 4.5% |
| $8,000 – $10,000 | 2% | |
| $10,000 – $12,000 | 1% | |
| Over $12,000 | 0.5% | |
| VIP | $0 – $20,000 | 5% |
| $20,000 – $30,000 | 2% | |
| $30,000 – $40,000 | 1% | |
| Over $40,000 | 0.5% |
When cashback arrives
Cashback is not credited at the moment you pay. A card transaction is first authorized and then settles, usually 1 to 3 business days later; only a settled transaction earns cashback. Settled cashback is calculated and paid out once a day, so in the ordinary course you should expect cashback to reach your account within a few days of the purchase, not immediately.
One thing can extend that. A small balance is carried forward rather than paid on its own: if the AVAX value of what you are owed is very small, then it rolls forward and is paid only once it reaches the minimum that can be transferred. Cashback carried forward this way is not lost but is instead paid in full.
Cashback is earned only on Qualifying Card Transactions, as defined in Section 6.4(b) of the Terms of Use. Excluded transactions include cash advances, ATM withdrawals, purchases of cryptocurrency, stablecoins, NFTs or securities, gambling and wagering, gift cards, peer-to-peer transfers, account funding, loan repayments, balance transfers, and fees, taxes, fines, or charges. Cashback is reversed if the underlying transaction is later refunded, charged back, or determined to be fraudulent or ineligible.
3.2 Referral Bonus
| Feature | Details |
|---|---|
| Referral bonus amount | $30 USD equivalent, credited in AVAX (or such other amount as we may determine) |
| Qualifying Referral | Referred user must be new, register via your referral link, pass identity verification, complete the qualifying activity, and remain in good standing |
| Credit timing | Within a commercially reasonable period after all conditions are satisfied (ordinarily within 30 days) |
| Caps | Per-user daily, monthly, annual, and lifetime caps may apply; current caps are published in the reward terms on the Platform |
Referral activity must comply with the conditions in Section 6.5(c) of the Terms of Use, including the prohibitions on self-referrals, bulk distribution, misrepresentation, and unsolicited communications. We may delay, withhold, deny, reverse, or claw back any Referral Bonus we determine to be fraudulent, manipulative, or non-compliant. Full details are in the Referral Program Terms.
3.3 Daily Boost Incentive
| Feature | Details |
|---|---|
| Total rate | Up to 6% per annum (accrued daily on the time-weighted average daily value of your Eligible Balances). This is the all-in rate for your tier: the underlying USDe rate together with the Daily Boost and not the Daily Boost by itself |
| Daily Boost | The amount by which your tier's total rate exceeds the underlying USDe rate. We do not set the underlying rate, and it moves with market conditions |
| Reward asset | Credited in USDe |
| Eligible Balances | Supported Digital Assets (e.g., USDe, AVAX) held in your Ethena Pay account, not pledged, encumbered, or frozen, and within published minimum/maximum thresholds |
| Activity requirement | At least one Qualifying Card Transaction per calendar month |
| Credit timing | Credited daily, ordinarily within 24 hours after the close of the accrual day (Central European Time) |
| Caps and limits | A Boost Cap applies by user tier; see the table below. Per-user, per-household, per-device, and aggregate program caps might apply |
Boost Cap by tier
The Boost Cap is a limit on your balance, not on the amount you can earn. Balances up to the cap for your tier earn the rate shown below, which already includes the Daily Boost. Balances above the cap earn the underlying USDe rate only.
These are the rates and caps currently applied to your Ethena Pay account. This page is the authoritative source for them, and it is updated when they change.
| Tier | Rate on balance up to the cap | Boost Cap (Eligible Balance) |
|---|---|---|
| Standard | 5% per annum | Up to $5,000 |
| Pro | 6% per annum | Up to $15,000 |
| VIP | 6% per annum | Up to $50,000 |
The rate shown is a total, not an addition. The Daily Boost is the part of it we contribute, being whatever is left once the underlying USDe rate is accounted for. If that underlying rate rises, the Daily Boost narrows and the total stays at your tier's rate; if it rises above your tier's total rate, the Daily Boost is zero.
The Daily Boost is a discretionary promotional incentive offered to encourage active engagement with the Services. It is not a fixed or guaranteed rate of return, not interest, not yield, not a deposit, and is not insured by any government deposit insurance scheme. The Daily Boost is not available in jurisdictions where its offering would require us or our affiliates to obtain a license or registration we have not obtained. See Section 6.6 of the Terms of Use for full eligibility conditions, risks, and parameters.
4. Third-Party Fees (Pass-Through)
When you use the Services, you may also incur fees charged by third parties that are not controlled by us. These fees are charged in addition to any Ethena Pay fees and are typically deducted from the amount of the transaction or from your Balances.
| Charged by | Type of fee |
|---|---|
| Blockchain networks | "Gas" or network transaction fees for transfers on the Supported Blockchains (Ethereum, Polygon, Optimism, Arbitrum). Variable based on network conditions. |
| Card networks | Network assessment fees, currency conversion adjustments, or other rules-based charges, as applicable. |
| Merchants | Surcharges or convenience fees imposed by a merchant on card payments. |
| ATM operators | Where you withdraw cash at an ATM, the ATM operator may impose its own surcharge in addition to our fee in Section 2.2. Set by the operator, not by us. |
| Funding partners (Moonpay / Iron) | Fees for onramp and offramp services, currency conversion, and bank transfers, as disclosed by the applicable provider at the time of the transaction. |
| Stablecoin issuers | Mint, redemption, or transaction fees imposed by the issuer of a supported stablecoin, as applicable. |
5. Collateral and Liquidation
Your Ethena Pay Spend Card is a secured product. The collateral held in your Linked Wallet or any Additional Wallet (on a Supported Blockchain) secures the charges made on your card. The following amounts may be deducted from your collateral in the event of a Liquidation Event, as described in Section 3 of the Spend Card Terms:
- Outstanding charges on your card;
- Any Late Payment Fee or Returned Payment Fee due;
- "Gas" or network transaction fees relating to the liquidation transaction; and
- Any difference between the USD value of the charges and the USD value of the collateral at the time of the Liquidation Event.
The Market Value of your collateral is determined by the Issuer using net redemption value provided by a centralized stablecoin issuer, the real-time price posted on a reputable and recognized exchange or price aggregator, or by reference to a price oracle. Liquidation transactions are processed through a third party, and Ethena Pay does not hold custody of your collateral.
6. How and When We Disclose Fees
- Before each transaction. Applicable fees are shown in the Ethena Pay App before you confirm the transaction.
- On your Periodic Statement. All charges and fees applied to your Spend Card account appear on your Periodic Statement, accessible through the Ethena Pay App.
- Changes to fees. Material changes will be communicated to you in writing in advance where required by applicable law, in accordance with Section 6.2 of the Terms of Use. Updated fees apply to transactions submitted after the effective date of the change.
- Errors and corrections. If a pricing, fee, or calculation error occurs, we may correct it and adjust your Balances accordingly, with notice where required by applicable law (see Section 6.7 of the Terms of Use).
7. Services Not Currently Available
The following services are not currently offered. If we add them in the future, applicable fees will be disclosed before you use the service.
- Cash advances
- Balance transfers
- Wire transfers (outbound)
- Paper statements
ATM cash withdrawals are supported where your card, device and country allow it; the applicable fee is in Section 2.2. Availability is limited and outside our control.
8. Questions About Pricing
For questions about fees on your Ethena Pay account or Spend Card, contact us at support@ethenapay.co or 1-844-ETHA-PAY. For complaints about pricing or billing, please see the User Complaint Procedure.
Important: This Pricing Page is a summary of the fees and rewards applicable to your use of the Ethena Pay Platform and Services as of the Effective Date above. In the event of any conflict between this Pricing Page and the Ethena Pay Terms of Use, the Spend Card Terms, or any reward terms posted on the Platform, the applicable governing document controls. Capitalized terms used but not defined here have the meanings given to them in the Terms of Use or the Spend Card Terms, as applicable.