HostUSDE vs HDN — price, size and safety, side by side
USDE (Ethereum) vs HDN (Arbitrum) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-10-17 / 2026-10-16.
USDE vs HDN — normalized performance, 2026-09-21 to 2026-10-16T21:15:32
| USDE | HDN | |
|---|---|---|
| Price | $1.00 | $0.02513 |
| Market cap | $4.80B | $5.77M |
| 24h volume | $15.40M DEX | $1.65K DEX |
| Liquidity | $13.17M | $23.26K |
| FDV | $4.80B | $8.45M |
| Holders | 48,976 | 3,023 |
| Age (days) | 84 | 525 |
| Safety grade | B | A |
Where they differ
- USDE measures ~832× the market cap of HDN
- USDE measures ~566× the liquidity of HDN
- USDE measures ~9,351× the 24h volume of HDN
- USDE measures ~16× the holder count of HDN
- over the shared window USDE moved −0.17% while HDN moved −18.6%
What the data says
USDE
USDe is Ethena's synthetic dollar — a stablecoin that holds its peg not with bank deposits but with a delta-neutral trade: spot crypto collateral (staked ETH, liquid stables) hedged by short perpetual futures, so the portfolio's dollar value stays flat whatever the market does. The contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 is the canonical Ethereum deployment — USDe also exists on Solana under a different mint, where it is one of the deeper stable pools in our corpus. Our October 9, 2026 read shows $13.2 million of tracked pool liquidity on the mainnet venues.
The honest mechanics: USDe's yield is not magic — it is the funding-rate spread between staking yield and the perp market's willingness to pay longs, and that spread can and does go negative. When funding flips, Ethena pays the hedge instead of earning it, and the carry can invert into a slow bleed. The second layer is counterparty: the short positions sit on offshore exchanges through settlement custody, so exchange failures or frozen collateral are real, non-theoretical risks — the design survived the October 2025 liquidation cascade, which is evidence, not a guarantee. It is also not the same risk shape as UST: USDe is fully collateralized at inception; the failure mode is a sustained negative-funding grind plus a custody break, not a mint-redeem death spiral.
HDN
HDN — Hydranet — is a 525-day-old Arbitrum DEX token at 0xb0f66bdb39acbb043308eb9dbe78f5bb47ea5430, priced at a $5.8 million market cap across 3,023 wallets on the October 6, 2026 snapshot.
The contract is locked — no mint, no pause, no blacklist, verified source — and the float is moderately concentrated with the top ten at about 51.9%. The venue is where the honest size check lands: $23.3 thousand of tracked liquidity is a thin book against a $6.3M cap, on $13.5 thousand of daily volume — held more than it is traded.
FAQ
Which is bigger, USDE or HDN?
By tracked market cap: USDE (Ethereum) measures $4.80B and HDN (Arbitrum) measures $5.77M — dated snapshots, not a live feed.
Which is safer, USDE or HDN?
On the contract checks we publish: USDE (Ethereum) grades B and HDN (Arbitrum) grades A. A grade is a structural check on the contract, not a promise about the asset.
How have USDE and HDN performed over the shared window?
Between 2026-09-21 and 2026-10-16T21:15:32, the measured snapshots show USDE at −0.17% and HDN at −18.6%.
The grade column is the one CMC's compare page cannot print — our grade is computed from the contract itself (mint/freeze authority, liquidity, holder concentration). Changes are measured over the shared window stated on the chart, 2026-09-21→2026-10-16T21:15:32; a token with fewer measured points measures a shorter span inside it.
Figures are dated on-chain snapshots, not a live feed. Safety grades are structural checks — not investment advice. Free · no signup · a HostDeFi product.