I'm obv long ETH but I never really use leverage What I do like is earning solid yield on top of it and want to share this one because risk / reward is unbeatable imo Right now, you can borrow USDtb at <1% against your stETH Then swap that USDtb into sUSDe and borrow GHO against it. Loop this 7-8 times and you get to around ~45% APY Looping sounds risky, but the thing to think about here is what can get you liquidated. Temporary market price deviations of sUSDe to GHO would obviously be a worry. But the thing here is that market price volatility doesn't matter because the liquidation engine is configured to price the collateral using the sUSDe to USDe contract pricing while assuming USDe to GHO is 1:1 (common practice for lending protocols). Hence the only thing that can get you liquidated is: - Ethena stablecoin reserves backing breaks down - GHO rises above 1$ I'll take the >45% APY against that (plus you get bunch of ethena points on top of it)