NexSQD vs USDE — price, size and safety, side by side
SQD (Arbitrum) vs USDE (Ethereum) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-11-15 / 2026-11-13.
SQD vs USDE — normalized performance, 2026-09-21 to 2026-11-13T12:15:58
| SQD | USDE | |
|---|---|---|
| Price | $0.01423 | $0.9989 |
| Market cap | $24.09M | $4.51B |
| 24h volume | $909.50K all venues | $44.78M all venues |
| Liquidity | $117.49K | $13.37M |
| FDV | $24.36M | $4.58B |
| Holders | 17,087 | 48,976 |
| Age (days) | 824 | 84 |
| Safety grade | D | B |
Where they differ
- USDE measures ~187× the market cap of SQD
- USDE measures ~114× the liquidity of SQD
- USDE measures ~49× the 24h volume of SQD
- USDE measures ~2.9× the holder count of SQD
- over the shared window SQD moved −44.7% while USDE moved −0.24%
What the data says
SQD
SQD at 0x1337420ded5adb9980cfc35f8f2b054ea86f8ab1 — Subsquid — is the Arbitrum deployment of the blockchain data-network token, 809 days into its record at the November 6, 2026 snapshot. The $24.1 million market cap prices nearly all of the $24.4 million fully-diluted figure on 1.3 billion units — the float is essentially out.
The book is thin for the cap: $117.5 thousand of tracked depth on $14.9 thousand of 24-hour volume — a held-token profile. Contract-level controls were not assessed in this snapshot.
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 November 6, 2026 read shows $13.4 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.
FAQ
Which is bigger, SQD or USDE?
By tracked market cap: SQD (Arbitrum) measures $24.09M and USDE (Ethereum) measures $4.51B — dated snapshots, not a live feed.
Which is safer, SQD or USDE?
On the contract checks we publish: SQD (Arbitrum) grades D and USDE (Ethereum) grades B. A grade is a structural check on the contract, not a promise about the asset.
How have SQD and USDE performed over the shared window?
Between 2026-09-21 and 2026-11-13T12:15:58, the measured snapshots show SQD at −44.7% and USDE at −0.24%.
More comparisons
SQD vs RAINLINK vs SQDSQD vs AVAXSQD vs LDOUSDE vs USDGAAVE vs USDEU vs USDEUSD1 vs USDE
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→2026-11-13T12:15:58; 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 NexFlow product.