When ETH pumps, we feel like geniuses. When it dumps, we wish we had stablecoins. But holding USDC in a wallet earning 0% is a crime. This contribution analyzes the best "Delta Neutral" strategies to earn 20%+ APY on stables. We are looking at: Ethena (USDe): The funding rate arbitrage play. It offers high yields but comes with exchange counterparty risk. Aave/Compound Loops: Borrowing stables against stables (lower risk, lower reward). Curve Pools: Being an LP for major stable pairs (e.g., 3pool). This section is crucial for risk management. We need to document the "unpegging risk" for each stablecoin. Just because it’s called a "stable" coin doesn't mean it can't go to zero.