# Rewards & Points
Meridian users automatically earn multiple rewards just by trading and holding USDe margin on the exchange. Rewards are broken down into multiple categories:
**USDe Rewards:** All USDe balances on Meridian earn [USDe Balance Rewards](/trading/usde-balance-rewards) continuously at a rate denoted by Balance APR. These rewards accrue on your Meridian account balance, with or without open positions. All positions held for a minimum of 1 hour qualify for [USDe Trading Rewards](/trading/usde-trading-rewards), distributed pro rata based on your share of total open interest (OI) each week and denoted by Trading APR. Total Rewards (Balance Rewards + Trading Rewards) are capped at 27.1828% APR based on your average margin balance each week. All USDe rewards are distributed weekly.
**Meridian Points**: All authentic trading activity on Meridian earns Meridian Points. Multiple factors are considered in points calculations, including fees paid, open interest, liquidations, maker/taker volume, and referrals. Snapshots are taken Wednesdays at 23:59 UTC and points are distributed weekly on Fridays.
**ENA Distribution**: On top of Meridian Points, authentic trading activity also earns Ethena Exchange Points, which will convert into ENA at the end of the program. [Learn more](https://blog.ethereal.trade/ethena-exchange-points)
For a detailed breakdown of your estimated points and rewards across all programs, check out this [community tool built by @HedgeHog](https://ethereal.thehedgie.com/).