diff --git a/script/deploy/DeployManager.sol b/script/deploy/DeployManager.sol
index 8b62e18e..2edf1437 100644
--- a/script/deploy/DeployManager.sol
+++ b/script/deploy/DeployManager.sol
@@ -23,6 +23,7 @@ import {DeployEtherFiARMScript} from "./mainnet/011_DeployEtherFiARMScript.sol";
 import {UpgradeEtherFiARMScript} from "./mainnet/012_UpgradeEtherFiARMScript.sol";
 import {UpgradeOETHARMScript} from "./mainnet/013_UpgradeOETHARMScript.sol";
 import {DeployEthenaARMScript} from "./mainnet/014_DeployEthenaARMScript.sol";
+import {UpgradeEthenaARMScript} from "./mainnet/015_UpgradeEthenaARMScript.sol";
 
 contract DeployManager is Script {
     using stdJson for string;
@@ -84,6 +85,7 @@ contract DeployManager is Script {
             _runDeployFile(new UpgradeEtherFiARMScript());
             _runDeployFile(new UpgradeOETHARMScript());
             _runDeployFile(new DeployEthenaARMScript());
+            _runDeployFile(new UpgradeEthenaARMScript());
         } else if (block.chainid == 17000) {
             // Holesky
         } else if (block.chainid == 146) {
diff --git a/script/deploy/mainnet/015_UpgradeEthenaARMScript.sol b/script/deploy/mainnet/015_UpgradeEthenaARMScript.sol
new file mode 100644
index 00000000..ae5ad535
--- /dev/null
+++ b/script/deploy/mainnet/015_UpgradeEthenaARMScript.sol
@@ -0,0 +1,49 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.23;
+
+// Foundry imports
+import {console} from "forge-std/console.sol";
+
+// Contract imports
+import {Proxy} from "contracts/Proxy.sol";
+import {EthenaARM} from "contracts/EthenaARM.sol";
+import {Mainnet} from "contracts/utils/Addresses.sol";
+
+// Deployment imports
+import {GovProposal, GovSixHelper} from "contracts/utils/GovSixHelper.sol";
+import {AbstractDeployScript} from "../AbstractDeployScript.sol";
+
+contract UpgradeEthenaARMScript is AbstractDeployScript {
+    using GovSixHelper for GovProposal;
+
+    GovProposal public govProposal;
+
+    string public constant override DEPLOY_NAME = "015_UpgradeEthenaARMScript";
+    bool public constant override proposalExecuted = false;
+
+    EthenaARM armImpl;
+
+    function _execute() internal override {
+        console.log("Deploy:", DEPLOY_NAME);
+        console.log("------------");
+
+        // 1. Deploy new ARM implementation
+        uint256 claimDelay = tenderlyTestnet ? 1 minutes : 10 minutes;
+        armImpl = new EthenaARM(
+            Mainnet.USDE,
+            Mainnet.SUSDE,
+            claimDelay,
+            1e18, // minSharesToRedeem
+            100e18 // allocateThreshold
+        );
+        _recordDeploy("ETHENA_ARM_IMPL", address(armImpl));
+
+        console.log("Finished deploying", DEPLOY_NAME);
+    }
+
+    function _fork() internal override {
+        vm.startPrank(Proxy(payable(deployedContracts["ETHENA_ARM"])).owner());
+        Proxy(payable(deployedContracts["ETHENA_ARM"])).upgradeTo(address(armImpl));
+        vm.stopPrank();
+    }
+}
diff --git a/src/contracts/EthenaARM.sol b/src/contracts/EthenaARM.sol
index e7a2e22e..fcf67a8f 100644
--- a/src/contracts/EthenaARM.sol
+++ b/src/contracts/EthenaARM.sol
@@ -22,7 +22,7 @@ contract EthenaARM is Initializable, AbstractARM {
     IStakedUSDe public immutable susde;
 
     /// @notice The total amount of liquidity asset (USDe) currently in cooldown
-    uint256 internal _liquidityAmountInCooldown;
+    uint256 public liquidityAmountInCooldown;
     /// @notice Array of unstaker helper contracts
     address[MAX_UNSTAKERS] public unstakers;
     /// @notice The index of the next unstaker to use in the round robin
@@ -97,7 +97,7 @@ contract EthenaARM is Initializable, AbstractARM {
 
         uint256 liquidityAmount = EthenaUnstaker(unstaker).requestUnstake(baseAmount);
 
-        _liquidityAmountInCooldown += liquidityAmount;
+        liquidityAmountInCooldown += liquidityAmount;
 
         // Emit event for the request
         emit RequestBaseWithdrawal(unstaker, baseAmount, liquidityAmount);
@@ -109,7 +109,7 @@ contract EthenaARM is Initializable, AbstractARM {
         UserCooldown memory cooldown = susde.cooldowns(address(unstaker));
         require(cooldown.underlyingAmount > 0, "EthenaARM: No cooldown amount");
 
-        _liquidityAmountInCooldown -= cooldown.underlyingAmount;
+        liquidityAmountInCooldown -= cooldown.underlyingAmount;
 
         // Claim all the underlying USDe that has cooled down for the unstaker and send to the ARM
         EthenaUnstaker(unstaker).claimUnstake();
@@ -121,7 +121,7 @@ contract EthenaARM is Initializable, AbstractARM {
     /// This can be for many different cooldowns.
     /// This can be either in the cooldown period or ready to be claimed.
     function _externalWithdrawQueue() internal view override returns (uint256) {
-        return _liquidityAmountInCooldown;
+        return liquidityAmountInCooldown;
     }
 
     /// @dev Convert between base asset (sUSDe) and liquidity asset (USDe).
diff --git a/src/js/tasks/liquidity.js b/src/js/tasks/liquidity.js
index 2c728dd9..33029885 100644
--- a/src/js/tasks/liquidity.js
+++ b/src/js/tasks/liquidity.js
@@ -156,6 +156,10 @@ const logLiquidity = async ({ block, arm }) => {
     baseWithdraws = await armContract.vaultWithdrawalAmount({
       blockTag,
     });
+  } else if (arm === "Ethena") {
+    baseWithdraws = await armContract.liquidityAmountInCooldown({
+      blockTag,
+    });
   }
 
   let lendingMarketBalance = 0n;
diff --git a/test/invariants/LidoARM/TargetFunction.sol b/test/invariants/LidoARM/TargetFunction.sol
index 55a3dbc6..d323525e 100644
--- a/test/invariants/LidoARM/TargetFunction.sol
+++ b/test/invariants/LidoARM/TargetFunction.sol
@@ -320,7 +320,7 @@ abstract contract TargetFunction is Properties {
     ////////////////////////////////////////////////////
     /// --- HELPERS
     ////////////////////////////////////////////////////
-    uint256 constant SHARES_UP_ONLY__ERROR_TOLERANCE = 1e4;
+    uint256 constant SHARES_UP_ONLY__ERROR_TOLERANCE = 1e6;
 
     function finalizeLidoClaims() public {
         if (lidoWithdrawRequests.length == 0) return;