diff --git a/constants/termmax.py b/constants/termmax.py
new file mode 100644
index 00000000..b0d43db8
--- /dev/null
+++ b/constants/termmax.py
@@ -0,0 +1,19 @@
+from web3 import Web3
+
+from constants.chains import Chain
+from constants.integration_token import Token
+
+CHAIN_TO_CONFIG_MAP = {
+    Chain.ETHEREUM: {
+        "data_manager_api_origin": "https://data-manager-api.termmax.ts.finance",
+        "chain_id": "1",
+        "token_to_config_map": {
+            Token.SUSDE: {
+                "address": Web3.to_checksum_address(
+                    "0x9d39a5de30e57443bff2a8307a4256c8797a3497"
+                ),
+                "start_block": 22174000,
+            },
+        },
+    },
+}
diff --git a/integrations/integration_ids.py b/integrations/integration_ids.py
index d4cafab4..52ebf2c3 100644
--- a/integrations/integration_ids.py
+++ b/integrations/integration_ids.py
@@ -81,6 +81,18 @@ class IntegrationID(Enum):
         Token.SUSDE,
     )
 
+    # Termmax
+    TERMMAX_USDE = (
+        "termmax_usde",
+        "Termmax USDe",
+        Token.USDE,
+    )
+    TERMMAX_SUSDE = (
+        "termmax_susde",
+        "Termmax sUSDe",
+        Token.SUSDE,
+    )
+
     # Stake DAO
     STAKEDAO_SUSDE_JULY_LPT = (
         "stakedao_susde_july_effective_lpt_held",
diff --git a/integrations/termmax_susde.py b/integrations/termmax_susde.py
new file mode 100644
index 00000000..afc7f2d1
--- /dev/null
+++ b/integrations/termmax_susde.py
@@ -0,0 +1,125 @@
+import logging
+from copy import deepcopy
+from typing import Dict, List
+
+from eth_typing import ChecksumAddress
+from web3 import Web3
+
+from constants.chains import Chain
+from constants.termmax import CHAIN_TO_CONFIG_MAP
+from integrations.cached_balances_integration import CachedBalancesIntegration
+from integrations.integration_ids import IntegrationID
+from utils.request_utils import requests_retry_session
+
+
+class TermmaxCachedBalancesIntegration(CachedBalancesIntegration):
+    def __init__(
+        self,
+        integration_id: IntegrationID,
+        start_block: int,
+        chain: Chain,
+        reward_multiplier: int = 1,
+    ):
+        super().__init__(
+            integration_id=integration_id,
+            start_block=start_block,
+            chain=chain,
+            reward_multiplier=reward_multiplier,
+        )
+
+    @property
+    def _chain_id(self) -> str:
+        return CHAIN_TO_CONFIG_MAP[self.chain]["chain_id"]
+
+    @property
+    def _token_address(self) -> ChecksumAddress:
+        return CHAIN_TO_CONFIG_MAP[self.chain]["token_to_config_map"][
+            self.integration_id.value[2]
+        ]["address"]
+
+    @property
+    def _data_manager_api_origin(self) -> str:
+        return CHAIN_TO_CONFIG_MAP[self.chain]["data_manager_api_origin"]
+
+    def get_block_balances(
+        self, cached_data: Dict[int, Dict[ChecksumAddress, float]], blocks: List[int]
+    ) -> Dict[int, Dict[ChecksumAddress, float]]:
+        block_number_to_account_address_to_balance_map = deepcopy(cached_data)
+        for block in blocks:
+            if block not in block_number_to_account_address_to_balance_map:
+                block_number_to_account_address_to_balance_map[block] = (
+                    self._get_account_address_to_balance_map_for_block(
+                        block_id=f"{block}"
+                    )
+                )
+        return block_number_to_account_address_to_balance_map
+
+    def _get_account_address_to_balance_map_for_block(
+        self, block_id: str
+    ) -> Dict[ChecksumAddress, float]:
+        logging.info(f"[Termmax integration] [Block {block_id}] Getting balances...")
+        try:
+            account_addresses = self._get_account_addresses_for_block(block_id)
+            if len(account_addresses) == 0:
+                return {}
+            response = requests_retry_session().get(
+                f"{self._data_manager_api_origin}/v1/integrations/ethena/effective_balances",
+                params={
+                    "chain_id": self._chain_id,
+                    "block_id": block_id,
+                    "token_addresses": [self._token_address],
+                    "account_addresses": account_addresses,
+                },
+            )
+            return {
+                Web3.to_checksum_address(
+                    effective_balance_dict["account_address"]
+                ): float(effective_balance_dict["balance"])
+                for effective_balance_dict in response.json()["data"][
+                    "effective_balances"
+                ]
+            }
+        except Exception as e:
+            logging.error(
+                f"[Termmax integration] [Block {block_id}] Error getting balances: {e}"
+            )
+            raise e
+
+    def _get_account_addresses_for_block(self, block_id: str) -> List[ChecksumAddress]:
+        logging.info(
+            f"[Termmax integration] [Block {block_id}] Getting account addresses..."
+        )
+        try:
+            response = requests_retry_session().get(
+                f"{self._data_manager_api_origin}/v1/integrations/ethena/effective_accounts",
+                params={
+                    "chain_id": self._chain_id,
+                    "block_id": block_id,
+                    "token_addresses": [self._token_address],
+                },
+            )
+            return [
+                Web3.to_checksum_address(effective_account_dict["account_address"])
+                for effective_account_dict in response.json()["data"][
+                    "effective_accounts"
+                ]
+            ]
+        except Exception as e:
+            logging.error(
+                f"[Termmax integration] [Block {block_id}] Error getting account addresses: {e}"
+            )
+            raise e
+
+
+if __name__ == "__main__":
+    integration = TermmaxCachedBalancesIntegration(
+        integration_id=IntegrationID.TERMMAX_SUSDE,
+        start_block=CHAIN_TO_CONFIG_MAP[Chain.ETHEREUM]["token_to_config_map"][
+            IntegrationID.TERMMAX_SUSDE.value[2]
+        ]["start_block"],
+        chain=Chain.ETHEREUM,
+    )
+    balances = integration.get_block_balances(
+        cached_data={}, blocks=[22174000, 22174001, 22174002]
+    )
+    print(balances)