Ethena (ENA) Perpetual Futures

– 24h · perp mark price

24h volume – vs prior 24h Open interest – · Funding rate (OI-weighted, 8h) – annualised Long / short ratio (24h) – long Liquidations (24h) – longs OI / market cap – Market cap –

Ethena price and derivatives history

Daily close and perpetual volume across tracked exchanges

Ethena perpetual futures market

Ethena runs USDe, a synthetic dollar backed by crypto collateral that is hedged with short perpetual futures positions, and ENA is its governance token. Since the protocol earns much of its yield from funding payments, ENA gives traders a way to bet on the health of the perps market itself. ENA perps let them lever that view, short it when funding weakens, or hedge tokens held for governance or rewards.

USDe supply is the number to watch. When funding across major coins runs high, USDe yields rise, supply tends to grow and sentiment towards ENA improves. A sustained drop in funding rates squeezes that yield and has weighed on the token. Scheduled unlocks for the team and investors add supply over time. Binance and Bybit lead volume, while Hyperliquid also holds a sizeable share of open interest.

ENA funding rates ENA open interest Ethena liquidation heatmap ENA long/short ratio

Ticker: ENA
Asset class: Crypto
Tracked markets: –
Most active venue: –
Funding intervals: –
Trading hours: 24/7
±1% order book depth: –

Ethena perpetual markets by exchange

Every tracked ENA perpetual market

#	Exchange	Price	24h	Volume 24h	Open interest	OI 24h	Funding 8h	L/S	Liq. 24h	±1% depth	Trade

Open interest by exchange

Share of total · 24h change

All OI

Liquidations by exchange

Last 24h · long vs short

All liquidations

Taker buy vs sell

Last 4h · buy share of taker volume

Long/short data

Ethena perpetual futures FAQ

Live answers use data from every tracked ENA perpetual markets · updated –

What is the ENA funding rate today?

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How much ENA open interest is there?

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What is Ethena?

Ethena is a DeFi protocol that issues USDe, a synthetic dollar. It holds crypto assets such as ETH and BTC and opens matching short perpetual positions, so the combined position stays close to one dollar in value. ENA is the protocol's governance token.

What is ENA perpetual futures trading volume?

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Are traders long or short ENA right now?

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How does USDe earn yield?

USDe earns yield mainly from the funding paid to its short perpetual positions, plus staking rewards on staked ETH collateral. Holders who stake USDe receive sUSDe, which accrues that yield. When funding turns negative the yield falls, and Ethena keeps a reserve fund to absorb those periods.

Why does ENA react to funding rates?

Ethena's revenue depends on positive funding across the largest perps markets. High funding brings more income to the protocol and more demand for USDe, while low or negative funding shrinks both. ENA traders therefore watch BTC and ETH funding as closely as ENA's own.

How much ENA was liquidated in the last 24 hours?

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Is ENA the same as USDe?

No. USDe is Ethena's synthetic dollar and is designed to hold a value near one US dollar. ENA is a separate governance token whose price floats freely, and it is the asset that ENA perps track.

What are ENA perpetual futures?

ENA perpetual futures are derivatives contracts that track the price of ENA and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any ENA.

How does ENA funding work?

Funding is a payment between longs and shorts. When ENA perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

Where can I trade ENA perpetuals?

Compare venues, fees and features on the best perpetual exchanges page.

Should I long or short ENA?

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.