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Ethena (ENA) Perpetual Futures

Ethena (ENA) Perpetual Futures — Live Data

Trade ENAon 8 exchangesHyperliquid logoOpen on Hyperliquid

Market Overview

Ethena is a synthetic dollar protocol that creates USDe through delta-neutral hedging strategies using staked ETH collateral and short perpetual futures positions. ENA perpetual futures are available on major centralized exchanges. Trading ENA perps is uniquely meta — Ethena's core product literally relies on the perpetual futures market to maintain its dollar peg.

Trading Tips for Ethena Perps

ENA is a reflexive trade on perps funding rates — when funding is positive, Ethena earns more yield on USDe, making ENA more attractive. Monitor the sUSDe yield and USDe peg stability as real-time fundamental indicators for ENA perp positioning.

Where to Trade Ethena (ENA) Perpetual Futures

Ethena (ENA) perpetual futures are available on 8 exchanges. Compare fees, leverage, and features below to find the best platform for trading ENA perps.

Hyperliquid logo
Hyperliquid
Hyperliquid L1
Maker Fee
0.015%
Taker Fee
0.045%
Max Leverage
50x
Rating
9.2/10
Trade ENAReview
dYdX logo
dYdX
dYdX Chain (Cosmos)
Maker Fee
0.010%
Taker Fee
0.050%
Max Leverage
100x
Rating
9.0/10
Trade ENAReview
Kwenta logo
Kwenta
Base, Optimism
Maker Fee
0.020%
Taker Fee
0.060%
Max Leverage
100x
Rating
8.4/10
Trade ENAReview
Gains Network logo
Gains Network
Arbitrum, Polygon, Base
Maker Fee
0.050%
Taker Fee
0.050%
Max Leverage
1000x
Rating
8.0/10
Trade ENAReview
SynFutures logo
Maker Fee
0.010%
Taker Fee
0.020%
Max Leverage
100x
Rating
7.8/10
Trade ENAReview
Orderly Network logo
Orderly Network
NEAR, Arbitrum, Optimism, Base, Polygon, Ethereum, Mantle, Avalanche, Solana, SEI
Maker Fee
Free
Taker Fee
0.030%
Max Leverage
50x
Rating
7.8/10
Trade ENAReview
DESK logo
DESK
Arbitrum, Base
Maker Fee
-0.010%
Taker Fee
0.017%
Max Leverage
1000x
Rating
7.8/10
Trade ENAReview
Aevo logo
Aevo
Aevo L2
Maker Fee
0.050%
Taker Fee
0.080%
Max Leverage
20x
Rating
7.5/10
Trade ENAReview

Frequently Asked Questions — Ethena (ENA)

What is the current ENA perpetual futures funding rate?▼
The live Ethena (ENA) funding rate is shown above, updated every 2 minutes. Funding rates are displayed as annualized percentages for each exchange listing ENA perps. A positive rate means long traders pay short traders, while a negative rate means shorts pay longs.
Which exchange has the lowest ENA perp trading fees?▼
The lowest ENA taker fee is 0.017% on DESK, versus 0.020% on SynFutures. The cost comparison table above compares total cost — maker/taker fees plus slippage — for a $100,000 ENA trade across all 8 venues.
How does Ethena open interest compare across exchanges?▼
Ethena (ENA) open interest is broken down by exchange in the chart above, showing the total value of outstanding ENA derivative contracts on each platform. Rising open interest indicates new capital entering the market, while declining OI suggests positions are being closed.
What does the ENA long/short ratio indicate?▼
The Ethena long/short ratio shows the balance between traders betting on price increases (longs) versus decreases (shorts) across exchanges. An extreme ratio in either direction can signal potential reversals as crowded positioning often leads to liquidation cascades.
Where can I trade ENA perpetual futures?▼
Ethena (ENA) perps are listed on 8 exchanges, including Hyperliquid, dYdX, Kwenta, Gains Network, and SynFutures, plus 3 more. See the "Where to Trade" section above for a full comparison of fees, leverage limits, and direct trading links for each venue.

Category: DeFi · Data updates every 2 minutes · All rates shown are annualized

Funding RatesOpen InterestLiquidationsFee ComparisonExchange Deals

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