Live data
Ethena (ENA) perpetual futures
Live funding rates, open interest, and measured trade costs for Ethena. 8 venues in the PerpFinder venue map list ENA perps.
At a glance
This ENA funding snapshot covers 4 venues: Bybit, Hyperliquid, dYdX, and Binance. It is the server-rendered page seed, not the venue total; the live funding panel below covers every venue that lists ENA.
- Highest annualized funding
- +10.95%Hyperliquid
- Executable spread
- 10.95% annualizedHyperliquid vs dYdX
More
The highest executable annualized funding rate is +10.95% on Hyperliquid, and the lowest is 0.00% on dYdX.
The executable spread between Hyperliquid and dYdX is 10.95% annualized, from 3 venues that report open interest.
Bybit, Hyperliquid, and dYdX report $103.4m of open interest across the venues in this snapshot that publish it.
The ENA price in this snapshot comes from Binance at $0.1460.
Generated from live venue feeds at
Funding rates
Annualized rates across exchanges
HyperliquidDEX
BybitCEX
BinanceCEX
dYdXDEXOpen interest
Per-exchange open interest
BybitHyperliquiddYdXLong/short ratio
Account-level positioning
Long/short ratios are published for BTC, ETH, SOL, and XRP only.
Cost comparison
Fee plus slippage for a $100K trade
The order-book cost engine measures BTC, ETH, SOL, XRP, BNB, DOGE and HYPE. ENA is not measured. Live costs for the measured assets are on the cost comparison tool.
Where to Trade Ethena (ENA) Perpetual Futures
7 of the 8 venues that list ENA perps have a PerpFinder review page. The table compares fees, leverage, and features for those 7.
| Venue | Maker | Taker | Max leverage | Rating | Trade |
|---|---|---|---|---|---|
| 0.015% | 0.045% | 40x | 9.2 | ENA → | |
| 0.010% | 0.050% | 50x | 9.0 | ENA → | |
| 0.035% when opening and again when closing; BTC and ETH review rate; other pairs can use different fees and spreads | 1000x | 8.0 | ENA → | ||
| 0.010% | 0.020% | 100x | 7.8 | ENA → | |
| Free | 0.030% | 50x | 7.8 | ENA → | |
| -0.010% | 0.017% | 1000x | 7.8 | ENA → | |
| 0.050% | 0.080% | 20x | 7.5 | ENA → | |
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.
Ethena is itself one of the largest single participants in perp funding markets: the protocol delta-hedges its USDe stable-asset by holding short perp positions across major venues. ENA exposure is therefore intertwined with the funding-rate regime this page displays because compressed positive funding supplies protocol revenue.
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.
Frequently Asked Questions — Ethena (ENA)
What is the current ENA perpetual futures funding rate?
The live Ethena (ENA) funding-rate panel updates every 2 minutes. It shows annualized rates for each exchange that lists 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?
Among 6 tracked ENA venues with comparable order-book schedules, DESK lists the lowest taker fee at 0.017%. SynFutures lists 0.020%. 1 position-fee venue is excluded from this maker/taker result. Use the cost comparison for total cost.
How does Ethena open interest compare across exchanges?
The Ethena (ENA) open-interest chart shows the total value of outstanding ENA derivative contracts on each exchange. 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 7 exchanges, including Hyperliquid, dYdX, Gains Network, SynFutures, and Orderly Network, plus 2 more. The "Where to Trade Ethena (ENA) Perpetual Futures" section compares fees and leverage limits and gives a direct trading link for each venue.
Category: DeFi · Data updates every 2 minutes · All rates shown are annualized