ENA-PERPCrypto · DeFiTrade Ethena (ENA) Perpetual Futures
Go long or short on Ethena with up to 100x leverage. No KYC, no sign-up: connect your wallet and trade 24/7.
- No KYC
- No sign-up
- Self-custody
- Up to 100x leverage
- Mark price
- 0.18735
- 24h high
- 0.19441
- 24h low
- 0.18603
- 24h volume
- 99.1K USDT
Ethena is a protocol that issues USDe, a synthetic dollar designed to hold a value of one US dollar without relying on bank deposits. Instead, USDe is backed by crypto collateral such as ETH, BTC and liquid staking tokens, combined with short positions in perpetual futures of equal size. Because the long collateral and the short futures offset each other, the position is intended to stay roughly stable in dollar terms; this is known as a delta-neutral or basis trade.
The protocol earns income from staking rewards on its collateral and from funding payments on its short futures positions, which have historically tended to be positive when traders are paying to hold long positions. Users who stake USDe receive sUSDe, which accrues a share of that income. Ethena launched publicly in early 2024 and grew quickly into one of the larger dollar-denominated tokens in crypto.
ENA is Ethena's governance token. Holders can vote on matters such as risk parameters and the assets used as collateral. Traders follow ENA as a measure of demand for USDe and as an indirect play on funding rates across crypto derivatives markets.
ENA is driven largely by how much USDe is in circulation and how much the protocol earns. Funding rates on perpetual futures are central: when they are high, sUSDe yields rise and demand for USDe tends to grow; when they turn low or negative, yields fall and supply can shrink.
Proposals affecting value flow to ENA holders, such as a fee switch, can move the price, as can new integrations of USDe across exchanges and decentralized finance. Large scheduled token unlocks add supply. Risks specific to the design, including exchange counterparty exposure and periods of market stress that test the peg, are watched closely, along with broader crypto sentiment.
The ENA perpetual is a futures contract on the price of Ethena with no expiry date. You never own Ethena itself: you go long if you expect the price to rise or short if you expect it to fall, and settle profit and loss in USDT.
You choose your leverage, up to 100x. Margin is cross: your whole perpetual balance backs every open position. Positions are valued at a mark price taken from market data, which can differ from the last trade, and an order more than 20% away from the mark price is rejected.
- 1Connect a wallet. Connect MetaMask, or log in with email or Google, and sign the login message.
- 2Deposit USDT. Deposit USDT and move it to your perpetual account to use as margin.
- 3Choose long or short and your leverage. Open the ENA market, pick a direction and leverage, and place a market or limit order.
- 4Manage the position. Set a take-profit or stop-loss, add margin, or close the position whenever you like.
| Topic | Max Orion | Centralized exchange |
|---|---|---|
| Sign-up | No KYC: connect a wallet and sign a message | Email, password and identity checks |
| Your account | Your wallet address is your account | A username held by the exchange |
| Orders | Every order is signed by your wallet | Orders sent under a logged-in session |
| Hours | Crypto, gold and oil, 24/7 | Commodities often follow market hours |
Leverage multiplies losses as well as gains. If the Ethena price moves against your position far enough that your perpetual balance, including unrealized losses, falls below the maintenance margin, positions are closed automatically at the prevailing price and you can lose your whole balance. A stop-loss becomes a market order when triggered and is not guaranteed to fill at its price. Only trade with money you can afford to lose. ENA tends to be more volatile than large caps such as Bitcoin or Ether, since it is sensitive both to the crypto market and to shifts in funding rates.
Frequently asked questions
A ENA perpetual is a futures contract on the price of Ethena with no expiry date. You go long if you expect the price to rise or short if you expect it to fall, post margin in USDT, and keep the position open for as long as your margin covers it.
You can trade Ethena perpetuals with up to 100x leverage. The higher the leverage, the smaller the price move against you that liquidates the position.
No. There is no KYC and no sign-up form. You connect a wallet and sign a message to log in — self-custody wallet sign-in, with no password — then deposit USDT to start trading.
Every market settles in USDT, with cross margin: your whole perpetual balance backs all of your open positions, so a profit on one adds margin to the others and a loss on one reduces the margin left for all of them.
A perpetual has no expiry, so a periodic funding payment between longs and shorts keeps its price close to the underlying market. When the perpetual trades above the underlying, longs pay shorts; when it trades below, shorts pay longs.
A maker order, which waits in the order book, pays 0.02% of its value. A taker order, which fills immediately, pays 0.06%.
Leverage multiplies losses as well as gains. If the price moves against your position far enough that your margin no longer covers it, the position is liquidated and the margin is lost. Only trade with money you can afford to lose.
