What is Ethena?
Ethena is a protocol on Ethereum that issues USDe, a synthetic dollar backed by crypto assets paired with short futures positions that offset price moves. ENA is Ethena's governance token. Holders vote on protocol decisions and can stake ENA, and the token is also used to align validators and partners in Ethena's wider network.
The ENA perpetual tracks the price of Ethena, settles in USDC and never expires. It trades on Hyperliquid's main exchange. You can go long or short with up to 10× leverage, around the clock.
Contract details
- Market
ENA, main exchange- Tracks
- The price of Ethena
- Settlement
- USDC, no expiry
- Leverage
- 10× up to $20.00M, 5× above $20.00M
- Margin
- Cross or isolated
- Size step
- 1 ENA
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.07% market, 0.04% limit
- Trading hours
- Around the clock, every day
Size a ENA trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 0.19142, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 0.18759
- Size
- 2436 ENA ($466.32)
- Loss at the stop, fees included
- $10.00
- Leverage
- 10× cross, $46.63 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about ENA
What is the maximum leverage on ENA?
10×. Larger positions get less: above $20.00M the maximum is 5×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on ENA?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade ENA on Hypurr Desk?
At the exchange's base tier, 0.07% of the position value for market orders and 0.04% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Do I own ENA when I trade this market?
No. A perpetual tracks the price of Ethena and settles gains and losses in USDC. You never hold the coins, and positions can be closed out if losses use up their margin.
