Funding Rates › Funding rate heatmap › ENA funding rate
Ethena (ENA) Funding Rate
Ethena funding has a special link to the market: its stablecoin is backed by short perps, so ENA is tied to the funding regime itself.
Live cross-venue comparison — 2026-10-20T09:50:55.415Z UTC · 10 venues
As of 2026-10-20 09:50 UTC, ENA funding ranged from -0.0200% to 0.0100% per 8h across 9 venues (median 0.0096%).
Positive = longs pay shorts (red). Negative = shorts pay longs (green).
Ethena (ENA) funding summary
Ethena (ENA) is listed on 10 venues in the latest snapshot (2026-10-20T09:50:55.415Z UTC). 7 of 9 venues positive (longs pay), 1 negative (shorts pay), 1 at zero.
- Venues listing
- 109 used in statistics
- Median 8h rate
- 0.0096%10.5120% APR
- Highest 8h rate
- 0.0100%Hyperliquid · 10.9500% APR
- Lowest 8h rate
- -0.0200%Bybit · -21.8781% APR
- Max spread (8h)
- 0.0300%32.8281% APR-equivalent
- Positive / negative
- 7 / 11 at zero
Statistics use one value per venue (the median if a venue lists several contracts), skip closed markets, GMX (pool-skew funding with a separate borrowing fee) and LeverUp markets routed to Hyperliquid (they would double count Hyperliquid). Every row is still shown in the table below.
Ethena (ENA) funding rates by venue
Every ENA market in the latest snapshot, highest 8h rate first. Rate per interval is the amount paid at each settlement; 1h, 8h and APR are normalised so venues with different intervals compare directly. See the Hyperliquid funding rates page for core and HIP-3 markets.
| Venue | Venue symbol | Rate / interval | 1h | 8h | APR | Interval | Next funding | Mark price | Market open |
|---|---|---|---|---|---|---|---|---|---|
| Hyperliquid | ENA | 0.0013% | 0.0013% | 0.0100% | 10.9500% | 1h | in 6m | $0.1848 | open |
| Binance | ENA | 0.0050% | 0.0013% | 0.0100% | 10.9500% | 4h | in 2h | — | open |
| Aster | ENAUSDT | 0.0050% | 0.0013% | 0.0100% | 10.9500% | 4h | in 2h | — | open |
| edgeX | ENAUSDC | 0.0050% | 0.0013% | 0.0100% | 10.9500% | 4h | — | — | open |
| GMX | ENA/USD [ETH-USDC] | 0.0012% | 0.0012% | 0.0097% | 10.6334% | 1h | — | — | open |
| Lighter | ENA | 0.0012% | 0.0012% | 0.0096% | 10.5120% | 1h | — | — | open |
| OKX | ENA-USDT-SWAP | 0.0088% | 0.0011% | 0.0088% | 9.6489% | 8h | in 14h | — | open |
| Paradex | ENA-USD-PERP | 0.0085% | 0.0011% | 0.0085% | 9.3194% | 8h | — | — | open |
| dYdX | ENA-USD | 0.0000% | 0.0000% | 0.0000% | 0.0000% | 1h | in 6m | $0.1848 | open |
| Bybit | ENA | -0.0100% | -0.0025% | -0.0200% | -21.8781% | 4h | in 2h | — | open |
What does Ethena (ENA) funding cost?
Worked example for a $10,000 long held for 1 day and 7 days, using each rate from the table above as if it stayed constant (it will not). Funding is charged on notional, not margin.
| Scenario | 8h rate | 1 day | 7 days |
|---|---|---|---|
| Median (9 venues) | 0.0096% | $2.88 paid | $20.16 paid |
| Highest: Hyperliquid | 0.0100% | $3.00 paid | $21.00 paid |
| Lowest: Bybit | -0.0200% | $5.99 received | $41.96 received |
Cross-venue spread idea
In principle a trader could go long where funding is lowest (Bybit) and short where it is highest (Hyperliquid) and collect the difference. At the current rates, $10,000 on each side would be a net $8.99 received per day before costs.
Caveat: this is an illustration, not advice. Real results depend on trading fees, price basis between the two contracts, different settlement intervals (a rate can change before you are paid), margin on both venues, liquidation risk on either leg, and funding changing sign. The funding rate arbitrage scanner ranks these gaps across every asset and explains the risks.
Try your own size and hold time in the funding rate calculator with ENA preselected. To estimate liquidation price and margin for the same position, use the Crypto Leverage Calculator.
Ethena (ENA) funding history
Rolling hourly summary of the cross-venue 8h rate (median across venues, plus the lowest and highest venue reading in each sample). History is still building (3 hourly samples since 2026-10-20 07:00 UTC), so the 24h and 7d rows cover less than their full window.
| Window | Samples | Avg median 8h | Lowest venue 8h | Highest venue 8h | Avg median APR |
|---|---|---|---|---|---|
| Last 24h | 3 | 0.0096% | -0.0072% | 0.0100% | 10.5186% |
| Last 7d | 3 | 0.0096% | -0.0072% | 0.0100% | 10.5186% |
What drives Ethena (ENA) funding rates
Ethena issues USDe, a synthetic dollar backed by crypto collateral hedged with short perpetual positions. When funding is positive, those shorts earn funding, which is a main source of yield for the protocol and for holders of its staked version. That makes ENA unusually sensitive to the funding environment: sustained positive funding across the market is supportive of USDe demand and supply growth, while negative or collapsing funding is a headwind.
That relationship means ENA traders watch BTC and ETH funding closely, not just ENA's own. During periods of high funding, USDe supply tends to grow as more collateral is hedged, and when funding falls, supply growth slows or reverses. ENA perp positioning often reflects views on that cycle in addition to ordinary directional bets.
ENA-specific catalysts include protocol parameter changes, fee-switch and governance decisions, new collateral or chain integrations, and token unlock schedules. Its own perp funding is typically higher-beta than the majors and varies across venues.
For the cross-venue table, treat ENA like a mid-cap DeFi token: venues with retail-heavy users can run hotter than market-maker-dominated books, and the interval differences mean you should compare normalised 8h or APR figures.
Where ENA is listed
ENA is listed on most centralised exchanges and a majority of on-chain order-book venues in our dataset, so the table has wide coverage.
What to watch
What to watch: BTC and ETH funding alongside ENA's own, since USDe yield depends on it, plus governance and unlock dates. A fall in market-wide funding is a different signal for ENA than for most other tokens.
Ethena (ENA) funding rate FAQ
What is the current ENA funding rate?
At 2026-10-20T09:50:55.415Z UTC the median ENA funding rate across 9 venues is 0.0096% per 8 hours (10.5120% APR), ranging from -0.0200% on Bybit to 0.0100% on Hyperliquid. Positive means longs pay shorts.
Why is ENA tied to funding rates?
Ethena's USDe is hedged with short perpetuals that earn funding when it is positive, so protocol yield and growth depend on the funding environment.
Does ENA funding follow BTC and ETH funding?
Its sentiment is linked to the overall funding regime, but ENA also has its own catalysts such as governance and unlocks.
What moves ENA perp funding itself?
Directional leverage on the token, protocol news and unlock schedules.