How to trade Ethena (ENA)
BRVX lists Ethena's ENA token as a ENA/USDT perpetual with 5x–100x leverage on ENA and a 0.05% fee to open. You take a long or short view on ENA's price and settle in your margin token.
- 100x Max leverage on ENA
- 0.05% Fee per side on ENA
- 0.0046% / 0.0046% Funding long / short on ENA
- 6 Margin tokens for ENA
Ethena guide contents
What an ENA perpetual is
Ethena issues USDe, a synthetic dollar that earns income by holding crypto and shorting perpetual futures against it. ENA is the protocol's governance token.
Because USDe's income comes from funding rates, ENA's fortunes are linked to how much traders pay to be long across crypto.
USDe supply is public on-chain every day, so ENA traders can see whether the synthetic dollar is growing or shrinking in real time. Governance votes on routing protocol fees to ENA stakers have been a recurring catalyst.
What moves the ENA price
ENA follows the funding-rate cycle.
- USDe supply growth, which rises when funding rates are high.
- Market-wide funding: when longs pay a lot, the protocol earns more.
- Unlocks and changes to how fees reach ENA holders.
Long or short Ethena?
An ENA long bets on high funding across crypto, which grows USDe and protocol revenue.
An ENA short bets on funding turning low or negative, shrinking USDe and Ethena's income.
Opening an ENA position on BRVX
Select ENA · USDT
Find ENA in the crypto list.
Size the ENA position
Post margin; choose 5x–100x.
ENA: Buy or Sell
Buy expects a rise, Sell a fall; use TP / SL Triggers to set exits. Execution is at market.
Watch the carry
You pay 0.0046% per hour on BRVX while the position is open.
Leverage works both ways: a small move against you can lose you the whole margin.
When ENA trades
ENA trades 24/7. Bull phases with high funding have favoured it; quiet markets with low funding have weighed on it.
ENA example: an 8% move
ENA swings widely. The table puts $100 margin at 5x through an 8% move.
ENA worked example
| Ethena trade | Amount |
|---|---|
| ENA margin | $100 |
| ENA leverage | 5x |
| ENA position size | $500 |
| ENA fee, open + close | $0.50 |
| ENA funding per 24 h, long / short | $0.55 / $0.55 |
| ENA +8% | ENA long +$40.00 (+40% of margin), ENA short −$40.00 |
| ENA −8% | ENA long −$40.00, ENA short +$40.00 (+40% of margin) |
| ENA liquidation | not modelled |
Ethena risks to know
- A stretch of negative funding across crypto would pressure USDe and ENA together.
- Unlocks add supply.
- Funding on BRVX applies to both sides.
ENA depends on a mechanism, not just sentiment.
Ethena FAQ
Can I short ENA?
Yes. Press Sell on ENA · USDT: the short gains when the price falls. Leverage goes up to 100x, the fee to open is 0.05%, and funding is charged every hour.
Is ENA the same as USDe?
No. USDe is Ethena's synthetic dollar; ENA is the governance token that BRVX quotes.
What leverage is available on ENA?
Up to 100x, minimum 5x.
What does an ENA trade cost?
0.05% to open ENA, 0.05% to close it, and funding every hour.
How are Ethena and funding rates linked?
USDe earns by shorting perps; when longs pay high funding, that income and protocol revenue rise.
Can USDe lose its peg?
It has held close to a dollar so far, but its design relies on funding rates and exchange positions, which carry risks that fiat-backed stablecoins do not.
Leverage works both ways: a small move against you can lose you the whole margin.