Ethena price and where to buy ENA

What is Ethena?

ENA is the governance token of Ethena, the protocol behind USDe, a synthetic dollar. USDe is backed by crypto collateral hedged with short positions in perpetual futures, and the yield it pays comes largely from the funding those shorts receive. ENA holders vote on the protocol; the maximum supply is 15 billion ENA.

How to buy Ethena, step by step

1. Pick an exchange. ENA is listed on every exchange we track. Compare fees, funding options and whether it serves your country in our exchange reviews.
2. Create and verify your account. Regulated exchanges ask for identity documents before you can deposit fiat.
3. Fund the account. A bank transfer or a stablecoin deposit usually costs far less than a card payment.
4. Buy ENA. Use the ENA/USDT or ENA/USD market, and check the cheapest venue in the table above first.
5. Decide where to keep it. On the exchange is simplest, but the exchange then holds your coins. ENA is a token on Ethereum and other networks, so choose the network your wallet expects when you withdraw.

Where to buy Ethena at the best price

The cheapest venue right now is marked in the table above. Add its trading fee before comparing: on ENA the venues disagree by about 0.106 percent on average, so on a small purchase the fee and the funding method usually matter more.

• The price on that venue. Each row shows the gap to our composite.
• The trading fee. Our fee comparison lists spot fees side by side.
• How you fund the account. A bank transfer or stablecoin deposit is usually far cheaper than a card payment, which often costs several percent.

Why the Ethena price differs between exchanges

In our minute-by-minute measurement the gap between the highest and lowest venue averaged about 0.106 percent, against about 0.025 percent for Bitcoin. It went above half a percent in about 15 minutes out of every thousand, and reached about 1.8 percent at its widest.

Just over half of the ENA spot volume we track trades on a single venue. The spread figure at the top of this page is the live measurement; our guide on why crypto prices differ between exchanges explains the mechanism.

What moves the Ethena price

The wider crypto market, and in ENA’s case its own news too. In our hourly composite, ENA moved with Bitcoin at a correlation of about 0.49, where 1 would mean identical moves, and its moves were almost four times the size of Bitcoin’s.

Ethena is unusually tied to perpetual funding rates: when funding is high, USDe’s yield rises and demand for the protocol tends to follow. Our funding rates page shows those rates across venues. The funding rates on this page show whether leveraged traders are paying to be long or short right now.

Pros and cons of Ethena

Pros

• Exposure to one of the largest synthetic-dollar protocols.
• Listed on every exchange we track.
• Its protocol’s economics can be followed through public funding rates.

Cons

• Its hourly moves were almost four times Bitcoin’s in our data.
• USDe depends on funding staying positive and on the exchanges holding its hedges.
• A large part of the supply is still being released.

Ethena’s highest price

Ethena’s all-time high is about $1.52 on volume-weighted data. The chart above shows the last 30 days of our composite, and the ENA to USD converter applies the live price to any amount.