Ethena

Ethena ENA

Status: ListedLending, RWA, & DeFi Spot
Token GradeBBB
Overall Score: 34.0 /100Rank: 60 of 168
Disclosures BBB4.80 /10
Performance AA7.07 /10

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Disclosures Overview

Core Contributors

Legal & Financial

Tokenomics

Service Providers

Performance Overview: Market Quality

Total Volume (as % of Market Cap)

Market Cap (USD)

Trade Volume (USD)

Trade Volume (prev. 30D avg.)$1,444,760,942
Market Capitalization (prev. 30D avg.)$1,514,585,498
Trade Volume / Market Capitalization59.18%
GradeAAAScore10.00Percentile100.00%

Depth +/- 2% (as a % of Market Capitalization)

Depth +/- 2% (USD) | Market Cap (USD)

Depth (+/- 2%)Market Cap
Depth +/- 2% (prev. 30D avg.)$138,070,243
Market Capitalization (prev. 30D avg.)$1,514,585,498
Depth / Market Capitalization9.74%
GradeAAAScore10.00Percentile100.00%

Bid / Ask Spread (Volume weighted spreads)

Bid / Ask Spread (%)

BinanceMexcBybit (Futures)
Exchange with Tightest SpreadsBinance
Volume Weighted Bid / Ask Spread (prev. 30 days)0.1476%
GradeAAAScore8.00Percentile94.01%

Price Performance

30D Change: 78.67%

Price (USD)

Count Green Candles15
Count Red Candles15
Candle "Win Rate"50.00%
GradeAAScore6.00Percentile46.06%

Open Interest (as a % of Market Capitalization)

Top Venues by OI (prev. 30D avg.)

Binance$92,484,661
Bybit (Futures)$67,197,467
Hyperliquid$54,852,264
Total (All Exchanges)$514,567,911
Open Interest / Market Capitalization23.46%
GradeAAAScore10.00Percentile100.00%

Funding Rate

Funding Rate (%)

BinanceBybit (Futures)Hyperliquid
Open Interest-Weighted Funding Rate-0.0018%
GradeAAScore6.00Percentile40.52%

Performance Overview: Liquidity Providers

Data not disclosed

Market Maker Volume (as a % of total volume)

N/A
GradeCCC
Score0.00
Percentile0.00%

Market Maker Depth (as a % of total depth)

N/A
GradeCCC
Score0.00
Percentile0.00%

Market Maker Uptime / KPI Adherence

N/A
GradeCCC
Score0.00
Percentile0.00%

Performance Overview: Liquidity Footprint

Top-Tier Exchange Coverage

4 out of 4 (100%)BinanceOKXCoinbaseUpbit
GradeAAAScore10.00Percentile100.00%

Total Volume (CEX vs DEX)

Volume (USD)

CEX Volume (avg)$583,946,126
DEX Volume (avg)$179,743
CEX Volume share99.95%
GradeAScore5.00Percentile68.86%

Total +/- 2% Depth (CEX vs DEX)

+/- 2% Depth (USD)

CEX Depth (avg)$91,131,633
DEX Depth (avg)$97,779
CEX Depth share99.90%
GradeAScore5.00Percentile68.26%

Total Volume (Spot vs Perps)

Volume (USD)

Spot Volume (avg)$584,125,869
Perps Volume (avg)$1,135,958,401
Spot Volume share38.97%
GradeAAAScore9.00Percentile65.87%

Total +/- 2% Depth (Spot vs Perps)

+/- 2% Depth (USD)

Spot Depth (avg)$91,229,412
Perps Depth (avg)$54,014,963
Spot Depth share58.51%
GradeAAAScore10.00Percentile100.00%

Performance Overview: Tokenomics

Disclosed Token Vesting vs Actual Vesting

Disclosed TGE DateN/A
Disclosed DurationN/A
Disclosed Total GroupsN/A
Disclosed Max. SupplyN/A

Commentary versus actual token vesting

N/A

GradeCCCScore0.00Percentile100.00%

Market Cap vs. FDV (Ratio)

0.67:1
GradeAAA
Score8.00
Percentile59.28%

Fully Diluted Valuation (FDV) (USD)

$2,251,844,542
GradeAAA
Score10.00
Percentile100.00%

Annualized Rate of Inflation

25.26%
GradeB
Score3.00
Percentile69.05%

Data as of 2026-09-17 · Scoring config v4 · Rated 168 of 169 projects

UTR scores evaluate disclosure quality and token market structure. The score is informational and should not be interpreted as an assessment of expected returns or as an investment recommendation.