ENA-USD: Ethena Perps

ENA-USD is a perpetual futures contract on Polymarket that tracks the price of Ethena (ENA). It lets you go long or short on ENA using pUSD as collateral, with no expiry date, so you can hold your position as long as you want. Right now, ENA-USD is trading at $0.17, up 13.38% in the last 24 hours.

You can trade ENA-USD with up to 10x leverage on Polymarket. The default margin mode is Isolated. For example, with 10x leverage and a $1,000 position, you're controlling $10,000.00 worth of ENA. Higher leverage amplifies both gains and losses, and at current settings, a 10x long position would have a liquidation price around $0.16.

ENA-USD uses two prices. The oracle price (0.16839) reflects Ethena's real-time stock price from external data feeds. The mark price (0.16825) is Polymarket's calculated fair value used for P&L and liquidations. Right now, the spread between mark and oracle is just $0.00 (0.08%), which means the contract is tracking ENA's spot price very closely. A funding rate of 0.0013% is applied every funding cycle to keep these prices aligned.

Yes. On the ENA-USD trading page, select Short at the top of the order panel, set your amount and leverage (up to 10x), and hit Trade. You'll profit when ENA's price drops.

In the last 24 hours, ENA-USD has done $765,668.26 in trading volume with $14,461.00 in open interest. The order book is currently showing $765,668.26 in total volume. You can view the full order book depth directly on the ENA-USD page by expanding the Order book section.

The current funding rate for ENA-USD is 0.0013%, resetting in the next funding cycle. A positive funding rate (like 0.0013%) means long positions pay short positions, and this indicates slightly more demand on the long side right now. Funding rates are dynamic and update each cycle, so check this page for the latest rate.

The mark price (0.16825) is Polymarket's calculated price used to determine your unrealized P&L and liquidation thresholds, and it's what matters for your position. The oracle price (0.16839) is the external reference price pulled from real-time Ethena stock data. When these two are close (currently within 0.08%), it means the market is efficiently priced with minimal premium or discount.

Beyond ENA-USD, Polymarket offers perpetuals on other popular Crypto assets including BTC-USD, ETH-USD, and SOL-USD. Each contract works the same way: pUSD-settled, no expiry, with leverage up to 10x.

Polymarket perpetuals supports both Cross Margin and Isolated Margin. Cross Margin shares collateral across all open positions, which can help prevent liquidation, but may put more of your balance at risk. Isolated Margin assigns collateral to each position individually, so only the funds allocated to that position are at risk of liquidation.

Through its partnership with TradingView, Polymarket brings advanced charts, indicators, drawing tools, and multiple timeframes directly to each Perps asset page. TradingView provides charting technology for traders to review price action and prepare trades using symbols such as ETHUSD and BTCUSD charts, among others.