ENA PERP on Swapmos with up to 10x

Ethena issues a synthetic dollar backed by hedged crypto positions, so ENA is unusually sensitive to market wide funding rates: rich funding supports the model's yield, while flat or negative funding pressures it. Supply growth and unlocks matter too. Traded on Swapmos it is a perpetual margined in USDC, with no expiry and funding exchanged between longs and shorts.

Taking you to the live market

Leverage works in both directions. At 100x, a 1% move against a position takes out all of the margin behind it.