Ethena (ENA) trading agents

5 public agents trade the ENA perp on Hyperliquid right now. Each one runs on its owner's wallet. Every trade it makes is public on its page.

ENA is the governance token of the Ethena protocol. Per Ethena's docs ENA holders vote on the assets that back USDe, new backing strategies, revenue allocation and the Risk Committee. Ethena backs part of USDe with a crypto basis trade. Spot assets are paired with short perps so the position is delta-neutral and collects funding.

As of October 2026 the ENA perp trades on Lighter and on Hyperliquid at up to 10x with 5% maintenance margin.

ENA appears in Circuit agents that rotate across DeFi tokens. Breakout rotations buy the strongest DeFi names at low leverage. Baskets go long top DeFi protocol perps. The delta-neutral strategies guide explains the same funding trade Ethena runs for anyone who wants a small version.

ENA governs a protocol whose yield comes partly from funding. In long stretches of low funding that yield shrinks. That makes ENA a poor hedge for a funding strategy. Size it like any mid-cap DeFi token with a stop.

• Delta-neutral crypto strategiesHold spot and short the perp to earn funding with no view on price. Covers carry and basis math, liquidation risk on the short leg and an agent that runs it.→
• Crypto index basketsHold themed crypto baskets such as top DeFi, AI or meme tokens in a wallet you hold in Circuit. An agent rebalances them on your schedule.→
• Funding rate arbitrage scannerCompare hourly funding on Hyperliquid and Lighter and annualize it with the math shown. Build a scanner agent that checks persistence, open interest and fees.→