$ENA

The most widely used and liquid trading pair for Ethena’s ENA token is ENA/USDT, which accounts for the highest spot volume on platforms like Binance (~ $188 million in 24 h) and other major exchanges (MEXC, Gate, Bybit) .

ENA/USDT is favored because:

USDT is the dominant stablecoin across exchanges, ensuring deep liquidity and tight spreads.

Spot trading in ENA/USDT enables smooth entry and exit without triggering leveraged positions or funding costs.

Other available but less active pairs include ENA/USDC and ENA/BTC (e.g. listed by Binance and Upbit) . These may be considered by traders seeking alternative exposures or arbitrage routes.

In a nutshell for most investors buying or trading ENA, ENA/USDT is the optimal choice due to its liquidity, accessibility, and stablecoin-based convenience.