$ENA is up 7.7%, but the funding rate is -0.0033%.
Contract trading volume is 281 million, while spot is only 46 million, giving a ratio of 6.1x. Open interest stands at 580 million ENA. This structure indicates that while prices are rising, shorts are increasing their positions, not a bull-driven market.
The intraday high and low are $0.1013 / $0.0816, with a volatility close to 24%. This level of amplitude combined with a negative funding rate suggests that someone is using contracts to dictate direction, with spot following alongโnot a clean lift driven by sector correlation.
I donโt have a position in
$ENA . Iโm not chasing contracts in a negative funding rate market; the cost isnโt worth it. Iโll wait for the rate to turn positive and for open interest to show directional change before considering entry. Right now, jumping in at this level just means youโre providing liquidity for someone else.
$ENA #ENA #Ethena
This is my take; it's your money, make your own call.