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ENA arbitrage between HyperLiquid and OKX: we compare the price of ENA on HyperLiquid (futures) and OKX (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Ethena

Decentralized Finance (DeFi), Binance Launchpool, Solana Ecosystem, Avalanche Ecosystem

ENA: OKX — deposit open, withdrawal open.

Open interest in ENA right now — $162.4M: Binance $48.7M, Bybit $43.2M, HyperLiquid $20.6M, Bitget $19.2M, KuCoin $13.7M. See OI ENA.

News about ENA

• FalconX, Ethena bring USDe backing assets into $1B institutional credit facility
• Ethena, FalconX launch $1 billion USDe lending facility
• Ethena and FalconX Launch $1 Billion Secured Facility for USDe Backing Assets
• Beyond crypto funding rates: Ethena diversifies USDe backing with $1 billion FalconX facility
• This Public Company Quietly Controls 20% of Ethena’s ENA Supply

About ENA arbitrage

How do I read the ENA spread?

The spread is how many percent higher ENA trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and OKX. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get ENA alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.