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Ethena Calculators

Governance token of the USDe synthetic-dollar protocol.

5 free ENA calculators

Every one opens with the live ENA price already filled in. All maths runs in your browser β€” no signup, nothing stored.

About Ethena

Ethena issues USDe, a synthetic dollar that holds its peg not by keeping cash in a bank but by pairing staked-ETH and other crypto collateral with equal short perpetual-futures positions β€” a delta-neutral hedge whose yield comes from staking plus funding rates. ENA is the protocol's governance token. Two things follow from that design: USDe is not a fiat-backed stablecoin and carries funding-rate and exchange-counterparty risk a cash-backed coin does not, and ENA itself has large team, investor and foundation allocations vesting over years, so scheduled unlocks are a recurring source of sell pressure.

ENA is an ERC-20 on Ethereum, so on-chain transfers cost Ethereum gas; for a small position the exchange trading fee usually dwarfs it.

ENA is a high-beta DeFi token that has fallen sharply from its 2024 high, and it reprices hard around token-unlock dates and shifts in perpetual funding rates β€” the engine behind USDe's yield.

Ethena at a glance

Launched
April 2024 (ENA airdrop)
Token type
ERC-20 on Ethereum
Max supply
15,000,000,000 ENA
Role
Governance of Ethena, the protocol behind the USDe synthetic dollar
Native staking
Yes β€” ENA can be staked (sENA) for protocol rewards
Unlocks
Large team, investor and foundation allocations vest over several years

Frequently asked questions

οΌ‹How many ENA are there?

9.83 billion ENA were in circulation as of 4 September 2026, against a maximum of 15 billion β€” so 65.5% of everything that will ever exist has already been issued, leaving 5.17 billion still to come. That is a large share still to arrive, and it is worth knowing on what schedule before treating the current price as the settled one.

οΌ‹Can I stake ENA?

Yes β€” ENA can be staked (sENA) for protocol rewards. That is why there is no ENA staking calculator here: the tool reports rewards in units of the coin you staked, so it only covers networks that pay in that same asset. Publishing a page where the dollar figure was right and the unit was wrong would be worse than leaving it out.

οΌ‹Which ENA calculator should I use?

There are 5 on this page and they answer different questions. Start from what you are actually asking: what a past purchase would be worth now, what a position is worth today, where a leveraged position gets liquidated, or what regular buying would have produced. Each opens with the live ENA price already filled in, and every calculation runs in your browser β€” nothing is sent anywhere and nothing is stored.

οΌ‹Where does the ENA price on this page come from?

Live from CoinGecko when you press the price button, with the ENAUSDT pair on Binance as a fallback if that request fails. The request happens in your browser and carries nothing about you; if both fail the calculator keeps working with whatever figure you type in.

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