Ethena Investment Calculator
What would buying ENA have been worth? Pick a plan and a start date and this replays it against real daily Ethena closes.
What ENA actually did, in the data this page replays
Measured from the 886 daily closes this page replays — 2 April 2024 to 4 September 2026, from Binance. Figures are bounded by that window, not by the asset’s whole life.
| History available | 2 years and 5 months (from Binance) |
|---|---|
| Bought on the first day, held to the last | 0.214× — a loss of 78.6% |
| Highest close in this window | $1.46 on 10 April 2024 |
| Where it sits against that high | 88.6% below |
| Deepest fall | −95.1%, 10 April 2024 → 1 July 2026 |
| Time to get back to that peak | still below it |
| Separate falls of 50% or more | 1 |
| Days spent more than 20% below a previous peak | 97.9% |
| Best calendar year | 2025: -79.2% |
| Annualised volatility | 134.8% |
ENA year by year
First close to last close each year. 2024 and 2026 are partial — the data starts mid-2024 and 2026 is still running.
| Year | Change | Note |
|---|---|---|
| 2024 | +17.3% | partial year |
| 2025 | -79.2% | best full year |
| 2026 | -23.6% | partial year |
The part the calculator does not show you
Held from the first day in this data to the last, ENA returned 0.214× — a loss of 78.6%. Long holding periods are usually presented as the thing that rescues a volatile asset, and over this particular window for this particular coin, they did not. It is worth setting the calculator above to the full range and seeing that result written out before assuming time fixes an entry.
The deepest fall took ENA down 95.1%, from $1.46 on 10 April 2024 to $0.0714 on 1 July 2026 — 2 years and 3 months of falling. ENA has not been back to that peak since. Anyone who bought on 10 April 2024 is still waiting, 2 months later — which is the scenario a backtest showing a positive average return quietly averages away.
Note that ENA's best calendar year in this window is still a negative one (2025, -79.2%). There is no year in the data where holding it for the twelve months made money.
At 134.8% annualised volatility, ENA sits in the top band of anything on this site — the drawdown figures above, not the average, are the number to plan around. All ENA calculators →
Frequently asked questions
＋Would buying ENA on the first day of this data and holding have made money?
No. Held across the whole window the position ended at 0.214× — a loss of 78.6%. That is worth stating plainly because "hold long enough and it recovers" is the usual advice, and over the 2 years and 5 months we hold for ENA it did not happen.
＋What is the worst ENA has fallen?
95.1% in this data, from 10 April 2024 down to 1 July 2026 — 2 years and 3 months of falling. It has not returned to that peak since, so anyone who bought at the top is still waiting. Bear in mind our ENA series starts in 2024; a deeper fall before that date would not appear here.
＋How much time does ENA spend below its previous high?
97.9% of all days in this window sat more than 20% below a previous peak. Put another way, for most of the time you would have owned it, the screen showed a number lower than one you had already seen — which is the part of a backtest's headline return that the headline never conveys.
＋Is 2 years and 5 months of data enough to trust this backtest?
Partly. 2 years and 5 months covers real bull and bear conditions for ENA but not a full cycle end to end, so the extremes above are better guides than the average. Coins on this site with longer records give more meaningful answers.
What to keep in mind for ENA
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 — the engine behind USDe's yield.
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.
A backtest is one path that already happened. It shows what this plan produced through the exact sequence of prices ENA went through — not what a similar plan will produce through a sequence nobody has seen yet.