ENA Earnings Surge Amid Funding Rate Woes

Ethena (ENA) has reported its strongest monthly earnings in eight months, despite a negative funding rate that threatens to derail a projected 30% rebound.

The synthetic dollar protocol generated $605,000 in protocol earnings during the first 17 days of May, an eight-month high. Total value locked (TVL) has climbed by about $998 million since April 23, indicating fresh capital entering the protocol and user confidence in ENA and its ecosystem.

Data shows spot exchanges have recorded cumulative netflow outflows of $140 million over the past ten days, a pattern often tied to bullish accumulation. However, perpetual market netflow outflows reached $819 million, with short positions stacking up, as the funding rate has turned negative.