Ethena's Fundamentals vs Perpetual Outflows: A Complicated View

Ethena's (ENA) fundamentals suggest buying opportunities, but a negative funding rate and large perpetual outflows complicate this view.

The synthetic dollar protocol has seen its strongest monthly earnings since September 2025, despite a projected 30% rebound being threatened by the funding rate.

Protocol earnings reached an eight-month high of $605,000 in the first 17 days of May, according to DefiLlama figures that track revenue minus user incentives.

Total value locked (TVL) has climbed by about $998 million since April 23, indicating fresh capital entering the protocol and growing demand for ENA's core products.