Ethena's Strong Earnings Clouded by Negative Funding Rate and Perpetual Market Pressure
Ethena (ENA) posted its strongest monthly earnings since September 2025 as a negative funding rate threatened to derail a projected 30% rebound.
The synthetic dollar protocol generated roughly $605,000 in protocol earnings during the first 17 days of May, marking an eight-month high. DefiLlama figures confirm the reading, which tracks revenue minus user incentives.
Total value locked has climbed by about $998 million since Apr. 23. This figure points to fresh capital entering the protocol as investors deepen their exposure to ENA and the broader Ethena ecosystem.
Rising TVL typically signals user confidence and growing demand for a protocol's core products. However, spot buyers recorded cumulative netflow outflows of about $140 million over the past ten days, while perpetual market perp netflow outflows reached $819 million with short positions stacking up.