Crypto perpetuals · Cryptocurrency · synthetic dollar protocol
Ethena perpetual (ENAUSDT) on QATS Prop
Ethena (ENAUSDT) is a USDT-margined perpetual future you can trade on QATS Prop Crypto challenges, one of 17 instruments on that line. It is priced from Binance or Bybit, the exchange chosen at checkout, takes leverage up to 10× on the current plans, trades around the clock and never expires.
Compiled by the QATS team from the live instrument catalogue · checked
ENAUSDT at a glance
- Symbol
ENAUSDT, a USDT-margined perpetual future with no expiry- Challenge
- QATS Prop Crypto challenges
- Priced from
- Binance or Bybit, the exchange chosen at checkout
- Listed on
- Binance and Bybit
- Max leverage
- Up to 10× on the current plans, chosen per order
- Funding
- The exchange’s funding rate, paid or received at its funding times and added to the position’s P&L
- Risk day
- Starts at 00:00 UTC
- Hours
- 24/7, weekends included
What is Ethena?
The token of Ethena, the protocol behind the USDe synthetic dollar.
Ethena issues USDe, a dollar-pegged token backed by crypto collateral whose price risk is offset with short positions in perpetual contracts. The income from those positions and from staking is passed to holders who lock their USDe. ENA governs the protocol.
The token follows the growth of USDe: supply expands when funding rates on perpetuals are high and contracts when they turn low or negative. Scheduled token releases and the wider market add to its swings.
- Launched
- 2024
- Maximum supply
- 15 billion ENA
- Role
- Governance of the Ethena protocol
- Product
- USDe synthetic dollar
What moves the price of Ethena?
- USDe supply
- Growth in the synthetic dollar means more income for the protocol.
- Funding rates
- High funding on perpetuals raises the yield it can pay; low funding shrinks it.
- Token unlocks
- Scheduled releases to investors and contributors add supply.
- Crypto market direction
- Active, rising markets lift funding and demand together.
What do traders watch?
- Funding rates across the market
- USDe supply
- Unlock schedule
When does ENAUSDT trade?
Trades around the clock, weekends included. Volume is usually deepest when European and US hours overlap, 13:00 to 17:00 UTC.
What are the risks of trading Ethena on a prop account?
- Crypto moves at any hour. A stop that is not placed is not there when the move happens overnight or at the weekend.
- Its fortunes depend on funding rates staying positive; a long stretch of negative funding works against the protocol.
Related instruments
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Sources
Frequently asked questions
01Can I trade Ethena with a prop firm?
Yes. Ethena (ENAUSDT) is on QATS Prop Crypto challenges as a USDT-margined perpetual, priced from Binance or Bybit, the exchange chosen at checkout. It is listed on Binance and Bybit, has no expiry and trades 24/7.
02What leverage can I use on ENAUSDT at QATS Prop?
Up to 10× on the current plans. You choose the leverage of each order up to that ceiling; the account’s daily loss limit and maximum loss still apply to the position.
03When can I trade ENAUSDT?
Trades around the clock, weekends included. Volume is usually deepest when European and US hours overlap, 13:00 to 17:00 UTC.
Educational content, not investment advice. This page describes what the market is and does not forecast its price. Evaluation and Funded accounts are simulated; Live Funded is real capital by separate review. Which instruments an account can trade is set by its plan and checked on every order.
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