Do I need an exchange account to trade ENA?

No. Based has no accounts to open. You connect a self-custodial wallet, fund it with USDC and trade ENA directly on Hyperliquid's order book. No sign-up, no bank account.

Is trading ENA on Based self-custodial?

Yes. Your USDC margin stays in a wallet only you control, and Based never takes possession of your funds. That is the main difference from trading ENA on a centralized exchange, where the exchange holds your balance.

Do I own actual Ethena when I trade ENA here?

No. You are trading perpetual futures that track the ENA price. That gives you exposure, long or short, with leverage, but it is not the same as holding the coins themselves in a wallet.

What does it cost to trade ENA on Based?

Fees start at 0.070% taker and 0.040% maker, all-in, with discounts for staking. Perps also carry a funding rate that passes between longs and shorts, and leveraged positions carry liquidation risk. The full schedule is on the fees page.

Crypto

Trade Ethena (ENA) perps, self-custodial

The token of Ethena, the protocol behind USDe, one of the largest synthetic dollars in crypto. Its price tracks the yield trade that built it. On Based you trade ENA perps on Hyperliquid's order book, long or short with leverage, while your margin stays in your own wallet.

Ethena (ENA)

$0.15+20.4%24h

Perps on Hyperliquid · quoted in USD

Trade ENA

Why trade ENA here instead of an exchange

Custody, mostly. On a centralized exchange your ENA margin sits in the exchange's wallet, behind its withdrawal queue and its terms. On Based your USDC stays in a wallet only you control until the moment a trade executes on Hyperliquid's order book. There is no account to open, no sign-up flow and no bank account in the loop.

The market itself works like any serious perp venue: long or short, leverage if you want it, deep shared liquidity, funding passing between the two sides. And it lives next door to the stock markets on Based, so the same wallet that trades ENA can trade Nvidia or SK Hynix at 3am on a Sunday.

How trading ENA works here

The ENA market lives on Hyperliquid, a decentralised platform, as a perpetual future. Based is the self-custody wallet you trade it from. You post USDC margin from your own wallet and trade price exposure, long or short, with leverage available. Perps carry a funding rate between longs and shorts, positions carry liquidation risk if their margin runs out, and you are not holding spot ENA coins while in a position.

Getting in takes a self-custodial wallet and USDC. No brokerage account, no bank account, no application. Wondering how that compares to your current platform? See Based vs Robinhood.

Fees are flat and public: crypto perps start at 0.070% taker and 0.040% maker, all-in, before any staking discounts. The full schedule is on the fees page.

Related markets

Frequently asked questions

Do I need an exchange account to trade ENA?: No. Based has no accounts to open. You connect a self-custodial wallet, fund it with USDC and trade ENA directly on Hyperliquid's order book. No sign-up, no bank account.
Is trading ENA on Based self-custodial?: Yes. Your USDC margin stays in a wallet only you control, and Based never takes possession of your funds. That is the main difference from trading ENA on a centralized exchange, where the exchange holds your balance.
Do I own actual Ethena when I trade ENA here?: No. You are trading perpetual futures that track the ENA price. That gives you exposure, long or short, with leverage, but it is not the same as holding the coins themselves in a wallet.
What does it cost to trade ENA on Based?: Fees start at 0.070% taker and 0.040% maker, all-in, with discounts for staking. Perps also carry a funding rate that passes between longs and shorts, and leveraged positions carry liquidation risk. The full schedule is on the fees page.

Start in three steps

Step 1
Connect a wallet
Any self-custodial wallet works. No account application, no paperwork.
Step 2
Fund it
Deposit USDC. You do not need a bank account to do it.
Step 3
Trade 24/7
Stock perps, crypto perps and prediction markets. Nights, weekends, holidays.

Open Based How self-custody works

Based is a self-custody wallet, not a broker. Markets are perpetual futures on Hyperliquid: derivatives with liquidation risk and funding fees, not the underlying stocks or coins.