Ethena
- Total value locked
- $5.40B0.0% 24h
- TVL, 7 days
- +0.4%
- TVL, 30 days
- +15.5%
- Fees, 24h
- $2
- Fees / TVL, annualised
- 0.0%
- Token price
- $0.2394+2.6% 24h
- Market cap / TVL
- 0.45
Ethena holds $5.40B in total value locked across 2 chains, with its largest deployment on Ethereum, which ranks it #16 among the DeFi protocols we track. It is the largest of 22 basis trading protocols. Its value locked is up 0.4% over seven days and up 15.5% over 30 days. Users paid $2 in fees over the last 24 hours; at that pace a year of fees would equal 0.0% of its TVL. Its governance token is valued at $2.42B, 45% of its TVL.
Deployed on
Value the protocol holds on each chain, largest first.
Largest basis trading protocols
Full sector| # | Protocol | TVL | 7d | 30d | Fees 24h |
|---|---|---|---|---|---|
| 1 | Ethena | $5.40B | +0.4% | +15.5% | $2 |
| 2 |  Falcon Finance | $1.62B | 0.0% | +2.8% | $5.99K |
| 3 |  SolvBTC | $918.0M | 0.0% | +5.4% | $86.71K |
| 4 |  Aster Bridge | $791.6M | -1.4% | -7.1% | $67.35K |
| 5 |  BitFi | $325.8M | +0.5% | +2.6% | $2 |
| 6 |  Solstice | $212.4M | -1.7% | -14.2% | $1.25K |
| 7 |  Tori Finance | $75.33M | +14.6% | +17.6% | – |
| 8 |  Unitas USDu | $63.29M | +13.6% | +6.1% | – |
TVL, fees and categories from DefiLlama, collected by the BitcoinValues data desk. Updated 4 Oct 2026, 18:23 UTC. Methodology