UENA/USDC on Hyperliquid

Daily closes spanning the full history since listing. Switch to 1M for finer hourly-snapshot detail (our moat, collected since 2026-06-14).

Historical data is free to cite and reuse with attribution — link this page or hyperacademy.io.

Predicted funding (Binance/Bybit normalized to a 1h basis). Informational only — not investment advice.

Ethena's ENA token reaches Hyperliquid's spot side as UENA, minted once native ENA is locked through Hyper Unit's bridge and matched with a HyperCore balance that trades independently of the ENA perpetual. UENA is fully collateralized as a spot token, standing apart from any leveraged position, built for holders who want ENA-denominated value they can park on Hyperliquid's spot venue or use from HyperEVM apps, skipping the funding-rate-bearing directional bet entirely. Ethena's core strategy already leans on income earned from funding rates across perpetual futures markets industry-wide, so ENA's price tends to be sensitive to those same conditions, and UENA inherits that exposure on top of whatever operational risk comes from depending on a guardian network to validate bridge transactions correctly. Spot volume on UENA has generally been a small slice of the ENA perpetual's, leaving the order book here thinner, with wider spreads than Hyperliquid's more actively traded ENA market.