Why it is in the 11
- Solid real demand (28.6% daily turnover)
- Fair valuation (95% below its all-time high, 1.61x FDV to market cap)
- Fair positioning (+11% funding, $22.69M open interest)
sounding live water._-~=+*#*+=~-_.
Loading market readingsEthena ENA
A synthetic-dollar protocol; yield, peg, and dilution are the read.
51/ 100
Rank #0 of 11 · SailHoldingHigh confidence
ENA scores 51: real demand leads (28.6% daily turnover), with liquidity depth the soft spot.
Price$0.0704
Market cap$653.95M
Fair-water46% below
What this page answers
ENA carries a Pick Score of 51 of 100 and is ranked 0 in the Deep 11. ENA scores 51: real demand leads (28.6% daily turnover), with liquidity depth the soft spot. The score is a sounding of open data: liquidity depth, real demand, valuation, trend, positioning, and narrative, less a risk penalty.
The score, broken open
Seven components, then a risk penalty. Bars show each component's 0 to 100 reading; the percentage is its weight in the composite. A greyed bar means we had no data and read it neutral.
Liquidity depth20%7
$653.95M market cap
Real demand20%75
28.6% daily turnover
Valuation15%57
95% below its all-time high, 1.61x FDV to market cap
Trend quality15%46
0.54x its long trend, -22% over 30 days
Positioning10%49
+11% funding, $22.69M open interest
Narrative10%48
quiet in the attention feeds right now
Source coverage10%100
6 of 6 reads backed by live open data
Risk penalty-0Low risk
Fair-water band
Where the models say the water sits. A model-implied range from open data, not a price target and not advice.
now $0.0704
$0.1141fair $0.1297$0.1452
46% below fair-waterLow confidence
- Long trend$0.1297200-day average price, a mean-reversion anchor
A model-implied range from open data, not a price target and not advice. Read it as where the water sits, not where it is going.
What would remove it
A further slide in liquidity depth ($653.95M market cap) would pull it out.
- Liquidity depth is the soft spot: $653.95M market cap
Derivatives pressure
Funding, annualised+11%
Open interest$22.69M
Open interest / market cap+3.5%
Funding and open interest from Hyperliquid's public perps API. Funding is the cost of holding leverage, a read of which way the crowd is leaning, not a forecast.
The source trail
Every number on this page is a sounding of open, keyless data.
- CoinGecko price, market cap, and supply
- DeFiLlama price history via the keyless coins feed
- Hyperliquid perp funding and open interest
Bathymark reads these open numbers and renders its own sounding. This is information, not financial advice. Confidence is high, set by how complete the data is.
Connected to ENA
Drawn from the entity graph, so a question that starts here always has somewhere to go.