Ethena (ENA) Liquidation Max Pain (Estimated)
Where a move in Ethena would liquidate the most estimated leveraged positions: the running total of long liquidations as the price falls and of short liquidations as it rises, and the "max pain" price on each side where that total climbs fastest. For real positions instead of a model, see the ENA liquidation map on Hyperliquid.
Max pain down: 0.1351 (-4.50%); a fall to it would liquidate about $3.30M of longs in total. Max pain up: 0.1542 (+9.00%); a rise to it would liquidate about $11.37M of shorts in total.
Estimated (model), not real positions: from the ENA liquidation heatmap model (map · methodology). The ENA liquidation map on Hyperliquid shows the real liquidation prices of tracked Hyperliquid wallets instead.
ENA cumulative estimated liquidations by price move
±25% · 3 daysFirst displayed band reaching $10,000,000 cumulative estimated liquidations on each side
| Side | First price band (USD) | Far-edge price (USD) | Move from mark | Cumulative at far edge (USD) | Cumulative at preceding edge (USD) |
|---|---|---|---|---|---|
| Longs (down) | 0.1308–0.1315 | 0.1308 | -7.50% | 10,678,715.82 | 9,444,889.00 |
| Shorts (up) | 0.1527–0.1535 | 0.1535 | +8.50% | 10,497,253.09 | 9,614,776.56 |
Reference mark: $0.1414; positions opened in the last 3 days. Model est-1.0+hl-2026-09-27; source observation: 12 Nov 16:10 UTC. These are estimated positions from open interest and assumed leverage, not observed orders, options payouts or a prediction that price will visit the band. Crossing occurs somewhere in the displayed band; the far edge is not an exact execution or liquidation price. Model assumptions.
Cumulative liquidation curve table
Same points as the chart: the zero origin and each map bin's far edge, nearest the reference mark first on each side (currently at most 50 bins per side). Reference mark: $0.1414; positions opened in the last 3 days. Model est-1.0+hl-2026-09-27 snapshot: 12 Nov 16:10 UTC. Cumulative estimated USD adds all estimated liquidations between the mark and that price. The selected max-pain far edge marks the winning 1% band; USD in that band is distinct from cumulative USD. These are liquidation estimates, not options strike payouts.
| Side | Price (USD) | Move from mark | Cumulative estimated USD |
|---|---|---|---|
| Longs (down) | 0.1414 | 0.00% | 0.00 |
| Longs (down) | 0.1407 | -0.50% | 0.00 |
| Longs (down) | 0.1400 | -1.00% | 899.61 |
| Longs (down) | 0.1393 | -1.50% | 8,146.29 |
| Longs (down) | 0.1386 | -2.00% | 15,870.61 |
| Longs (down) | 0.1379 | -2.50% | 30,124.27 |
| Longs (down) | 0.1372 | -3.00% | 66,895.80 |
| Longs (down) | 0.1365 | -3.50% | 577,711.11 |
| Longs (down) | 0.1358 | -4.00% | 1,969,798.12 |
| Longs (down) · selected max-pain far edge | 0.1351 | -4.50% | 3,297,554.28 |
| Longs (down) | 0.1344 | -5.00% | 4,555,239.84 |
| Longs (down) | 0.1337 | -5.50% | 5,787,126.36 |
| Longs (down) | 0.1329 | -6.00% | 6,998,106.52 |
| Longs (down) | 0.1322 | -6.50% | 8,212,841.35 |
| Longs (down) | 0.1315 | -7.00% | 9,444,889.00 |
| Longs (down) | 0.1308 | -7.50% | 10,678,715.82 |
| Longs (down) | 0.1301 | -8.00% | 11,889,248.12 |
| Longs (down) | 0.1294 | -8.50% | 13,080,991.70 |
| Longs (down) | 0.1287 | -9.00% | 14,241,687.30 |
| Longs (down) | 0.1280 | -9.50% | 15,360,638.16 |
| Longs (down) | 0.1273 | -10.00% | 16,449,522.73 |
| Longs (down) | 0.1266 | -10.50% | 17,476,359.83 |
| Longs (down) | 0.1259 | -11.00% | 18,464,050.07 |
| Longs (down) | 0.1252 | -11.50% | 19,401,711.71 |
| Longs (down) | 0.1245 | -12.00% | 20,295,139.14 |
| Longs (down) | 0.1238 | -12.50% | 21,144,532.19 |
| Longs (down) | 0.1230 | -13.00% | 21,943,433.94 |
| Longs (down) | 0.1223 | -13.50% | 22,691,734.54 |
| Longs (down) | 0.1216 | -14.00% | 23,382,387.86 |
| Longs (down) | 0.1209 | -14.50% | 24,017,075.71 |
| Longs (down) | 0.1202 | -15.00% | 24,628,750.34 |
| Longs (down) | 0.1195 | -15.50% | 25,213,109.36 |
| Longs (down) | 0.1188 | -16.00% | 25,768,473.68 |
| Longs (down) | 0.1181 | -16.50% | 26,289,207.07 |
| Longs (down) | 0.1174 | -17.00% | 26,793,038.32 |
| Longs (down) | 0.1167 | -17.50% | 27,290,238.60 |
| Longs (down) | 0.1160 | -18.00% | 27,772,990.47 |
| Longs (down) | 0.1153 | -18.50% | 28,240,382.25 |
| Longs (down) | 0.1146 | -19.00% | 28,689,943.45 |
| Longs (down) | 0.1139 | -19.50% | 29,109,139.55 |
| Longs (down) | 0.1131 | -20.00% | 29,506,372.96 |
| Longs (down) | 0.1124 | -20.50% | 29,865,675.67 |
| Longs (down) | 0.1117 | -21.00% | 30,206,748.29 |
| Longs (down) | 0.1110 | -21.50% | 30,511,759.72 |
| Longs (down) | 0.1103 | -22.00% | 30,799,680.69 |
| Longs (down) | 0.1096 | -22.50% | 31,071,336.45 |
| Longs (down) | 0.1089 | -23.00% | 31,341,169.32 |
| Longs (down) | 0.1082 | -23.50% | 31,611,351.86 |
| Longs (down) | 0.1075 | -24.00% | 31,881,236.70 |
| Longs (down) | 0.1068 | -24.50% | 32,150,627.43 |
| Longs (down) | 0.1061 | -25.00% | 32,420,782.83 |
| Shorts (up) | 0.1414 | 0.00% | 0.00 |
| Shorts (up) | 0.1421 | +0.50% | 305,967.01 |
| Shorts (up) | 0.1428 | +1.00% | 645,806.03 |
| Shorts (up) | 0.1436 | +1.50% | 1,159,132.83 |
| Shorts (up) | 0.1443 | +2.00% | 1,786,625.53 |
| Shorts (up) | 0.1450 | +2.50% | 2,372,814.73 |
| Shorts (up) | 0.1457 | +3.00% | 2,931,689.61 |
| Shorts (up) | 0.1464 | +3.50% | 3,438,929.78 |
| Shorts (up) | 0.1471 | +4.00% | 3,974,840.44 |
| Shorts (up) | 0.1478 | +4.50% | 4,557,960.31 |
| Shorts (up) | 0.1485 | +5.00% | 5,234,474.21 |
| Shorts (up) | 0.1492 | +5.50% | 5,922,693.65 |
| Shorts (up) | 0.1499 | +6.00% | 6,589,783.53 |
| Shorts (up) | 0.1506 | +6.50% | 7,278,469.61 |
| Shorts (up) | 0.1513 | +7.00% | 8,020,801.19 |
| Shorts (up) | 0.1520 | +7.50% | 8,821,463.78 |
| Shorts (up) | 0.1527 | +8.00% | 9,614,776.56 |
| Shorts (up) | 0.1535 | +8.50% | 10,497,253.09 |
| Shorts (up) · selected max-pain far edge | 0.1542 | +9.00% | 11,365,738.18 |
| Shorts (up) | 0.1549 | +9.50% | 12,231,260.76 |
| Shorts (up) | 0.1556 | +10.00% | 13,036,195.48 |
| Shorts (up) | 0.1563 | +10.50% | 13,738,814.85 |
| Shorts (up) | 0.1570 | +11.00% | 14,577,756.25 |
| Shorts (up) | 0.1577 | +11.50% | 15,716,964.80 |
| Shorts (up) | 0.1584 | +12.00% | 16,882,158.09 |
| Shorts (up) | 0.1591 | +12.50% | 18,114,166.81 |
| Shorts (up) | 0.1598 | +13.00% | 19,374,576.23 |
| Shorts (up) | 0.1605 | +13.50% | 20,682,432.80 |
| Shorts (up) | 0.1612 | +14.00% | 22,025,924.99 |
| Shorts (up) | 0.1619 | +14.50% | 23,409,432.43 |
| Shorts (up) | 0.1626 | +15.00% | 24,828,523.22 |
| Shorts (up) | 0.1634 | +15.50% | 26,242,606.13 |
| Shorts (up) | 0.1641 | +16.00% | 27,627,834.42 |
| Shorts (up) | 0.1648 | +16.50% | 28,988,910.24 |
| Shorts (up) | 0.1655 | +17.00% | 30,304,638.33 |
| Shorts (up) | 0.1662 | +17.50% | 31,569,115.21 |
| Shorts (up) | 0.1669 | +18.00% | 32,801,589.73 |
| Shorts (up) | 0.1676 | +18.50% | 33,979,289.17 |
| Shorts (up) | 0.1683 | +19.00% | 35,043,015.55 |
| Shorts (up) | 0.1690 | +19.50% | 36,019,939.19 |
| Shorts (up) | 0.1697 | +20.00% | 36,922,004.78 |
| Shorts (up) | 0.1704 | +20.50% | 37,725,457.05 |
| Shorts (up) | 0.1711 | +21.00% | 38,489,285.75 |
| Shorts (up) | 0.1718 | +21.50% | 39,206,536.69 |
| Shorts (up) | 0.1725 | +22.00% | 39,891,381.06 |
| Shorts (up) | 0.1733 | +22.50% | 40,557,130.42 |
| Shorts (up) | 0.1740 | +23.00% | 41,216,774.46 |
| Shorts (up) | 0.1747 | +23.50% | 41,866,675.47 |
| Shorts (up) | 0.1754 | +24.00% | 42,502,886.95 |
| Shorts (up) | 0.1761 | +24.50% | 43,129,983.90 |
| Shorts (up) | 0.1768 | +25.00% | 43,755,325.77 |
Max pain levels
Model est-1.0+hl-2026-09-27| Side | Max pain price | Distance | Band | ≈ In the band | Cumulative to it |
|---|---|---|---|---|---|
| Down (longs) | 0.1351 | -4.50% | 0.1351–0.1365 | $2.72M (17%) | $3.30M |
| Up (shorts) | 0.1542 | +9.00% | 0.1527–0.1542 | $1.75M (13%) | $11.37M |
What "max pain" means here. Walk the price away from 0.1414 and add up the estimated positions it would liquidate on the way: longs as it falls, shorts as it rises. That running total only grows, so it is always largest at the edge; the interesting price is where it grows fastest. Max pain is the 1% price band within 10% of the price that holds the most estimated liquidations on that side, quoted at the band's far edge, the price a move has to reach to liquidate all of it. The share in brackets is that band's part of everything within 10%. *Window edge: the band ends on the 10% limit and a band further out holds more, so the real peak lies beyond the search window (see the curve and the levels). This is not options max pain. Level by level: ENA liquidation levels. The model and its accuracy: methodology. JSON for embeds (last 3 days): /api/liquidation-levels/ENA?range=3d. Estimates may be materially wrong; not financial advice.
ENA liquidation max pain FAQ
What is liquidation max pain?
Here it is the price where a move would liquidate estimated positions fastest. Walking away from the current price, the running total of estimated liquidations only grows; max pain is the 1% price band within 10% of the price where that total climbs the most, on each side. If that band ends on the 10% limit and the total keeps climbing faster further out, the page marks it as at the window edge: the real peak lies beyond 10%. The model assumes positions are opened with set leverage distances (most liquidate 5% to 10% from their entry), so max pain often lands on that 10% step; the page says so when it does. It is different from options max pain, which is about option expiries.
Are these Ethena liquidation levels real?
No, they are a model estimate. Binance, Bybit and the other centralised exchanges don't publish their users' liquidation prices, so every liquidation level chart for them is modelled. This one comes from the open interest changes, prices and volume this site records, through the same model as the ENA liquidation heatmap; the methodology page explains it and scores it against real liquidations.
Is there a version with real positions?
Yes, for coins that trade on Hyperliquid, where positions are on-chain: the ENA liquidation map on Hyperliquid adds up the real liquidation prices of tracked wallets there.
Can I trade on it?
Treat it as context, not a signal. Clusters show where forced closes may bunch up if the price gets there; they don't predict that it will. Nothing here is financial advice, estimates may be materially wrong, and derivatives trading can lose more than your deposit.