Two ledgers are being tightened and pulling forward, with the $ENA face value order first surging by 22%.
Binance 0.272, day-over-day +22.0%; spot about 116 million.
On OKX, top-five bid/ask ≈ 9.7, with positions about 25 million; fee rate about +0.005%.
HL density is only about 1.3.
Lending is thick, and inventory is thin—what’s being squeezed is orders, not positions.
#Ethena #position density
Binance 0.272, day-over-day +22.0%; spot about 116 million.
On OKX, top-five bid/ask ≈ 9.7, with positions about 25 million; fee rate about +0.005%.
HL density is only about 1.3.
Lending is thick, and inventory is thin—what’s being squeezed is orders, not positions.
#Ethena #position density
