Arthur Hayes sees more upside for ENA as basis trade shows signs of revival

Flop Labs CEO Arthur Hayes said the basis trade, which seeks to profit from the price gap between spot and futures markets, is showing signs of a comeback and could particularly benefit Ethena's ENA. In a post on X, Hayes said OTC brokers had started reaching out about dollar borrowing and described that as a positive sign that the basis trade was becoming active again, although rates remain too low. Hayes added ENA would be a particular beneficiary and still has significant upside. Separately, Hayes has previously invested in ENA through his family office, Maelstrom.