CRCL token vs the real share

Why this matters for a delta-neutral position

The perps on CRCL price off the ordinary share — marks sit within about 0.10–0.15% of it — while the long leg of the carry is bought as a token on Solana. So this gap is not a curiosity: it is the entry cost of the position, charged in full on the way in. Buying at a discount is a rebate if the gap closes before you exit and a loss if it widens, which is precisely the question this series was started to settle. "Distinct token prices" is the quickest sanity check available: if the count is 1, nothing traded and the number above is a leftover quote.

Samples land every 15 minutes and are kept 90 days. Readings beyond ±20% are never recorded — past that it is a broken pool quote, not a basis.

CRCL funding rates across venues → xStocks scanner →