CRCL token vs the real share
CRCLx on Solana against the ordinary CRCL share, sampled every 15 minutes.Latest basis
-0.63%
token trades below the share · 2026-10-21 04:39 UTC
token$85.6594vsshare$86.2
Pool depth $2.1M
Basis history
30d · 12h buckets · 2431 samples+2.96%0-2.27%
21 Sep21 Oct
+0.38%Average
-3.68%Widest discount
+3.98%Widest premium
2358Distinct token prices
Why this matters for a delta-neutral position
The gap is the entry cost
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 sanity check
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.