CRCL Funding Rate — Circle tokenized stock perpetuals across 17 venues
Tokenized stock (xStock) perpetual · compared across 17 venues · net of estimated fees · updated every few minutesCRCL represents tokenized exposure to Circle shares (a Backed.fi xStock) traded as a perpetual. The perp, its funding and the underlying share are three different things — read the rate with liquidity and the backtest below.
Live annualized CRCL perpetual funding across all 17 venues Perpia tracks. Right now CRCL funding is positive on 5 and negative on 4, ranging from +20.4% on Vest to -23.2% on Risex — a spread of 43.6%. The widest delta-neutral trade is long Risex / short Vest at 33.7% net APR.
CRCL funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
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Build a route
any two of the 17 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 17 venues| Venue | Funding APR ↓ | Interval | Use as |
|---|---|---|---|
| Vest↗short | +20.4% | every 1h | |
| Pacifica↗ | +10.9% | every 1h | |
| Nado↗ | +5.9% | every 24h | |
| Ondo Perps | +5.5% | every 1h | |
| Lighter↗ | +3.5% | every 8h | |
| Variational↗ | +0.0% | every 8h | |
| Aster↗ | +0.0% | every 8h | |
| OKX↗ | +0.0% | every 8h | |
| Bybit↗ | +0.0% | every 8h | |
| Gate.io↗ | +0.0% | every 8h | |
| Bitget↗ | +0.0% | every 8h | |
| KuCoin↗ | +0.0% | every 8h | |
| Ostium↗ | +0.0% | every 1h | |
| below — these venues pay the longs: this is the leg you buy | |||
| Hyperliquid↗ | −0.6% | every 1h | |
| trade.xyz↗ | −1.6% | every 1h | |
| Arcus↗ | −8.5% | every 1h | |
| Risex↗long | −23.2% | every 1h | |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Risex vs Vest page. 63 pairs scanned for CRCL.
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CRCL — FAQ
Is CRCL funding positive right now?
CRCL perpetual funding is positive on 5 of 17 venues Perpia tracks and negative on 4. The highest is +20.4% on Vest; the lowest is -23.2% on Risex.
What is the best CRCL funding arbitrage right now?
Go long Risex and short Vest for about 33.7% net APR after fees — the widest delta-neutral CRCL spread Perpia currently sees.
Which exchange has the highest CRCL funding rate?
Vest, at +20.4% annualized. Funding shifts continuously, so check the live table above before trading.
How CRCL funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Related tokenized stocks
same catalogSee the full list on the tokenized stocks hub.