The trade behind the numbers
CRCL funding rates, explained
Every venue prices CRCL funding on its own book and its own clock. The gap between the cheapest and the richest is the whole trade — here is where it sits today, and what is left of it after fees.
Tokenized stock
CRCL is a tokenized stock
CRCL here is a tokenized Circle Internet Financial perpetual — an on-chain contract that tracks the Circle Internet Financial share price, tradable with leverage across 11 crypto venues without a brokerage account. You hold the perp, not the real share; it pays or charges funding to stay pinned to the stock.
That funding is the catch. Circle Internet Financial's real market keeps a fixed session — closed overnight and at weekends — while the perp charges funding around the clock. Its market is closed right now, so the rate is being annualized against a shut underlying: the APR inflates into a number no one can actually earn. Read the current 8h funding, not the headline APR, whenever the market is closed.
The spread
How the CRCL spread is traded
Why the gap exists
The venues disagree, and that is the trade
A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.
Hold both legs in equal size and the price risk cancels: whatever CRCL does, one leg gains what the other loses. What is left is the funding difference — an annualized 15.95% here, 5.52% once the round-trip fee of $2.00 per $1,000 is paid. Close before roughly 110 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.
See the same maths applied across every coin on the strategy board and the markets table.
FAQ
Questions about CRCL funding
Can I trade Circle Internet Financial with leverage on-chain?
Yes — CRCL is a tokenized Circle Internet Financial perpetual listed on 11 crypto venues, so you can go long or short with leverage without a stock brokerage. It tracks the Circle Internet Financial share price but settles in crypto; you hold the perp, not the underlying share.
Why is tokenized Circle Internet Financial funding so high at night and on weekends?
Circle Internet Financial's real market is closed outside its trading session, but the perp keeps charging funding around the clock to hold its peg. When the underlying is shut the rate often spikes, and annualizing that spike produces an APR no one can actually earn — which is why we lead with the current 8h rate for stocks while the market is closed.
Which exchanges list tokenized Circle Internet Financial (CRCL)?
11 venues we track quote CRCL perpetuals, currently cheapest to long on Nado and richest to short on Pacifica. The table above lists the live rate on each.
What is the CRCL funding rate right now?
Nado is paying -0.0006% per 1h, while Pacifica charges 0.0013% per 1h. The table above lists the current rate on all 11 venues that quote CRCL perpetuals.
Which exchange has the best CRCL funding rate?
It depends on your side. A long pays least on Nado; a short earns most on Pacifica. Running both at once captures the gap between them without taking a directional bet on CRCL.
How is the annualized CRCL funding APR calculated?
Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.
Is CRCL funding arbitrage risk-free?
No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.
More tokenized stocks
Other tokenized stocks
Every tokenized equity we track, with the same market-hours read on its funding.
More markets
Funding rates for other coins
The widest spreads on the board right now, net of both venues' taker fees — long the first venue, short the second.
