Markets · CRCL up to 15x
CRCL perp buildup adds $8.3 million at the latest price
Across all reported venues, CRCL contracts that trade around the clock account for $46.6 million in open positions. Markets with data for the whole period account for the same $46.6 million.
Key points
- The CRCL perp trades at $58.60, down 5.4% from $61.96 24 hours earlier (weighted by open interest across venues).
- If open contracts on the same markets, valued at today's fixed price, exceed $46.6 million by 11 a.m. Eastern Time on Sunday, the contract buildup has continued.
What's happening
Open bets on the CRCL$58.81-6.63% perp, which tracks Circle Internet Group shares, rose 21.5% over four days on the markets that reported each day. At the latest price, the added contracts give traders $8.3 million more exposure to Circle shares. That figure measures the size of the bets, not the money traders deposited. These market totals do not reveal traders' entry prices, profits or net direction. Any leverage-cap comparison below is modeled, not an account-specific liquidation threshold.
In the desk's isolated-margin model, a short at the leverage cap on trade.xyz has a 4.8% liquidation distance before fees and funding. In the available history, the CRCL perp moved a median 2.1% in a day and 7.0% over seven days. Actual liquidation depends on collateral and maintenance margin.
Open positions on the venues that reported every day, counted once a day through 11:28 a.m. ET, November 14, 2026 and valued at today's price. The last bar is the high of these days.
| November 10 | $38.4M |
|---|---|
| November 11 | $37.6M |
| November 12 | $42.9M |
| November 13 | $43.2M |
| November 14 | $46.6M |
The CRCL perp keeps trading while the stock market is shut, nights and weekends included. On trade.xyz, traders pick their leverage on the CRCL perp, from one up to 10 times. At 10 times, every dollar of deposit controls $10 of CRCL. The contract gives no ownership of the underlying asset.
New positions came in across three of the four intervals. Valuing every reading at the latest price, open contracts on the CRCL perp grew from $38.4 million to $46.6 million and ended the window at their highest. Traders outside the US can trade Circle perps on trade.xyz with a crypto wallet and USDC$1.0000-0.01%.
- Median move in a week, past year
- 7.0% Either way, close to close
- Positions added in four days
- $8.3 million Extra units at latest price. Matched venues
- Open positions now
- $46.6 million All days valued at the latest price
- Annualized rate shorts pay
- 239.1% Weighted by open interest
The backdrop
Circle Internet Group, Inc. (NYSE: CRCL) is the company behind the shares the perp tracks. The CRCL perp trades at $58.60, down 5.4% from $61.96 24 hours earlier (weighted by open interest across venues).
The largest increases in open contracts were on trade.xyz and Aster. trade.xyz added units worth $8.6 million at the latest price and holds $43.8 million of open exposure. Aster added units worth $69,000 at the latest price and holds $1.3 million of open exposure. CRCL is the 26th largest perp market of the 702 we track by open interest.
On Veranta, 50% of open positions are long: $3,000 long and $3,000 short.
Shorts pay longs at an annualized 239.1%, weighted by open interest. This is a current rate, not a record of past payments. A price move or funding payment does not identify the market as net long or short.
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The two sides
The table models a long and a short at the trade.xyz leverage cap. Actual liquidation depends on account equity and maintenance margin, not the venue cap alone.
$8.3 million extra at today's price over four days, new positions came in across three of the four intervals, mostly on trade.xyz and Aster.
| Hypothetical long | Hypothetical short | |
|---|---|---|
| The bet | CRCL keeps rising and the new positions stay on. | CRCL falls back and the new positions are closed. |
| Liquidation move and price | A 5.3% fall, near $55.50, at trade.xyz's 10x cap | A 4.8% rise, near $61.38, at trade.xyz's 10x cap |
| Who is positioned this way | Longs, paid 239.1% a year by shorts | Shorts, paying 239.1% a year to hold |
| Entry reference price | $58.59, the perp's latest price | $58.59, the perp's latest price |
Why this could be wrong
Open interest shows how much is open at a given moment. It does not show that the traders who added it are the ones holding it now, and four days of daily figures is a short window.
The yearly rate is today's pace, not a locked-in cost, and no cause for the build is known from this data. The usual move is a median of what came before, not a forecast, and the thresholds behind it are ours.
What happens next
If open contracts on the same markets, valued at today's fixed price, exceed $46.6 million by 11 a.m. Eastern Time on Sunday, the contract buildup has continued.
If that same fixed-price total falls below $38.4 million, the increase in open units has reversed. Using a new price instead could mistake a price decline for contracts closing.