What is Circle?
Circle Internet Group issues USDC, a stablecoin designed to hold a value of one US dollar and backed by cash and short-term US government debt. It also builds payment and blockchain infrastructure for businesses. Its Class A shares trade on the New York Stock Exchange as CRCL, and one contract references one share.
The xyz:CRCL perpetual tracks the share price of Circle, settles in USDC and never expires. It is listed on XYZ, a builder exchange: a market run by an outside team on Hyperliquid's order book. You can go long or short with up to 10× leverage, around the clock.
Contract details
- Market
xyz:CRCLon XYZ (builder exchange)- Tracks
- The share price of Circle
- Settlement
- USDC, no expiry
- Leverage
- 10× at any size
- Margin
- Cross or isolated
- Size step
- 0.001 CRCL
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.034% market, 0.028% limit
- Trading hours
- Around the clock, every day
Size a CRCL trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 72.775, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 71.320
- Size
- 6.677 CRCL ($485.87)
- Loss at the stop, fees included
- $10.00
- Leverage
- 10× cross, $48.59 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about CRCL
What is the maximum leverage on CRCL?
10×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on CRCL?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade CRCL on Hypurr Desk?
At the exchange's base tier, 0.034% of the position value for market orders and 0.028% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Can I trade Circle when its home market is closed?
Yes. The perpetual trades around the clock, every day, including weekends and holidays. Prices can jump when the main market reopens, so a stop may fill away from its price.
Do I own Circle when I trade this market?
No. A perpetual tracks the share price of Circle and settles gains and losses in USDC. You never hold any shares, and positions can be closed out if losses use up their margin.
