Circle (USDC) (CRCL) Perpetuals on Hyperliquid
Auto-refreshes every 30s · Max leverage: 10x
Source: live price, 24h volume, open interest, and funding-rate data from the official Hyperliquid API (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds.
Quick Summary — What is CRCL on Hyperliquid?
CRCL (Circle (USDC)) on Hyperliquid is a cash-settled HIP-3 perpetual futures contract deployed via the trade.xyz builder. It is a equity perpetual — not a token — and tracks the Circle (USDC) price feed with continuous hourly funding settlements. There is no expiry date and no physical delivery: positions roll forever. All margin is denominated in USDC, and you can open positions with up to 10x leverage. As of May 2026, CRCL perpetuals on Hyperliquid offer 24/7 trading (including weekends and holidays when traditional equity markets are closed), no KYC requirement, full self-custody via your own wallet, and zero gas fees on every order. Base fees are 0.09% taker and 0.03% maker — slightly higher than native Hyperliquid perps because a portion routes to trade.xyz as the HIP-3 builder.
Live CRCL candles from the Hyperliquid API. Ready to trade? Get a 4% fee discount.
How to Trade Circle (USDC) (CRCL) on Hyperliquid
Circle is the issuer of USDC, the second-largest stablecoin. Its IPO made it the first major stablecoin company to go public. Trade CRCL perpetual futures on Hyperliquid via trade.xyz.
CRCL is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage.
HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals.
Why Trade CRCL on Hyperliquid?
Hyperliquid offers distinct advantages for equity traders: gasless execution means zero transaction costs beyond the maker/taker spread, no KYC or identity verification is required to open an account, and trading is available 24/7 including weekends and holidays when traditional equity markets are closed. Self-custody ensures you retain full control of your funds at all times.
CRCL Contract Notes & Catalysts to Watch
CRCL-PERP tracks the spot Circle share price via the trade.xyz oracle with hourly funding. Circle is the USDC issuer, and its stock is the most crypto-native equity on this venue — I trade it right alongside the BTC and ETH perps because the same wallet holds both. Circle's economics are unusual and worth understanding before sizing: the overwhelming majority of revenue comes from interest earned on the reserves backing USDC, which are held largely in short-dated Treasuries and cash. That makes CRCL doubly exposed. It rises with USDC circulation (more stablecoin in float means a bigger reserve pile), and it is highly rate-sensitive — a dovish Fed path compresses the yield on those reserves and pressures the revenue line, which is the opposite of how most crypto proxies react to rate cuts. Catalysts I watch: weekly and monthly USDC circulation and market-cap trends, the Fed rate path, stablecoin regulation in the GENIUS Act era (federal licensing rules can widen or narrow the moat), distribution deals with exchanges and payment networks, and any reserve-transparency or attestation news. It is a recent IPO, so expect lockup-driven supply and higher realized vol than a mature large-cap. Cash-settled USDC, 24/7, up to the leverage cap shown here — useful when stablecoin or crypto news breaks over a weekend.
Key Market Facts
Frequently Asked Questions
How do I trade CRCL on Hyperliquid?
CRCL is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage.
What are the fees for CRCL on Hyperliquid?
HIP-3 builder markets charge 0.09% taker fee and 0.03% maker fee. These are slightly higher than native perps because a portion goes to the builder (trade.xyz) who deployed the market.
Can I trade CRCL 24/7 on Hyperliquid?
Yes. Unlike traditional equity markets that have set trading hours, CRCL perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays.
How we source and review this market data
Data collection. Live CRCL price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where CRCL-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates.
Editorial review. The trading context on CRCL-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by Concept211, an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing.
Last reviewed. . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full editorial methodology for how figures are sourced, verified, and corrected.
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