How to trade Circle (CRCL)
On BRVX, Circle Internet Group trades as a CRCL/USDT perpetual with 5x–100x leverage on CRCL and a 0.05% fee to open. It lets you go long or short on the USDC issuer with crypto margin. No CRCL shares, dividends or votes change hands.
- 100x Max leverage on CRCL
- 0.05% Fee per side on CRCL
- 0.0034% / 0.0034% Funding long / short on CRCL
- 6 Margin tokens for CRCL
Circle guide contents
What the Circle perpetual is
Circle issues USDC, the second-largest stablecoin, and earns most of its revenue from interest on the reserves behind it. It listed on the NYSE in 2025.
The BRVX CRCL perp tracks the share price in USDT with no expiry.
Circle's revenue is reported quarterly, but USDC supply is public on-chain every day, so traders can watch the key driver between reports. Coinbase shares part of the USDC reserve income under their agreement.
What moves CRCL
Circle is a rate-sensitive crypto stock.
- USDC supply growth.
- US interest rates: lower rates cut reserve income.
- Stablecoin legislation and the revenue share with distribution partners.
Long or short Circle?
A CRCL long bets on USDC growth and new US stablecoin rules that could lift demand for USDC.
A CRCL short bets on rate cuts shrinking reserve income or partners taking a bigger revenue share.
Opening a CRCL position on BRVX
Choose CRCL · USDT
Stocks group, CRCL.
Size the CRCL position
Post margin — USDC works too — and set up to 100x.
CRCL: Buy or Sell
Buy for long Circle, Sell for short; TP / SL Triggers set exits.
Hold or close CRCL
CRCL funding is 0.0034% per hour; close from Positions.
Leverage works both ways: a small move against you can lose you the whole margin.
CRCL hours and weekends
NYSE hours are 9:30–16:00 New York time. On BRVX, CRCL keeps quoting at weekends, when crypto news continues.
Circle's shares debuted on the NYSE in June 2025 and more than doubled on the first day, one of the year's most watched listings, which still colours how volatile the stock can be.
CRCL example: a 7% move
A recent IPO with wide swings. $100 at 5x:
CRCL worked example
| Circle trade | Amount |
|---|---|
| CRCL margin | $100 |
| CRCL leverage | 5x |
| CRCL position size | $500 |
| CRCL fee, open + close | $0.50 |
| CRCL funding per 24 h, long / short | $0.41 / $0.41 |
| CRCL +7% | CRCL long +$35.00 (+35% of margin), CRCL short −$35.00 |
| CRCL −7% | CRCL long −$35.00, CRCL short +$35.00 (+35% of margin) |
| CRCL liquidation | not modelled |
Circle risks to know
- A short trading history means wide daily ranges.
- Rate cuts reduce reserve income.
- Rate decisions hit reserve income directly.
Young stock, rate exposure.
Circle FAQ
Can I short Circle stock?
Yes. Press Sell on CRCL · USDT: the short gains when the price falls. Leverage goes up to 100x, the fee to open is 0.05%, and funding is charged every hour.
Is CRCL the same as USDC?
No. CRCL is Circle's stock; USDC is its stablecoin and one of BRVX's margin tokens.
Why do rates matter for Circle?
Most revenue is interest on USDC reserves, so lower rates mean less income.
Does USDC growth show before Circle's earnings?
Yes. USDC circulation is public every day, so traders see the main revenue driver move weeks before the quarterly report.
Leverage works both ways: a small move against you can lose you the whole margin.