Markets

CRCL/COIN

Circle relative to Coinbase

CRCL−5.91%COIN leads · 24h−2.73%COIN
Relative performance · indexed to 100
109.06+9.06%1M
Ratio 0.49601 · COIN per CRCL
CRCL89.77COIN82.32

59 aligned observations. 2 unpaired observations were dropped rather than carried forward. The two assets do not always trade in the same intervals.

Base
CRCL
Circle xStockCRCLx
Equity
Mint
Xsue…3bd1
Decimals
8
Quote
COIN
Coinbase xStockCOINx
Equity
Mint
Xs7Z…PxNu
Decimals
8
What this market measures

Tracks CRCL performance relative to COIN.

The chart shows relative performance indexed to 100 at the start of the range. This is not the price of an Otus token and not the price of either asset - it is how CRCL has done against COIN, which can rise even when both are falling.

The stablecoin issuer against the exchange that distributes it. Both sides of the same fee stream.

Why a ratio, not two perps
One position, one liquidation level
A long-CRCL short-COIN pair built from two perps can be liquidated on a market-wide wick: the long leg blows up before the short leg pays out, even when the view was right. A ratio position only cares whether CRCL outperforms; its liquidation level is a ratio level.
Balanced by construction
Two legs drift out of balance and need constant rebalancing. A ratio position cannot drift. It is the relationship itself.
One margin, one fee
Two legs cost double margin, double fees and double funding. One position halves all three.
Pairs that exist nowhere else
Many pairs cannot be assembled from existing perps at all, because one side has no perp market. Tokenized equities and long-tail Solana assets first among them.
Identifier
crcl-coin
Listed
Sep 23, 2026
Creator
Unattributed
Trade

CRCL outperforms COIN.

Leverage10×
MarginUSDCUSDC
Entry ratio
0.49601
Liquidation ratio
0.44641(−10.0%)
Position size
USDC1,000.00

Margin settles to the Otus vault through a Jupiter swap from your wallet. Positions are marked against live ratios.