Circle’s stock token, CRCL, has turned the funding rates of all 13 exchanges into positive numbers.
Binance charges 0.030% every 8 hours, which annualizes to 33%; Gate is even more aggressive, annualizing to 45%. Bitcoin’s funding rate is roughly zero, while Ethereum’s annualized rate is 6%.
This is the rent paid by the long side to the short side. Over the course of a year, you have to pay off one-third of the principal, but nobody gets off the bus—betting that the stock of this USDC issuer will keep rising. Today CRCL is up 3.9% to $94.7, with $780 million in total contract volume across the network, and Binance accounts for $410 million.
It’s rare for 13 exchanges to line up on the same side; it’s also often the most crowded moment. Pullbacks can amplify the move.
Are you going to chase the long position following this funding rate wave?
Check in real time: https://www.coinboss.com/funding-rate
$CRCL $BTC