CRCL PERP on Swapmos, USDC margin, up to 10x

Most of Circle's revenue comes from interest earned on the reserves backing USDC, which ties CRCL to rate expectations, stablecoin supply growth and regulation. A recently listed share like this can travel a long way in a single session. Here the exposure is a perpetual: USDC margin, no expiry, funding exchanged between longs and shorts, and losses that scale with leverage.

Taking you to the live market

Leverage works in both directions. At 100x, a 1% move against a position takes out all of the margin behind it.