USD Coin (USDC) Perpetual Futures

– 24h · perp mark price

24h volume – vs prior 24h Open interest – · Funding rate (OI-weighted, 8h) – annualised Long / short ratio (24h) – long Liquidations (24h) – longs OI / market cap – Market cap –

USD Coin price and derivatives history

Daily close and perpetual volume across tracked exchanges

USD Coin perpetual futures market

USDC is a dollar stablecoin issued by Circle, backed by cash and short-dated US Treasuries and redeemable one for one with US dollars. A USDC perp quoted in USDT tracks the exchange rate between the two largest stablecoins, which normally sits very close to one. Traders use it to hedge stablecoin balances, express a view on peg stress, or capture small spreads when one stablecoin trades rich to the other.

This market behaves very differently from other perps. Price usually moves in tiny increments, so funding and basis carry more information than direction. Stress shows up in rare episodes, such as March 2023, when USDC briefly lost its peg after Circle disclosed reserves held at Silicon Valley Bank. Regulatory news and reserve reports can matter too. Binance holds most of the modest perp volume, and order books elsewhere are thin.

USDC funding rates USDC open interest USDC liquidations USDC long/short ratio

Ticker: USDC
Asset class: Crypto
Tracked markets: –
Most active venue: –
Funding intervals: –
Trading hours: 24/7
±1% order book depth: –

USD Coin perpetual markets by exchange

Every tracked USDC perpetual market

#	Exchange	Price	24h	Volume 24h	Open interest	OI 24h	Funding 8h	L/S	Liq. 24h	±1% depth	Trade

Open interest by exchange

Share of total · 24h change

All OI

Liquidations by exchange

Last 24h · long vs short

All liquidations

Taker buy vs sell

Last 4h · buy share of taker volume

Long/short data

USD Coin perpetual futures FAQ

Live answers use data from every tracked USDC perpetual markets · updated –

What is the USDC funding rate today?

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How much USDC open interest is there?

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What is USDC?

USDC is a stablecoin issued by Circle that aims to stay worth one US dollar. Each token is backed by reserves of cash and short-term US government securities, and approved institutions can redeem USDC for dollars. It runs on many blockchains, including Ethereum and Solana.

What is USDC perpetual futures trading volume?

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Are traders long or short USDC right now?

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Why trade a USDC perpetual?

A USDC perp lets traders take a view on the exchange rate between USDC and USDT or hedge large stablecoin balances. Moves are usually tiny, so it suits arbitrage and peg hedging more than directional trading. In stress events, it offers a way to short one stablecoin against the other.

Has USDC ever lost its dollar peg?

Yes. In March 2023 USDC fell well below one dollar for a short period after Circle revealed that part of its reserves sat at Silicon Valley Bank, which had failed. The peg recovered once US authorities guaranteed the bank's deposits.

How much USDC was liquidated in the last 24 hours?

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How is USDC different from USDT?

Both are dollar stablecoins, and they come from different issuers. Circle issues USDC and Tether issues USDT, and each has its own reserve mix, disclosure practice and redemption process. Exchange listings and regional regulation also differ, so the two can trade at slightly different prices.

What are USDC perpetual futures?

USDC perpetual futures are derivatives contracts that track the price of USDC and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any USDC.

How does USDC funding work?

Funding is a payment between longs and shorts. When USDC perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

Where can I trade USDC perpetuals?

Compare venues, fees and features on the best perpetual exchanges page.

Should I long or short USDC?

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.