AmphiLIQUID
CAsoonOpen terminal
MSTR
CRCL
Crypto

MSTR ⇄ CRCL

131.92
+31.92% since 2026-08-23 · 7d +24.65%

A bitcoin treasury against a dollar issuer. Long is long Strategy Inc. and short Circle Internet Group.

Index, 30 daily closes━ index · ━ MSTR alone · ┅ CRCL alone (rebased to 100)
8910311612914208-2309-0709-21
Node not answeringPaper venuewaiting for a read
Mark (settled)131.9250
Spot index—
Last daily close131.5228
MSTR · CRCL$158.65 · $88.72

The slow clock here is the time-weighted mean of this page's own reads (up to 30 min); AmphiBook keeps the same mean on chain, updated on every poke.

Your paper positions

Connect a wallet to start a paper session with $10.00K of test USDG. Nothing is sent on chain.

The pair in numbers

30d realised vol54.2%
Correlation of the legs0.86
High · low131.52 · 100.00
1d · 7d · all+4.94% · +24.65% · +31.52%
Base day2026-08-23 · $120.72 / $89.07

Where each leg is priced

MSTR · Strategy Inc.$158.65
Pool · Uniswap v3 1%0x1757…53ea ↗ $446.86K USDG
CRCL · Circle Internet Group$88.72
Pool · Uniswap v3 0.3%0x654e…95a8 ↗ $587.45K USDG

Skew and escrow, at any book

There is no shared book on the paper venue yet, so this is the formula, not a reading. Drag the open interest.

75% long25% short
Crowded side pays0.40 bp/h (35.0% a year)
Thin side is paid0.60 bp/h on its own OI
To the vault, per day$288.00
Vault escrow, net (at 3× margin)$1.13M vs $1.60M gross

How the mark, the cap and the skew work: two clocks · escrow · skew.