Equity Perps Gameplay Secrets: Going long on COIN and short on CRCL, how does 0 fee rate with 20x leverage beat Bitcoin by 25%?

【Crypto World】Recently, an interesting trading strategy was discovered—some leading exchanges have launched a COIN and CRCL trading pair combination based on the Equity Perps mechanism. The core approach is quite straightforward: go long on COIN and short on CRCL simultaneously, using this hedging setup to balance market risk.

What’s most attractive are a few parameters. First is the 0% base interest rate—meaning no additional fee pressure on positions. Second is the 20x leverage option, allowing small funds to participate in relatively larger positions.

From the data perspective, the performance of this strategy in the second half of 2025 was impressive, surpassing the BTC trend by more than 25 percentage points during the same period. Although past performance does not guarantee future results, this approach to capturing relative value indeed offers traders a new perspective—spotting the price difference between two assets amid market volatility rather than betting on a single direction. The essence of hedging is to use structured design to hedge systemic risk, and this strategy seems to follow that idea.