PerpEquities

Equity

MSTR perpetual futures

MicroStrategy Incorporated tracked across crypto venues with normalized contract specs.

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Price chart

102.40▲ 10.39%
85.0090.0095.00100.00105.00
Jun 30Jul 1Jul 3Jul 4Jul 6
24/7 perp mark · Binance (MSTR/USDT)
Auto: market closed → highest-volume perp venueOpen in TradingView ↗

Trading data

Perpetual market activity

16/16 live markets
Venues
16
Live markets
16/16
24h volume
$531.1M
Open interest
$77.3M
Best liquidity
$4.9M
Bitget
Tightest spread
+1.0 bps
Hyperliquid HIP-3
Highest volume
$342.2M
Binance
Settlement mix
USDT · 11/16

Best Liquidity

MSTR
Bitget · MSTR/USDT$4.9M

Tightest Spread

MSTR
Hyperliquid HIP-3 · xyz:MSTR+1.0 bps

Highest Volume

MSTR
Binance · MSTR/USDT$342.2M

Venue Matrix

16 markets
Trade
BinanceTradeMSTR/USDTtrading101.86+0.00%+2.0 bps$2.7M$342.2M$25.9MUSDT-
OKXTradeMSTR/trading101.88+0.00%+1.0 bps$2.6M$59.0M$7.2MUSDT20x
Hyperliquid HIP-3Tradexyz:MSTRtrading101.86+5.48%+1.0 bps$1.3M$41.0M$19.0MUSDC10x
BitgetTradeMSTR/USDTtrading101.88+0.00%+2.0 bps$4.9M$37.5M$10.8MUSDT25x
BybitTradeMSTR/USDTtrading101.85+0.00%+2.0 bps$654k$17.5M$3.1MUSDT20x
MEXCTradeMSTR/USDTtrading101.85+0.00%+2.0 bps$1.2M$10.7M$2.3MUSDT100x
BingXTradeMSTR-USDTtrading101.89+10.95%+8.8 bps$2.6M$9.8M$92kUSDT-
Gate.ioTradeMSTRX/USDTtrading101.87+10.95%+7.8 bps$588k$5.8M$1.9MUSDT50x
LighterTradeMSTRtrading101.75+350.40%+2.9 bps$2.9M$3.7M$1.8MUSDC10x
KuCoinTradeMSTR/USDTtrading101.84+10.95%+2.9 bps$112k$2.9M$3.0MUSDT20x
AsterTradeMSTRUSDTtrading101.86+0.00%+2.9 bps$168k$435k$98kUSDT-
Crypto.com ExchangeTradeMSTR/USDtrading102.00-55.04%+6.8 bps$94k$253k$8kUSD50x
KrakenTradePF_MSTRXUSDtrading102.04+45.52%+19996.1 bps$0.0$210k$236kUSD-
HTXTradeMSTRX/USDTtrading101.88+10.95%+12.7 bps$1.1M$188k$92kUSDT-
PhemexTradeMSTR / USDTtrading101.96+0.00%+14.7 bps$8k$11k$1.8MUSDT10x
BitMEXTradeMSTR/USDTtrading101.87-17.52%+3.9 bps$139k$207$10kUSDt20x

Company data

Company fundamentals

Updated 2h ago
Market cap
$29.9B
Updated 2h ago
Revenue
$490.5M
Trailing 12 months
Net income
$-12.4B
Trailing 12 months
Free cash flow
$4.5B
Trailing 12 months
Profit margin
-2519.4%
P/E
-2.8
P/S
60.9
Revenue estimate
$496.8M
Next fiscal year
Revenue growth
+4%
Next fiscal year

Fundamental detail

Annual + quarterly
Latest revenue$477.2M
Net margin-844.8%
Free cash flow$-22.6B
Net debt$6.0B
2020$480.7M
2021$510.8M
2022$499.3M
2023$496.3M
2024$463.5M
2025$477.2M
PeriodRevenueGrowthNet incomeFCF
2020$480.7M-1%$-7.5M$-1.1B
2021$510.8M+6%$-535.5M$-2.5B
2022$499.3M-2%$-1.5B$-287.2M
2023$496.3M-1%$429.1M$-1.9B
2024$463.5M-7%$-1.2B$-22.1B
2025$477.2M+3%$-4.0B$-22.6B
PeriodGross marginOperating marginNet marginROEROA
2020+81.1%-2.8%-1.6%-1.4%-0.5%
2021+82.0%-153.6%-104.8%-54.7%-15.1%
2022+79.4%-255.5%-294.4%+383.6%-61.0%
2023+77.8%-23.2%+86.5%+19.8%+9.0%
2024+72.1%-399.8%-251.7%-6.4%-4.5%
2025+68.7%-1140.8%-844.8%-7.9%-6.5%
PeriodCashDebtNet debtCurrent ratio
2020$59.7M$570.7M$511.0M0.95
2021$63.4M$2.2B$2.2B0.86
2022$43.8M$2.4B$2.4B0.83
2023$46.8M$2.3B$2.2B0.83
2024$38.1M$7.3B$7.2B0.71
2025$2.3B$8.3B$6.0B5.62
PeriodMarket capEnterprise valueP/SP/E
2020$3.8B$4.3B7.8-500.0
2021$5.5B$7.6B10.7-10.2
2022$1.6B$4.0B3.2-1.1
2023$8.6B$10.8B17.420.1
2024$55.8B$63.0B120.3-47.8
2025$44.7B$50.7B93.6-10.9
Q2 2024$111.4M
Q3 2024$116.1M
Q4 2024$120.7M
Q1 2025$111.1M
Q2 2025$114.5M
Q3 2025$128.7M
Q4 2025$123.0M
Q1 2026$124.3M
PeriodRevenueGrowthNet incomeFCF
Q2 2024$111.4M-7%$-102.6M$-817.9M
Q3 2024$116.1M-10%$-340.2M$-1.6B
Q4 2024$120.7M-3%$-670.8M$-18.1B
Q1 2025$111.1M-4%$-4.2B$-7.7B
Q2 2025$114.5M+3%$10.0B$-6.8B
Q3 2025$128.7M+11%$2.8B$14.4B
Q4 2025$123.0M+2%$-12.6B$-3.1B
Q1 2026$124.3M+12%$-12.5B$13.0M
PeriodGross marginOperating marginNet marginROEROA
Q2 2024+72.2%-179.7%-92.0%-3.6%-1.5%
Q3 2024+70.4%-372.7%-293.1%-9.0%-4.1%
Q4 2024+71.7%-842.1%-555.8%-3.7%-2.6%
Q1 2025+69.4%-5331.4%-3797.2%-12.6%-9.6%
Q2 2025+68.8%+12256.3%+8752.7%+19.9%+15.5%
Q3 2025+70.5%+3023.4%+2164.1%+4.8%+3.8%
Q4 2025+66.1%-14184.8%-10261.1%-24.7%-20.5%
Q1 2026+67.1%-12.0%-10090.6%-27.5%-23.1%
PeriodCashDebtNet debtCurrent ratio
Q2 2024$66.9M$3.9B$3.8B0.47
Q3 2024$46.3M$4.3B$4.2B0.65
Q4 2024$38.1M$7.3B$7.2B0.71
Q1 2025$62.3M$8.2B$8.1B0.66
Q2 2025$50.1M$8.2B$8.2B0.68
Q3 2025$54.3M$8.2B$8.2B0.66
Q4 2025$2.3B$8.3B$6.0B5.62
Q1 2026$2.2B$8.3B$6.1B6.05
PeriodMarket capEnterprise valueP/SP/E
Q2 2024$24.4B$28.2B218.9-59.9
Q3 2024$33.3B$37.5B286.6-24.5
Q4 2024$64.2B$71.4B531.8-23.9
Q1 2025$73.9B$82.1B665.7-4.4
Q2 2025$107.5B$115.7B938.92.8
Q3 2025$87.7B$95.9B681.48.7
Q4 2025$44.7B$50.7B363.2-0.9
Q1 2026$41.7B$47.7B335.3-0.8

Refreshed 2h ago

Research data

Estimates, events and peers

Estimates

6 periods
FY 2026$496.8M+4%8 analysts
FY 2027$506.7M+6%5 analysts
FY 2028$520.8M+9%5 analysts
FY 2029$476.4M-0%2 analysts
Q1 2027$128.7M+4%2 analysts
Q2 2027$124.3M+9%2 analysts

Events

Earnings · dividends · splits
2026-07-30EarningsRevenue est. $121.9M
2026-05-05EarningsRevenue est. $120.8M
2026-02-05EarningsRevenue est. $119.1M
2025-10-30EarningsRevenue est. $116.6M
2025-07-31EarningsRevenue est. $113.5M
2025-05-01EarningsRevenue est. $116.2M

Peer comparison

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NameMarket capP/SP/ENet marginVenues
BSP$22.9B13.9-+8.5%8NOK$70.4B3.178.3+5.2%10KIOXIA$276.7B19.179.7+23.7%6AMD$929.6B24.8185.1+13.4%15SKHYNIX$1.1T12.621.8+56.9%13SAMSUNG$1.4T5.525.4+21.5%14MSFT$2.9T9.023.0+39.3%16AAPL$4.6T10.237.8+27.2%16