PerpEquities

Equity

Affirm Holdings, Inc. (AFRM) perpetual futures

AFRM perpetual futures on 1 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade AFRMUSDT.

Affirm Holdings, Inc. provides a digital and mobile-first commerce platform in the US and Canada, offering point-of-sale financing for consumers and tools for merchants, enabling purchases to be paid over time.

$73.68-2.5%NASDAQ closed
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venue perp mark · Helix (Injective) (AFRM/USDC)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/2 live markets
Venues
2
Live markets
1/2
24h volume
$33.5K
Open interest
-Coverage: 0/1 markets
Best liquidity
-
Tightest spread
-
Highest volume
$33.5K
Helix (Injective)
Settlement mix
USDC · 1/2
Perp/spot vol.
0.00x
Spot volume $267.5M
OI / float
-
Float $20.9B
Spot performance
1D-2.52%
5D-8.05%
1M+5.31%
6M+14.74%
YTD-0.56%
1Y+9.00%

Venue matrix

2 markets

Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.

Trade
Helix (Injective)TradeAFRM/USDCTrading$73.68-24.1% APR
-0.00275% every 1h
--$33.5K-USDC6x
BingXTradeAFRM-USDTWatchlist------USDT-

Tradability

Execution quality

Entry cost and depth per venue at $1k–$100k

No sufficient depth · 0 of 1 venues absorb $10k

No fresh book data: Helix (Injective)

Taker execution estimate incl. approx. fees - maker fills are not guaranteed.

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

-
No live data-

Highest volume

AFRM

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$22B
Updated 1h ago
Revenue
$4.2B
Trailing 12 months
Revenue growth
+39%
Next fiscal year
Profit margin
+46.1%
P/E
13.0
Peer P/E 13.6
Free cash flow
$993.1M
Trailing 12 months
More metrics
Net income
$1.9B
Trailing 12 months
P/S
5.3
Peer P/E
13.6
Similar listed perps
Revenue estimate
$5.5B
Next fiscal year
Earnings
2026-11-05
Revenue est. $1.2B · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$3.9B
Net margin+48.9%
Free cash flow$992.6M
Net debt$7.4B
2021$870.5M
2022$1.3B
2023$1.6B
2024$2.3B
2025$3.2B
2026$3.9B
PeriodRevenueGrowthNet incomeFCF
2021$870.5M+71%-$441M-$213.4M
2022$1.3B+55%-$707.4M-$273.9M
2023$1.6B+18%-$985.3M-$108.6M
2024$2.3B+46%-$517.8M$290.8M
2025$3.2B+39%$52.2M$601.7M
2026$3.9B+22%$1.9B$992.6M
PeriodGross marginOperating marginNet marginROEROA
2021+62.9%-44.1%-50.7%-17.1%-9.1%
2022+57.3%-64.2%-52.4%-27.0%-10.1%
2023+45.0%-75.6%-62.1%-38.9%-12.1%
2024+63.6%-26.5%-22.3%-19.0%-5.4%
2025+67.5%-2.7%+1.6%+1.7%+0.5%
2026+69.1%+22.1%+48.9%+35.2%+12.2%
PeriodCashDebtNet debtCurrent ratio
2021$1.5B$2B$515.7M35.83
2022$1.3B$4.1B$2.9B53.02
2023$892M$5.5B$4.6B74.34
2024$1B$6.6B$5.6B65.70
2025$1.4B$7.9B$6.5B54.19
2026$2.4B$9.8B$7.4B12.73
PeriodMarket capEnterprise valueP/SP/E
2021$18.1B$18.7B20.9-41.1
2022$5.1B$8B3.8-7.2
2023$4.5B$9.1B2.9-4.6
2024$9.2B$14.8B4.0-17.9
2025$22.3B$28.8B6.9432.1
2026$27.3B$34.7B6.914.2
Q1 2025$698.5M
Q2 2025$866.4M
Q3 2025$783.1M
Q4 2025$876.4M
Q1 2026$933.3M
Q2 2026$1.1B
Q3 2026$1B
Q4 2026$1.1B
PeriodRevenueGrowthNet incomeFCF
Q1 2025$698.5M+41%-$100.2M$152.7M
Q2 2025$866.4M+47%$80.4M$268.1M
Q3 2025$783.1M+36%$2.8M$157.4M
Q4 2025$876.4M+33%$69.2M$23.5M
Q1 2026$933.3M+34%$80.7M$320.2M
Q2 2026$1.1B+30%$129.6M$118M
Q3 2026$1B+33%$102.9M$325.4M
Q4 2026$1.1B+24%$1.6B$229.5M
PeriodGross marginOperating marginNet marginROEROA
Q1 2025+67.2%-19.0%-14.3%-3.5%-1.0%
Q2 2025+69.5%-0.5%+9.3%+2.9%+0.8%
Q3 2025+65.4%-1.1%+0.4%+0.1%0.0%
Q4 2025+67.7%+6.6%+7.9%+2.3%+0.6%
Q1 2026+67.7%+6.8%+8.6%+2.4%+0.7%
Q2 2026+69.4%+10.5%+11.5%+3.7%+1.0%
Q3 2026+65.9%+19.5%+9.9%+2.7%+0.8%
Q4 2026+69.4%+24.3%+148.4%+29.5%+10.2%
PeriodCashDebtNet debtCurrent ratio
Q1 2025$1B$7.1B$6.1B64.66
Q2 2025$1.2B$7.5B$6.3B60.66
Q3 2025$1.4B$7.4B$6B63.09
Q4 2025$1.4B$7.9B$6.5B54.19
Q1 2026$1.4B$8B$6.5B14.61
Q2 2026$1.5B$9.2B$7.7B66.90
Q3 2026$2.5B$8.9B$6.4B717.01
Q4 2026$2.4B$9.8B$7.4B12.73
PeriodMarket capEnterprise valueP/SP/E
Q1 2025$13B$19.1B18.6-32.9
Q2 2025$19.6B$25.9B22.760.9
Q3 2025$14.6B$20.7B18.71,313.7
Q4 2025$22.6B$29.1B25.882.3
Q1 2026$24.1B$30.7B25.976.1
Q2 2026$24.9B$32.5B22.247.7
Q3 2026$15.4B$21.9B14.937.0
Q4 2026$27.6B$35B25.44.3

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$1.1BQ4 2026
$280.8M$561.5M$842.3M$1.1BQ1 2024: $496.5MQ2 2024: $591.1MQ3 2024: $576.2MQ4 2024: $659.2MQ1 2025: $698.5MQ2 2025: $866.4MQ3 2025: $783.1MQ4 2025: $876.4MQ1 2026: $933.3MQ2 2026: $1.1BQ3 2026: $1BQ4 2026: $1.1BQ1 2024Q4 2026
Net income$1.6BQ4 2026
$275.3M$722.4M$1.2B$1.6BQ1 2024: -$171.8MQ2 2024: -$166.9MQ3 2024: -$133.9MQ4 2024: -$45.1MQ1 2025: -$100.2MQ2 2025: $80.4MQ3 2025: $2.8MQ4 2025: $69.2MQ1 2026: $80.7MQ2 2026: $129.6MQ3 2026: $102.9MQ4 2026: $1.6BQ1 2024Q4 2026
EBITDA$375MQ4 2026
$51.2M$159.2M$267.1M$375MQ1 2024: -$56.7MQ2 2024: -$56.5MQ3 2024: -$5.6MQ4 2024: $116.5MQ1 2025: $52.5MQ2 2025: $245.5MQ3 2025: $172.4MQ4 2025: $241.5MQ1 2026: $258.4MQ2 2026: $320.5MQ3 2026: $296.2MQ4 2026: $375MQ1 2024Q4 2026
Free cash flow$229.5MQ4 2026
$81.3M$162.7M$244M$325.4MQ1 2024: $63.1MQ2 2024: $35.6MQ3 2024: $161.7MQ4 2024: $30.5MQ1 2025: $152.7MQ2 2025: $268.1MQ3 2025: $157.4MQ4 2025: $23.5MQ1 2026: $320.2MQ2 2026: $118MQ3 2026: $325.4MQ4 2026: $229.5MQ1 2024Q4 2026
EPS$4.62Q4 2026
$0.73$2.03$3.32$4.62Q1 2024: -$0.57Q2 2024: -$0.54Q3 2024: -$0.43Q4 2024: -$0.14Q1 2025: -$0.31Q2 2025: $0.23Q3 2025: $0.01Q4 2025: $0.2Q1 2026: $0.23Q2 2026: $0.37Q3 2026: $0.3Q4 2026: $4.62Q1 2024Q4 2026
Cash / Debt$2.4BQ4 2026
$2.5B$4.9B$7.4B$9.8BQ1 2024 · Cash: $1.1BQ1 2024 · Debt: $5.7BQ2 2024 · Cash: $1BQ2 2024 · Debt: $6.2BQ3 2024 · Cash: $1.3BQ3 2024 · Debt: $6.4BQ4 2024 · Cash: $1BQ4 2024 · Debt: $6.6BQ1 2025 · Cash: $1BQ1 2025 · Debt: $7.1BQ2 2025 · Cash: $1.2BQ2 2025 · Debt: $7.5BQ3 2025 · Cash: $1.4BQ3 2025 · Debt: $7.4BQ4 2025 · Cash: $1.4BQ4 2025 · Debt: $7.9BQ1 2026 · Cash: $1.4BQ1 2026 · Debt: $8BQ2 2026 · Cash: $1.5BQ2 2026 · Debt: $9.2BQ3 2026 · Cash: $2.5BQ3 2026 · Debt: $8.9BQ4 2026 · Cash: $2.4BQ4 2026 · Debt: $9.8BQ1 2024Q4 2026
CashDebt
Profitability+69.4%Q4 2026
+5.5%+53.1%+100.7%+148.4%Q1 2024 · Gross margin: +58.0%Q2 2024 · Gross margin: +64.5%Q3 2024 · Gross margin: +63.0%Q4 2024 · Gross margin: +67.6%Q1 2025 · Gross margin: +67.2%Q2 2025 · Gross margin: +69.5%Q3 2025 · Gross margin: +65.4%Q4 2025 · Gross margin: +67.7%Q1 2026 · Gross margin: +67.7%Q2 2026 · Gross margin: +69.4%Q3 2026 · Gross margin: +65.9%Q4 2026 · Gross margin: +69.4%Q1 2024 · Operating margin: -42.2%Q2 2024 · Operating margin: -29.1%Q3 2024 · Operating margin: -27.9%Q4 2024 · Operating margin: -11.1%Q1 2025 · Operating margin: -19.0%Q2 2025 · Operating margin: -0.5%Q3 2025 · Operating margin: -1.1%Q4 2025 · Operating margin: +6.6%Q1 2026 · Operating margin: +6.8%Q2 2026 · Operating margin: +10.5%Q3 2026 · Operating margin: +19.5%Q4 2026 · Operating margin: +24.3%Q1 2024 · Net margin: -34.6%Q2 2024 · Net margin: -28.2%Q3 2024 · Net margin: -23.2%Q4 2024 · Net margin: -6.8%Q1 2025 · Net margin: -14.3%Q2 2025 · Net margin: +9.3%Q3 2025 · Net margin: +0.4%Q4 2025 · Net margin: +7.9%Q1 2026 · Net margin: +8.6%Q2 2026 · Net margin: +11.5%Q3 2026 · Net margin: +9.9%Q4 2026 · Net margin: +148.4%Q1 2024Q4 2026
Gross marginOperating marginNet margin
Revenue growth+24.3%Q4 2026
+11.6%+23.3%+34.9%+46.6%Q1 2025: +40.7%Q2 2025: +46.6%Q3 2025: +35.9%Q4 2025: +33.0%Q1 2026: +33.6%Q2 2026: +29.6%Q3 2026: +32.6%Q4 2026: +24.3%Q1 2024Q4 2026
Shares outstanding349.7MQ4 2026
87.4M174.9M262.3M349.7MQ1 2024: 303.8MQ2 2024: 307.6MQ3 2024: 312.6MQ4 2024: 315.5MQ1 2025: 318.2MQ2 2025: 345.2MQ3 2025: 344.2MQ4 2025: 342.6MQ1 2026: 348.3MQ2 2026: 349.4MQ3 2026: 348.1MQ4 2026: 349.7MQ1 2024Q4 2026
Valuation4.3Q4 2026
288.5630.2971.91,313.7Q1 2024 · P/E: -9.3Q2 2024 · P/E: -22.8Q3 2024 · P/E: -20.3Q4 2024 · P/E: -53.3Q1 2025 · P/E: -32.9Q2 2025 · P/E: 60.9Q3 2025 · P/E: 1,313.7Q4 2025 · P/E: 82.3Q1 2026 · P/E: 76.1Q2 2026 · P/E: 47.7Q3 2026 · P/E: 37.0Q4 2026 · P/E: 4.3Q1 2024 · P/S: 13.0Q2 2024 · P/S: 25.6Q3 2024 · P/S: 18.9Q4 2024 · P/S: 14.3Q1 2025 · P/S: 18.6Q2 2025 · P/S: 22.7Q3 2025 · P/S: 18.7Q4 2025 · P/S: 25.8Q1 2026 · P/S: 25.9Q2 2026 · P/S: 22.2Q3 2026 · P/S: 14.9Q4 2026 · P/S: 25.4Q1 2024Q4 2026
P/EP/S
Revenue$3.9B2026
$987.3M$2B$3B$3.9B2019: $264.4M2020: $509.5M2021: $870.5M2022: $1.3B2023: $1.6B2024: $2.3B2025: $3.2B2026: $3.9B20192026
Net income$1.9B2026
-$256.6M$472.2M$1.2B$1.9B2019: -$120.5M2020: -$112.6M2021: -$441M2022: -$707.4M2023: -$985.3M2024: -$517.8M2025: $52.2M2026: $1.9B20192026
EBITDA$1.2B2026
-$191.3M$289M$769.4M$1.2B2019: -$89.3M2020: -$70.5M2021: -$370.7M2022: -$602.4M2023: -$671.6M2024: -$2.2M2025: $712M2026: $1.2B20192026
Free cash flow$992.6M2026
$42.7M$359.4M$676M$992.6M2019: -$113.7M2020: -$100M2021: -$213.4M2022: -$273.9M2023: -$108.6M2024: $290.8M2025: $601.7M2026: $992.6M20192026
EPS$5.532026
-$1.12$1.1$3.31$5.532019: -$0.472020: -$0.442021: -$1.642022: -$2.512023: -$3.342024: -$1.672025: $0.152026: $5.5320192026
Cash / Debt$2.4B2026
$2.5B$4.9B$7.4B$9.8B2019 · Cash: $320.4M2019 · Debt: $586M2020 · Cash: $267.1M2020 · Debt: $917.1M2021 · Cash: $1.5B2021 · Debt: $2B2022 · Cash: $1.3B2022 · Debt: $4.1B2023 · Cash: $892M2023 · Debt: $5.5B2024 · Cash: $1B2024 · Debt: $6.6B2025 · Cash: $1.4B2025 · Debt: $7.9B2026 · Cash: $2.4B2026 · Debt: $9.8B20192026
CashDebt
Profitability+69.1%2026
-39.4%-3.3%+32.9%+69.1%2019 · Gross margin: +58.9%2020 · Gross margin: +66.2%2021 · Gross margin: +62.9%2022 · Gross margin: +57.3%2023 · Gross margin: +45.0%2024 · Gross margin: +63.6%2025 · Gross margin: +67.5%2026 · Gross margin: +69.1%2019 · Operating margin: -38.4%2020 · Operating margin: -21.2%2021 · Operating margin: -44.1%2022 · Operating margin: -64.2%2023 · Operating margin: -75.6%2024 · Operating margin: -26.5%2025 · Operating margin: -2.7%2026 · Operating margin: +22.1%2019 · Net margin: -45.6%2020 · Net margin: -22.1%2021 · Net margin: -50.7%2022 · Net margin: -52.4%2023 · Net margin: -62.1%2024 · Net margin: -22.3%2025 · Net margin: +1.6%2026 · Net margin: +48.9%20192026
Gross marginOperating marginNet margin
Revenue growth+22.5%2026
+23.2%+46.4%+69.6%+92.7%2020: +92.7%2021: +70.8%2022: +55.0%2023: +17.7%2024: +46.3%2025: +38.8%2026: +22.5%20192026
Shares outstanding348.8M2026
87.2M174.4M261.6M348.8M2019: 257.4M2020: 257.4M2021: 269.5M2022: 281.7M2023: 295.3M2024: 309.9M2025: 341M2026: 348.8M20192026
Valuation14.22026
-57.7105.6268.8432.12019 · P/E: -206.92020 · P/E: -221.02021 · P/E: -41.12022 · P/E: -7.22023 · P/E: -4.62024 · P/E: -17.92025 · P/E: 432.12026 · P/E: 14.22019 · P/S: 94.72020 · P/S: 49.12021 · P/S: 20.92022 · P/S: 3.82023 · P/S: 2.92024 · P/S: 4.02025 · P/S: 6.92026 · P/S: 6.920192026
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-05
Revenue est. $1.2B · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20271.99$5.5B+39%16
FY 20282.90$6.8B+73%13
FY 20293.93$8.5B+116%14
FY 20305.56$11.4B+188%12
Q3 20270.60$1.5B+46%2
Q4 20270.78$1.8B+62%2

Company events

6
2026-11-05EarningsActual - / Estimate 0.38-
2026-08-27EarningsActual 4.62 / Estimate 0.35Beat
2026-05-07EarningsActual 0.3 / Estimate 0.17Beat
2026-02-05EarningsActual 0.37 / Estimate 0.28Beat
2025-11-06EarningsActual 0.23 / Estimate 0.11Beat
2025-08-28EarningsActual 0.2 / Estimate 0.12Beat

Peer comparison

Similar listed perps

Analyst track record

How the analysts covering AFRM have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings186477
Analysts4454
Buy / hold / sell147 / 38 / 0307 / 144 / 25
Upgrades / downgrades / initiations2 / 1 / 1520 / 5 / 33
Price targets hit / missed9 / 142 (6%)183 / 202 (48%)
Avg. return after a rating (TipRanks)-16.8%+43.8%
Best / worst call+38.0% / -38.8%+699.2% / -38.8%

After buy calls on this stock: median 21-day move -4.0% vs S&P 500 -4.6% (n = 302)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Ramsey El AssalCantor Fitzgerald100% hit rate on this stock · 22 targets measuredBuytarget $97.00Aug 31, 2026
  2. Vincent CainticBTIG100% hit rate on this stock · 9 targets measuredHoldno targetAug 27, 2026
  3. Dan DolevMizuho Securities88% hit rate on this stock · 24 targets measuredBuytarget $100Sep 3, 2026

Latest ratings

DateAnalystCallTarget
Oct 13, 2026Jason KupferbergWells FargoBuyMaintained$96.00
Oct 13, 2026Jason KupferbergWells FargoBuyMaintained$96.00
Oct 13, 2026Will NanceGoldman SachsBuyReiterated$103
Oct 8, 2026James FriedmanSusquehannaBuyMaintained$110
Oct 8, 2026James FriedmanSusquehannaBuyMaintained$110
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$50.00$60.00$70.00$80.00$90.00$100Nov 25 · Buy 16 · Hold 8 · Sell 0Nov 25Dec 25 · Buy 16 · Hold 7 · Sell 0Jan 26 · Buy 17 · Hold 6 · Sell 0Jan 26Feb 26 · Buy 19 · Hold 7 · Sell 0Mar 26 · Buy 18 · Hold 7 · Sell 0Mar 26Apr 26 · Buy 20 · Hold 6 · Sell 0May 26 · Buy 22 · Hold 7 · Sell 0May 26Jun 26 · Buy 23 · Hold 8 · Sell 0Jul 26 · Buy 25 · Hold 7 · Sell 0Jul 26Aug 26 · Buy 26 · Hold 7 · Sell 0Sep 26 · Buy 31 · Hold 6 · Sell 0Sep 26Oct 26 · Buy 32 · Hold 6 · Sell 0Nov 25 · avg. target $93.35Dec 25 · avg. target $97.06Jan 26 · avg. target $97.67Feb 26 · avg. target $86.86Mar 26 · avg. target $82.81Apr 26 · avg. target $83.35May 26 · avg. target $85.81Jun 26 · avg. target $86.56Jul 26 · avg. target $89.00Aug 26 · avg. target $97.36Sep 26 · avg. target $97.65Oct 26 · avg. target $97.46Nov 25 · month-end close $70.95Dec 25 · month-end close $74.43Jan 26 · month-end close $60.30Feb 26 · month-end close $46.98Mar 26 · month-end close $45.82Apr 26 · month-end close $64.28May 26 · month-end close $73.65Jun 26 · month-end close $81.55Jul 26 · month-end close $71.51Aug 26 · month-end close $74.45Sep 26 · month-end close $69.23Oct 26 · month-end close $80.70

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 16, 2026 · 186 ratings

Frequently asked questions

Where can I trade AFRM perpetual futures?

Affirm Holdings, Inc. (AFRM) perpetual futures trade on 1 crypto venues, including Helix (Injective). PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade AFRM around the clock?

Yes. Unlike the underlying stock, AFRM perpetuals trade 24/7 — including weekends and outside regular market hours.

What is the funding rate on AFRM perpetuals?

Right now the AFRM perp funding rate is -24.1% annualized (venue median), ranging from -24.1% to -24.1% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the AFRM perp price compare to the Affirm Holdings, Inc. stock?

The venue-median AFRM perp mark is $73.7 versus a reference stock price of $73.7, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

What is a AFRM perpetual future?

A AFRM perpetual is a derivative that tracks the price of Affirm Holdings, Inc. with no expiry date. It lets you take long or short exposure to Affirm Holdings, Inc. on crypto venues, around the clock.

What is AFRMUSDT perpetual?

AFRMUSDT is the symbol most crypto exchanges use for the Affirm Holdings, Inc. perpetual settled in USDT (Tether). It tracks the AFRM share price through an index, trades 24/7 with leverage and never expires.

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