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.

$71.25+5.1%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
$108.6K
Open interest
-Coverage: 0/1 markets
Best liquidity
-
Tightest spread
-
Highest volume
$108.6K
Helix (Injective)
Settlement mix
USDC · 1/2
Perp/spot vol.
0.00x
Spot volume $321.8M
OI / float
-
Float $20B
Spot performance
1D+5.07%
5D-3.13%
1M-6.87%
6M+40.66%
YTD-4.02%
1Y-12.25%

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$71.25+24.1% APR
+0.00275% every 1h
--$108.6K-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 4h ago
Market cap
$23.9B
Updated 4h ago
Revenue
$4.2B
Trailing 12 months
Revenue growth
+39%
Next fiscal year
Profit margin
+46.1%
P/E
12.5
Peer P/E 35.2
Free cash flow
$993.1M
Trailing 12 months
More metrics
Net income
$1.9B
Trailing 12 months
P/S
5.7
Peer P/E
35.2
Similar listed perps
Revenue estimate
$5.5B
Next fiscal year
Earnings
2026-11-05
Revenue est. $1.2B · Updated 4h 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
Historical value series
Revenue
Q1 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
Q1 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
Q1 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
Q1 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
Q1 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
Q1 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
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
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 outstanding
Q1 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
Valuation
Q1 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
2019: $264.4M2020: $509.5M2021: $870.5M2022: $1.3B2023: $1.6B2024: $2.3B2025: $3.2B2026: $3.9B20192026
Net income
2019: -$120.5M2020: -$112.6M2021: -$441M2022: -$707.4M2023: -$985.3M2024: -$517.8M2025: $52.2M2026: $1.9B20192026
EBITDA
2019: -$89.3M2020: -$70.5M2021: -$370.7M2022: -$602.4M2023: -$671.6M2024: -$2.2M2025: $712M2026: $1.2B20192026
Free cash flow
2019: -$113.7M2020: -$100M2021: -$213.4M2022: -$273.9M2023: -$108.6M2024: $290.8M2025: $601.7M2026: $992.6M20192026
EPS
2019: -$0.472020: -$0.442021: -$1.642022: -$2.512023: -$3.342024: -$1.672025: $0.152026: $5.5320192026
Cash / Debt
2019 · 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
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
2020: +92.7%2021: +70.8%2022: +55.0%2023: +17.7%2024: +46.3%2025: +38.8%2026: +22.5%20192026
Shares outstanding
2019: 257.4M2020: 257.4M2021: 269.5M2022: 281.7M2023: 295.3M2024: 309.9M2025: 341M2026: 348.8M20192026
Valuation
2019 · 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

Refreshed 4h ago

Next catalyst

Catalysts

Earnings
2026-11-05
Revenue est. $1.2B · Updated 4h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.24$4.2B+30%14
FY 20271.97$5.5B+39%16
FY 20282.87$6.8B+73%14
FY 20293.97$8.5B+115%15
FY 20305.56$11.4B+188%6
Q3 20270.59$1.5B+45%2

Company events

6
2026-11-05EarningsActual - / Estimate 0.34-
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
Ratings181462
Analysts4253
Buy / hold / sell140 / 40 / 0291 / 144 / 26
Upgrades / downgrades / initiations2 / 1 / 1319 / 5 / 31
Price targets hit / missed3 / 143 (2%)155 / 216 (42%)
Avg. return after a rating (TipRanks)-25.1%+32.6%
Best / worst call+23.6% / -45.2%+615.7% / -45.2%

After buy calls on this stock: median 21-day move -2.5% vs S&P 500 -4.0% (n = 269)

Most accurate on this stock

  1. Rufus Hone · BMO Capital100% hit rate on this stockBuy · target $62.00 · Apr 11, 2025
  2. Harshita Rawat · Bernstein100% hit rate on this stockBuy · target $100 · Jul 21, 2026
  3. Bryan Keane · Citi100% hit rate on this stockBuy · target $100 · May 13, 2026

Latest ratings

  • Sep 8, 2026 Andrew Bauch (BMO Capital): Maintained · Buy · $101 · article
  • Sep 8, 2026 Unknown Analyst (Loop Capital Markets): Initiated · Buy · $105 · article
  • Sep 3, 2026 Dan Dolev (Mizuho Securities): Reiterated · Buy · $100 · article
  • Sep 3, 2026 Matthew Coad (Truist Financial): Reiterated · Buy · $85.00 · article
  • Sep 3, 2026 Terry Tillman (Truist Financial): Maintained · Buy · $85.00 · article
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$100Oct 25 · Buy 19 · Hold 9 · Sell 0Oct 25Nov 25 · Buy 16 · Hold 8 · Sell 0Dec 25 · Buy 16 · Hold 7 · Sell 0Dec 25Jan 26 · Buy 17 · Hold 6 · Sell 0Feb 26 · Buy 19 · Hold 7 · Sell 0Feb 26Mar 26 · Buy 18 · Hold 7 · Sell 0Apr 26 · Buy 20 · Hold 6 · Sell 0Apr 26May 26 · Buy 22 · Hold 7 · Sell 0Jun 26 · Buy 23 · Hold 8 · Sell 0Jun 26Jul 26 · Buy 25 · Hold 7 · Sell 0Aug 26 · Buy 26 · Hold 7 · Sell 0Aug 26Sep 26 · Buy 29 · Hold 7 · Sell 0Oct 25 · avg. target $91.59Nov 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 $96.85Oct 25 · month-end close $71.88Nov 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 $67.99

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

TipRanks data via FMP · computed Sep 11, 2026 · 181 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 $71.2 versus a reference stock price of $71.2, 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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