PerpEquities

Equity · Technology

Arista Networks, Inc. (ANET) perpetual futures

ANET perpetual futures on 6 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ANETUSDT.

Arista Networks, Inc. designs and sells cloud networking solutions, including Ethernet switches, routers, and software, with customer support, serving internet, telecom, finance, government, and media firms globally.

$198.78+5.6%NYSE closed
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venue perp mark · BingX (ANET-USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

6/6 live markets
Venues
6
Live markets
6/6
24h volume
$520.6KCoverage: 5/6 marketsExchange-reported volume: $7M
Open interest
$136.6KCoverage: 5/6 markets
Best liquidity
$316.2K
Bitget
Tightest spread
+15.6 bps
Bybit
Highest volume
$299.1K
HTX
Settlement mix
USDT · 5/6
Perp/spot vol.
0.00x
Spot volume $921.6M
OI / float
0.00%
Float $207.9B
Spot performance
1D+5.61%
5D+3.51%
1M+0.88%
6M+44.39%
YTD+52.32%
1Y+30.42%

Venue matrix

6 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
BingXTradeANET-USDTTrading$199.11+5.5% APR
+0.00500% every 8h
+46.2 bps$3K$6.5M$1.9KUSDT-
HTXTradeANET/USDTTrading$199.31+11.0% APR
+0.010% every 8h
+275.9 bps$0$299.1K$769.3USDT-
BybitTradeANET/USDTTrading$199.290.0% APR
0.000% every 8h
+15.6 bps$2.7K$120.8K$48.2KUSDT25x
Helix (Injective)TradeANET/USDCTrading$199.22+3.6% APR
+0.00042% every 1h
--$56.7K-USDC12x
BitgetTradeANET/USDTTrading$198.780.0% APR
0.000% every 8h
+38.8 bps$316.2K$41.9K$67.7KUSDT20x
Gate.ioTradeANET/USDTTrading$199.570.0% APR
0.000% every 8h
+83.0 bps$2.4K$2.1K$18KUSDT20x

Tradability

Execution quality

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

Thin liquidity · 1 of 6 venues absorb $10k · Typical cost: +75.8 bps

Cheapest execution: Bitget · +75.8 bps

Too thin: BingX, Bybit, Gate.io

No fresh book data: HTX, Helix (Injective)

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

Best venues for this underlying

Best liquidity

ANET

Tightest spread

ANET

Highest volume

ANET

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$251.3B
Updated 2h ago
Revenue
$10.5B
Trailing 12 months
Revenue growth
+41%
Next fiscal year
Profit margin
+38.4%
P/E
62.2
Peer P/E 44.8
Free cash flow
$5.2B
Trailing 12 months
More metrics
Net income
$4B
Trailing 12 months
P/S
23.8
Peer P/E
44.8
Similar listed perps
Revenue estimate
$12.7B
Next fiscal year
Earnings
2026-11-03
Revenue est. $3.3B · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$9B
Net margin+39.0%
Free cash flow$4.3B
Net debt-$2B
2020$2.3B
2021$2.9B
2022$4.4B
2023$5.9B
2024$7B
2025$9B
PeriodRevenueGrowthNet incomeFCF
2020$2.3B-4%$634.6M$719.7M
2021$2.9B+27%$840.9M$951.1M
2022$4.4B+49%$1.4B$448.2M
2023$5.9B+34%$2.1B$2B
2024$7B+20%$2.9B$3.7B
2025$9B+29%$3.5B$4.3B
PeriodGross marginOperating marginNet marginROEROA
2020+63.9%+30.2%+27.4%+19.1%+13.4%
2021+63.8%+31.4%+28.5%+21.1%+14.7%
2022+61.1%+34.9%+30.9%+27.7%+20.0%
2023+61.9%+38.5%+35.6%+28.9%+21.0%
2024+64.1%+42.0%+40.7%+28.5%+20.3%
2025+64.1%+42.8%+39.0%+28.4%+18.1%
PeriodCashDebtNet debtCurrent ratio
2020$893.2M$72.4M-$820.8M4.99
2021$620.8M$56.5M-$564.3M4.34
2022$671.7M$44M-$627.7M4.29
2023$1.9B$0-$1.9B4.38
2024$2.8B$0-$2.8B4.36
2025$2B$0-$2B3.05
PeriodMarket capEnterprise valueP/SP/E
2020$22.1B$21.3B9.534.9
2021$44.1B$43.5B14.952.1
2022$37.2B$36.6B8.527.6
2023$72.9B$70.9B12.434.8
2024$138.9B$136.1B19.848.7
2025$164.8B$162.9B18.347.0
Q3 2024$1.8B
Q4 2024$1.9B
Q1 2025$2B
Q2 2025$2.2B
Q3 2025$2.3B
Q4 2025$2.5B
Q1 2026$2.7B
Q2 2026$3B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$1.8B+20%$748M$1.2B
Q4 2024$1.9B+25%$801M$1B
Q1 2025$2B+28%$813.8M$613.3M
Q2 2025$2.2B+30%$888.8M$1.2B
Q3 2025$2.3B+27%$853M$1.2B
Q4 2025$2.5B+29%$955.8M$1.2B
Q1 2026$2.7B+35%$1B$1.6B
Q2 2026$3B+38%$1.2B$1.1B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+64.2%+43.4%+41.3%+8.1%+5.8%
Q4 2024+63.8%+41.4%+41.5%+8.0%+5.7%
Q1 2025+63.7%+42.8%+40.6%+8.0%+5.6%
Q2 2025+65.2%+44.7%+40.3%+8.2%+5.4%
Q3 2025+64.6%+42.4%+37.0%+7.2%+4.7%
Q4 2025+62.9%+41.5%+38.4%+7.7%+4.9%
Q1 2026+61.9%+42.7%+37.8%+7.6%+4.7%
Q2 2026+62.9%+45.4%+40.0%+8.2%+5.1%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$3.2B$0-$3.2B4.47
Q4 2024$2.8B$0-$2.8B4.36
Q1 2025$1.8B$0-$1.8B3.93
Q2 2025$2.2B$0-$2.2B3.33
Q3 2025$2.3B$0-$2.3B3.25
Q4 2025$2B$0-$2B3.05
Q1 2026$2.8B$0-$2.8B2.83
Q2 2026$2.3B$0-$2.3B2.96
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$120.7B$117.5B66.740.0
Q4 2024$139.3B$136.5B72.243.2
Q1 2025$97.6B$95.8B48.729.8
Q2 2025$128.5B$126.3B58.336.0
Q3 2025$183.3B$181B79.453.6
Q4 2025$164.8B$162.8B66.243.1
Q1 2026$154.4B$151.6B57.037.9
Q2 2026$213.9B$211.6B70.444.2
Historical value series
Revenue
Q3 2023: $1.5BQ4 2023: $1.5BQ1 2024: $1.6BQ2 2024: $1.7BQ3 2024: $1.8BQ4 2024: $1.9BQ1 2025: $2BQ2 2025: $2.2BQ3 2025: $2.3BQ4 2025: $2.5BQ1 2026: $2.7BQ2 2026: $3BQ3 2023Q2 2026
Net income
Q3 2023: $545.3MQ4 2023: $613.6MQ1 2024: $637.7MQ2 2024: $665.4MQ3 2024: $748MQ4 2024: $801MQ1 2025: $813.8MQ2 2025: $888.8MQ3 2025: $853MQ4 2025: $955.8MQ1 2026: $1BQ2 2026: $1.2BQ3 2023Q2 2026
EBITDA
Q3 2023: $661.5MQ4 2023: $708.8MQ1 2024: $738.4MQ2 2024: $785.9MQ3 2024: $898.5MQ4 2024: $904.3MQ1 2025: $968.8MQ2 2025: $1.1BQ3 2025: $1.1BQ4 2025: $1.2BQ1 2026: $1.3BQ2 2026: $1.6BQ3 2023Q2 2026
Free cash flow
Q3 2023: $687.8MQ4 2023: $520.5MQ1 2024: $504.4MQ2 2024: $985.8MQ3 2024: $1.2BQ4 2024: $1BQ1 2025: $613.3MQ2 2025: $1.2BQ3 2025: $1.2BQ4 2025: $1.2BQ1 2026: $1.6BQ2 2026: $1.1BQ3 2023Q2 2026
EPS
Q3 2023: $0.43Q4 2023: $0.48Q1 2024: $0.5Q2 2024: $0.52Q3 2024: $0.58Q4 2024: $0.62Q1 2025: $0.64Q2 2025: $0.7Q3 2025: $0.67Q4 2025: $0.75Q1 2026: $0.8Q2 2026: $0.95Q3 2023Q2 2026
Cash / Debt
Q3 2023 · Cash: $1.7BQ3 2023 · Debt: $48MQ4 2023 · Cash: $1.9BQ4 2023 · Debt: $0Q1 2024 · Cash: $2.1BQ1 2024 · Debt: $0Q2 2024 · Cash: $2.4BQ2 2024 · Debt: $0Q3 2024 · Cash: $3.2BQ3 2024 · Debt: $0Q4 2024 · Cash: $2.8BQ4 2024 · Debt: $0Q1 2025 · Cash: $1.8BQ1 2025 · Debt: $0Q2 2025 · Cash: $2.2BQ2 2025 · Debt: $0Q3 2025 · Cash: $2.3BQ3 2025 · Debt: $0Q4 2025 · Cash: $2BQ4 2025 · Debt: $0Q1 2026 · Cash: $2.8BQ1 2026 · Debt: $0Q2 2026 · Cash: $2.3BQ2 2026 · Debt: $0Q3 2023Q2 2026
CashDebt
Profitability
Q3 2023 · Gross margin: +62.4%Q4 2023 · Gross margin: +64.9%Q1 2024 · Gross margin: +63.7%Q2 2024 · Gross margin: +64.9%Q3 2024 · Gross margin: +64.2%Q4 2024 · Gross margin: +63.8%Q1 2025 · Gross margin: +63.7%Q2 2025 · Gross margin: +65.2%Q3 2025 · Gross margin: +64.6%Q4 2025 · Gross margin: +62.9%Q1 2026 · Gross margin: +61.9%Q2 2026 · Gross margin: +62.9%Q3 2023 · Operating margin: +39.9%Q4 2023 · Operating margin: +41.5%Q1 2024 · Operating margin: +42.0%Q2 2024 · Operating margin: +41.4%Q3 2024 · Operating margin: +43.4%Q4 2024 · Operating margin: +41.4%Q1 2025 · Operating margin: +42.8%Q2 2025 · Operating margin: +44.7%Q3 2025 · Operating margin: +42.4%Q4 2025 · Operating margin: +41.5%Q1 2026 · Operating margin: +42.7%Q2 2026 · Operating margin: +45.4%Q3 2023 · Net margin: +36.1%Q4 2023 · Net margin: +39.8%Q1 2024 · Net margin: +40.6%Q2 2024 · Net margin: +39.4%Q3 2024 · Net margin: +41.3%Q4 2024 · Net margin: +41.5%Q1 2025 · Net margin: +40.6%Q2 2025 · Net margin: +40.3%Q3 2025 · Net margin: +37.0%Q4 2025 · Net margin: +38.4%Q1 2026 · Net margin: +37.8%Q2 2026 · Net margin: +40.0%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth
Q2 2024: +15.9%Q3 2024: +20.0%Q4 2024: +25.3%Q1 2025: +27.6%Q2 2025: +30.4%Q3 2025: +27.5%Q4 2025: +28.9%Q1 2026: +35.1%Q2 2026: +37.7%Q3 2023Q2 2026
Shares outstanding
Q3 2023: 1.3BQ4 2023: 1.3BQ1 2024: 1.3BQ2 2024: 1.3BQ3 2024: 1.3BQ4 2024: 1.3BQ1 2025: 1.3BQ2 2025: 1.3BQ3 2025: 1.3BQ4 2025: 1.3BQ1 2026: 1.3BQ2 2026: 1.3BQ3 2023Q2 2026
Valuation
Q3 2023 · P/E: 26.1Q4 2023 · P/E: 30.0Q1 2024 · P/E: 36.7Q2 2024 · P/E: 42.1Q3 2024 · P/E: 40.0Q4 2024 · P/E: 43.2Q1 2025 · P/E: 29.8Q2 2025 · P/E: 36.0Q3 2025 · P/E: 53.6Q4 2025 · P/E: 43.1Q1 2026 · P/E: 37.9Q2 2026 · P/E: 44.2Q3 2023 · P/S: 37.8Q4 2023 · P/S: 47.6Q1 2024 · P/S: 59.7Q2 2024 · P/S: 66.2Q3 2024 · P/S: 66.7Q4 2024 · P/S: 72.2Q1 2025 · P/S: 48.7Q2 2025 · P/S: 58.3Q3 2025 · P/S: 79.4Q4 2025 · P/S: 66.2Q1 2026 · P/S: 57.0Q2 2026 · P/S: 70.4Q3 2023Q2 2026
P/EP/S
Revenue
2018: $2.2B2019: $2.4B2020: $2.3B2021: $2.9B2022: $4.4B2023: $5.9B2024: $7B2025: $9B20182025
Net income
2018: $328.1M2019: $859.9M2020: $634.6M2021: $840.9M2022: $1.4B2023: $2.1B2024: $2.9B2025: $3.5B20182025
EBITDA
2018: $319.2M2019: $838.6M2020: $734.8M2021: $981.2M2022: $1.6B2023: $2.5B2024: $3.3B2025: $4.3B20182025
Free cash flow
2018: $479.3M2019: $947.3M2020: $719.7M2021: $951.1M2022: $448.2M2023: $2B2024: $3.7B2025: $4.3B20182025
EPS
2018: $0.252019: $0.662020: $0.52021: $0.662022: $1.072023: $1.652024: $2.232025: $2.7520182025
Cash / Debt
2018 · Cash: $650M2018 · Debt: $35.4M2019 · Cash: $1.1B2019 · Debt: $83M2020 · Cash: $893.2M2020 · Debt: $72.4M2021 · Cash: $620.8M2021 · Debt: $56.5M2022 · Cash: $671.7M2022 · Debt: $44M2023 · Cash: $1.9B2023 · Debt: $02024 · Cash: $2.8B2024 · Debt: $02025 · Cash: $2B2025 · Debt: $020182025
CashDebt
Profitability
2018 · Gross margin: +63.8%2019 · Gross margin: +64.1%2020 · Gross margin: +63.9%2021 · Gross margin: +63.8%2022 · Gross margin: +61.1%2023 · Gross margin: +61.9%2024 · Gross margin: +64.1%2025 · Gross margin: +64.1%2018 · Operating margin: +12.7%2019 · Operating margin: +33.4%2020 · Operating margin: +30.2%2021 · Operating margin: +31.4%2022 · Operating margin: +34.9%2023 · Operating margin: +38.5%2024 · Operating margin: +42.0%2025 · Operating margin: +42.8%2018 · Net margin: +15.3%2019 · Net margin: +35.7%2020 · Net margin: +27.4%2021 · Net margin: +28.5%2022 · Net margin: +30.9%2023 · Net margin: +35.6%2024 · Net margin: +40.7%2025 · Net margin: +39.0%20182025
Gross marginOperating marginNet margin
Revenue growth
2019: +12.1%2020: -3.9%2021: +27.2%2022: +48.6%2023: +33.8%2024: +19.5%2025: +28.6%20182025
Shares outstanding
2018: 1.3B2019: 1.3B2020: 1.3B2021: 1.3B2022: 1.3B2023: 1.3B2024: 1.3B2025: 1.3B20182025
Valuation
2018 · P/E: 48.02019 · P/E: 18.22020 · P/E: 34.92021 · P/E: 52.12022 · P/E: 27.62023 · P/E: 34.82024 · P/E: 48.72025 · P/E: 47.02018 · P/S: 7.32019 · P/S: 6.42020 · P/S: 9.52021 · P/S: 14.92022 · P/S: 8.52023 · P/S: 12.42024 · P/S: 19.82025 · P/S: 18.320182025
P/EP/S

Refreshed 2h ago

Next catalyst

Catalysts

Earnings
2026-11-03
Revenue est. $3.3B · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20264.11$12.7B+41%17
FY 20275.22$16.5B+83%18
FY 20286.39$20.4B+126%11
FY 20297.87$24.1B+168%4
Q1 20271.17$3.7B+36%8
Q1 20271.02$3.3B+21%6

Company events

6
2026-11-03EarningsActual - / Estimate 1.06-
2026-08-04EarningsActual 1.02 / Estimate 0.89Beat
2026-05-05EarningsActual 0.87 / Estimate 0.81Beat
2026-02-12EarningsActual 0.82 / Estimate 0.76Beat
2025-11-04EarningsActual 0.75 / Estimate 0.72Beat
2025-08-05EarningsActual 0.73 / Estimate 0.65Beat

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Sep 12, 2026, 06:52 AM UTC

Company profile

Sector
Technology
Industry
Computer Hardware
Chief executive
Jayshree V. Ullal
Employees
5,115
IPO date
Jun 6, 2014
Country
US
Exchange
New York Stock Exchange
Website
Altman Z-scorei18.84
Piotroski scorei4/9
FMP ratingiB
Owner earningsi$1.07B$0.84 per share
ESG risk ratingiB-Industry rank: 42 out of 42

Rating factors

Return on equityi
5
Return on assetsi
5
Debt to equityi
1
Price to earningsi
1
Price to booki
1
Market cap history
2026-06-112026-09-11Latest: $251.26BHigh: $251.26BLow: $196.70B
Largest fund holders
FundWeightShares held
VTI0.27%34.1M
VOO0.29%27.1M
IVV0.3%13.2M
1657.T0.23%13.2M
FXAIX0.29%12.7M
SPY0.3%12.7M
VUG0.55%11.5M
XLK1.29%8.2M
VGT0.83%7.4M
FCNKX0.68%6.2M
VIIIX0.29%5.6M
NBF0.55%4.1M

Analyst track record

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

12 months3 years
Ratings123371
Analysts2837
Buy / hold / sell115 / 8 / 0320 / 46 / 5
Upgrades / downgrades / initiations5 / 1 / 612 / 6 / 10
Price targets hit / missed63 / 43 (59%)263 / 67 (80%)
Avg. return after a rating (TipRanks)+0.7%+57.9%
Best / worst call+35.0% / -34.6%+260.0% / -34.6%

After buy calls on this stock: median 21-day move +4.7% vs S&P 500 +1.5% (n = 318)

Most accurate on this stock

  1. Atif Malik · Citi100% hit rate on this stockBuy · target $97.00 · May 7, 2025
  2. Aaron Rakers · Wells Fargo100% hit rate on this stockBuy · target $97.50 · Jul 24, 2024
  3. Simon Leopold · Raymond James100% hit rate on this stockBuy · target $164 · May 15, 2026

Latest ratings

  • Aug 31, 2026 Gianmarco Conti (Deutsche Bank): Initiated · Buy · $220 · article
  • Aug 27, 2026 Tal Liani (Bank of America Securities): Maintained · Buy · $240 · article
  • Aug 21, 2026 James Fish (Piper Sandler): Maintained · Buy · $240 · article
  • Aug 11, 2026 Unknown Analyst (William O'Neil): Initiated · Buy · article
  • Aug 10, 2026 Michael Ng (Goldman Sachs): Maintained · Buy · $225 · 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$120$140$160$180$200$220$240Oct 25 · Buy 18 · Hold 3 · Sell 0Oct 25Nov 25 · Buy 15 · Hold 4 · Sell 0Dec 25 · Buy 16 · Hold 4 · Sell 0Dec 25Jan 26 · Buy 18 · Hold 3 · Sell 0Feb 26 · Buy 18 · Hold 2 · Sell 0Feb 26Mar 26 · Buy 18 · Hold 2 · Sell 0Apr 26 · Buy 20 · Hold 1 · Sell 0Apr 26May 26 · Buy 21 · Hold 0 · Sell 0Jun 26 · Buy 20 · Hold 0 · Sell 0Jun 26Jul 26 · Buy 20 · Hold 0 · Sell 0Aug 26 · Buy 23 · Hold 0 · Sell 0Aug 26Sep 26 · Buy 23 · Hold 0 · Sell 0Oct 25 · avg. target $165Nov 25 · avg. target $172Dec 25 · avg. target $171Jan 26 · avg. target $172Feb 26 · avg. target $182Mar 26 · avg. target $180Apr 26 · avg. target $180May 26 · avg. target $187Jun 26 · avg. target $191Jul 26 · avg. target $193Aug 26 · avg. target $240Sep 26 · avg. target $240Oct 25 · month-end close $158Nov 25 · month-end close $131Dec 25 · month-end close $131Jan 26 · month-end close $142Feb 26 · month-end close $134Mar 26 · month-end close $123Apr 26 · month-end close $173May 26 · month-end close $159Jun 26 · month-end close $170Jul 26 · month-end close $180Aug 26 · month-end close $196Sep 26 · month-end close $189

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 · 123 ratings

Frequently asked questions

Where can I trade ANET perpetual futures?

Arista Networks, Inc. (ANET) perpetual futures trade on 6 crypto venues, including BingX, HTX, Bybit. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade ANET around the clock?

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

What is the funding rate on ANET perpetuals?

Right now the ANET perp funding rate is +1.8% annualized (venue median), ranging from 0.0% to +11.0% across 6 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the ANET perp price compare to the Arista Networks, Inc. stock?

The venue-median ANET perp mark is $199.3 versus a reference stock price of $198.8, a basis of +0.2%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

What is a ANET perpetual future?

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

What is ANETUSDT perpetual?

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

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