PerpEquities

Equity

Air Products and Chemicals, Inc. (APD) perpetual futures

APD perpetual futures on 4 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade APDUSDT.

Air Products and Chemicals supplies industrial gases such as oxygen, nitrogen, argon, hydrogen and helium, plus gas-production equipment and related services, to industries including refining, chemicals, metals, food and beverage, electronics and energy.

$286.93-0.1%NYSE closed
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Collecting venue price data...
venue perp mark · HTX (APD/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

4/4 live markets
Venues
4
Live markets
4/4
24h volume
$451.4K
Open interest
$526.3K
Best liquidity
$146K
Bitget
Tightest spread
+59.8 bps
Bitget
Highest volume
$362.2K
HTX
Settlement mix
USDT · 4/4
Perp/spot vol.
0.00x
Spot volume $158.8M
OI / float
0.00%
Float $63.9B
Spot performance
1D-0.19%
5D+1.17%
1M-5.83%
6M+3.10%
YTD+16.31%
1Y+3.88%

Venue matrix

4 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
HTXTradeAPD/USDTTrading$286.930.0% APR
0.000% every 8h
+1,037.2 bps$0$362.2K$4.9KUSDT-
MEXCTradeAPD/USDTTrading$287.820.0% APR
0.000% every 8h
+140.4 bps$2.9K$81.7K$399.9KUSDT20x
BitgetTradeAPD/USDTTrading$286.930.0% APR
0.000% every 8h
+59.8 bps$146K$7K$112.6KUSDT20x
Gate.ioTradeAPD/USDTTrading$286.910.0% APR
0.000% every 8h
+160.9 bps$24.2K$486$8.9KUSDT20x

Tradability

Execution quality

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

Thin liquidity · 1 of 4 venues absorb $10k · Typical cost: +87.5 bps

Cheapest execution: Bitget · +87.5 bps

No fresh book data: Gate.io, MEXC, HTX

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

Best venues for this underlying

Best liquidity

APD

Tightest spread

APD

Highest volume

APD

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$64B
Updated 2h ago
Revenue
$12.6B
Trailing 12 months
Revenue growth
+6%
Next fiscal year
Profit margin
-0.4%
P/E
-1,381.9
Peer P/E 38.5
Free cash flow
$2.1B
Trailing 12 months
More metrics
Net income
-$47.3M
Trailing 12 months
P/S
5.1
Peer P/E
38.5
Similar listed perps
Revenue estimate
$12.8B
Next fiscal year
Earnings
2026-11-05
Revenue est. $3.3B · Updated 2h ago
Dividend
$1.81
2026-10-01

Fundamental detail

Annual + quarterly
Latest revenue$12B
Net margin-3.3%
Free cash flow-$3.8B
Net debt$16.6B
2020$8.9B
2021$10.3B
2022$12.7B
2023$12.6B
2024$12.1B
2025$12B
PeriodRevenueGrowthNet incomeFCF
2020$8.9B-1%$1.9B$755.7M
2021$10.3B+17%$2.1B$877.7M
2022$12.7B+23%$2.3B$303.7M
2023$12.6B-1%$2.3B-$1.4B
2024$12.1B-4%$3.8B-$3.2B
2025$12B-1%-$394.5M-$3.8B
PeriodGross marginOperating marginNet marginROEROA
2020+33.9%+25.3%+21.3%+15.6%+7.5%
2021+30.4%+22.1%+20.3%+15.5%+7.8%
2022+26.5%+18.4%+17.8%+17.2%+8.3%
2023+29.9%+19.8%+18.3%+16.1%+7.2%
2024+32.5%+36.9%+31.6%+22.5%+9.7%
2025+31.4%-7.3%-3.3%-2.6%-1.0%
PeriodCashDebtNet debtCurrent ratio
2020$5.3B$8.3B$3.1B3.59
2021$4.5B$8.2B$3.8B2.99
2022$2.7B$8.3B$5.6B1.81
2023$1.6B$11B$9.4B1.33
2024$3B$15B$12B1.52
2025$1.9B$18.4B$16.6B1.38
PeriodMarket capEnterprise valueP/SP/E
2020$65.9B$68.9B7.434.7
2021$56.8B$60.5B5.528.0
2022$51.7B$57.3B4.123.0
2023$63B$72.4B5.027.5
2024$66.2B$78.3B5.517.3
2025$60.8B$77.3B5.0-154.1
Q4 2024$3.2B
Q1 2025$2.9B
Q2 2025$2.9B
Q3 2025$3B
Q4 2025$3.2B
Q1 2026$3.1B
Q2 2026$3.2B
Q3 2026$3.2B
PeriodRevenueGrowthNet incomeFCF
Q4 2024$3.2B0%$1.9B-$1.1B
Q1 2025$2.9B-2%$617.4M-$1.3B
Q2 2025$2.9B0%-$1.7B-$1.6B
Q3 2025$3B+1%$713.8M-$640M
Q4 2025$3.2B-1%$4.9M-$256.5M
Q1 2026$3.1B+6%$678.2M-$350.5M
Q2 2026$3.2B+9%$710.4M$2.4B
Q3 2026$3.2B+5%-$1.4B$309.5M
PeriodGross marginOperating marginNet marginROEROA
Q4 2024+34.0%+76.1%+61.2%+11.4%+4.9%
Q1 2025+31.2%+22.0%+21.1%+3.7%+1.5%
Q2 2025+29.6%-79.8%-59.3%-11.8%-4.5%
Q3 2025+32.5%+26.2%+23.6%+4.6%+1.7%
Q4 2025+32.3%+0.5%+0.2%0.0%0.0%
Q1 2026+32.1%+23.7%+21.9%+4.4%+1.6%
Q2 2026+31.1%+23.7%+22.4%+4.5%+1.7%
Q3 2026+32.8%-66.3%-45.6%-10.4%-3.6%
PeriodCashDebtNet debtCurrent ratio
Q4 2024$3B$15B$12B1.52
Q1 2025$1.8B$15.1B$13.3B1.11
Q2 2025$1.5B$16.5B$15B1.00
Q3 2025$2.3B$18.3B$16B1.29
Q4 2025$1.9B$18.4B$16.6B1.38
Q1 2026$1B$18.1B$17.1B1.46
Q2 2026$951M$18.4B$17.4B1.43
Q3 2026$980.5M$18.2B$17.2B1.08
PeriodMarket capEnterprise valueP/SP/E
Q4 2024$66.2B$78.3B20.88.5
Q1 2025$64.6B$77.9B22.026.2
Q2 2025$65.7B$80.7B22.5-9.5
Q3 2025$62.8B$78.9B20.822.0
Q4 2025$60.8B$77.3B19.23,099.1
Q1 2026$55B$72.1B17.720.3
Q2 2026$64.7B$82.1B20.422.8
Q3 2026$65.3B$82.5B20.7-11.3

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$3.2BQ3 2026
$797.8M$1.6B$2.4B$3.2BQ4 2023: $3.2BQ1 2024: $3BQ2 2024: $2.9BQ3 2024: $3BQ4 2024: $3.2BQ1 2025: $2.9BQ2 2025: $2.9BQ3 2025: $3BQ4 2025: $3.2BQ1 2026: $3.1BQ2 2026: $3.2BQ3 2026: $3.2BQ4 2023Q3 2026
Net income-$1.4BQ3 2026
-$810.5M$109.7M$1B$1.9BQ4 2023: $692.6MQ1 2024: $609.3MQ2 2024: $572.4MQ3 2024: $696.6MQ4 2024: $1.9BQ1 2025: $617.4MQ2 2025: -$1.7BQ3 2025: $713.8MQ4 2025: $4.9MQ1 2026: $678.2MQ2 2026: $710.4MQ3 2026: -$1.4BQ4 2023Q3 2026
EBITDA-$1.9BQ3 2026
-$682.8M$522.8M$1.7B$2.9BQ4 2023: $1.2BQ1 2024: $1.2BQ2 2024: $1.1BQ3 2024: $1.3BQ4 2024: $2.9BQ1 2025: $1.2BQ2 2025: -$1.8BQ3 2025: $1.4BQ4 2025: $601.9MQ1 2026: $1.3BQ2 2026: $1.3BQ3 2026: -$1.9BQ4 2023Q3 2026
Free cash flow$309.5MQ3 2026
-$583.8M$395.8M$1.4B$2.4BQ4 2023: -$460MQ1 2024: -$818.9MQ2 2024: -$867.7MQ3 2024: -$345.2MQ4 2024: -$1.1BQ1 2025: -$1.3BQ2 2025: -$1.6BQ3 2025: -$640MQ4 2025: -$256.5MQ1 2026: -$350.5MQ2 2026: $2.4BQ3 2026: $309.5MQ4 2023Q3 2026
EPS-$6.46Q3 2026
-$3.64$0.49$4.62$8.75Q4 2023: $3.11Q1 2024: $2.73Q2 2024: $2.57Q3 2024: $3.13Q4 2024: $8.75Q1 2025: $2.77Q2 2025: -$7.77Q3 2025: $3.2Q4 2025: $0.02Q1 2026: $3.04Q2 2026: $3.19Q3 2026: -$6.46Q4 2023Q3 2026
Cash / Debt$980.5MQ3 2026
$4.6B$9.2B$13.8B$18.4BQ4 2023 · Cash: $1.6BQ4 2023 · Debt: $11BQ1 2024 · Cash: $2BQ1 2024 · Debt: $12.7BQ2 2024 · Cash: $2.5BQ2 2024 · Debt: $14.3BQ3 2024 · Cash: $2.4BQ3 2024 · Debt: $14.7BQ4 2024 · Cash: $3BQ4 2024 · Debt: $15BQ1 2025 · Cash: $1.8BQ1 2025 · Debt: $15.1BQ2 2025 · Cash: $1.5BQ2 2025 · Debt: $16.5BQ3 2025 · Cash: $2.3BQ3 2025 · Debt: $18.3BQ4 2025 · Cash: $1.9BQ4 2025 · Debt: $18.4BQ1 2026 · Cash: $1BQ1 2026 · Debt: $18.1BQ2 2026 · Cash: $951MQ2 2026 · Debt: $18.4BQ3 2026 · Cash: $980.5MQ3 2026 · Debt: $18.2BQ4 2023Q3 2026
CashDebt
Profitability+32.8%Q3 2026
-40.9%-1.9%+37.1%+76.1%Q4 2023 · Gross margin: +30.8%Q1 2024 · Gross margin: +31.1%Q2 2024 · Gross margin: +32.0%Q3 2024 · Gross margin: +32.8%Q4 2024 · Gross margin: +34.0%Q1 2025 · Gross margin: +31.2%Q2 2025 · Gross margin: +29.6%Q3 2025 · Gross margin: +32.5%Q4 2025 · Gross margin: +32.3%Q1 2026 · Gross margin: +32.1%Q2 2026 · Gross margin: +31.1%Q3 2026 · Gross margin: +32.8%Q4 2023 · Operating margin: +23.1%Q1 2024 · Operating margin: +22.3%Q2 2024 · Operating margin: +21.7%Q3 2024 · Operating margin: +24.7%Q4 2024 · Operating margin: +76.1%Q1 2025 · Operating margin: +22.0%Q2 2025 · Operating margin: -79.8%Q3 2025 · Operating margin: +26.2%Q4 2025 · Operating margin: +0.5%Q1 2026 · Operating margin: +23.7%Q2 2026 · Operating margin: +23.7%Q3 2026 · Operating margin: -66.3%Q4 2023 · Net margin: +21.7%Q1 2024 · Net margin: +20.3%Q2 2024 · Net margin: +19.5%Q3 2024 · Net margin: +23.3%Q4 2024 · Net margin: +61.2%Q1 2025 · Net margin: +21.1%Q2 2025 · Net margin: -59.3%Q3 2025 · Net margin: +23.6%Q4 2025 · Net margin: +0.2%Q1 2026 · Net margin: +21.9%Q2 2026 · Net margin: +22.4%Q3 2026 · Net margin: -45.6%Q4 2023Q3 2026
Gross marginOperating marginNet margin
Revenue growth+4.6%Q3 2026
+0.5%+3.3%+6.0%+8.8%Q4 2024: -0.1%Q1 2025: -2.2%Q2 2025: -0.5%Q3 2025: +1.3%Q4 2025: -0.6%Q1 2026: +5.8%Q2 2026: +8.8%Q3 2026: +4.6%Q4 2023Q3 2026
Shares outstanding222.8MQ3 2026
55.7M111.5M167.2M222.9MQ4 2023: 222.8MQ1 2024: 222.8MQ2 2024: 222.7MQ3 2024: 222.8MQ4 2024: 222.8MQ1 2025: 222.9MQ2 2025: 222.7MQ3 2025: 222.9MQ4 2025: 222.9MQ1 2026: 222.9MQ2 2026: 222.9MQ3 2026: 222.8MQ4 2023Q3 2026
Valuation-11.3Q3 2026
766.31,543.92,321.53,099.1Q4 2023 · P/E: 22.8Q1 2024 · P/E: 25.0Q2 2024 · P/E: 23.7Q3 2024 · P/E: 19.8Q4 2024 · P/E: 8.5Q1 2025 · P/E: 26.2Q2 2025 · P/E: -9.5Q3 2025 · P/E: 22.0Q4 2025 · P/E: 3,099.1Q1 2026 · P/E: 20.3Q2 2026 · P/E: 22.8Q3 2026 · P/E: -11.3Q4 2023 · P/S: 19.7Q1 2024 · P/S: 20.3Q2 2024 · P/S: 18.5Q3 2024 · P/S: 18.4Q4 2024 · P/S: 20.8Q1 2025 · P/S: 22.0Q2 2025 · P/S: 22.5Q3 2025 · P/S: 20.8Q4 2025 · P/S: 19.2Q1 2026 · P/S: 17.7Q2 2026 · P/S: 20.4Q3 2026 · P/S: 20.7Q4 2023Q3 2026
P/EP/S
Revenue$12B2025
$3.2B$6.3B$9.5B$12.7B2018: $8.9B2019: $8.9B2020: $8.9B2021: $10.3B2022: $12.7B2023: $12.6B2024: $12.1B2025: $12B20182025
Net income-$394.5M2025
$661.2M$1.7B$2.8B$3.8B2018: $1.5B2019: $1.8B2020: $1.9B2021: $2.1B2022: $2.3B2023: $2.3B2024: $3.8B2025: -$394.5M20182025
EBITDA$1.3B2025
$1.6B$3.2B$4.9B$6.5B2018: $3.1B2019: $3.5B2020: $3.7B2021: $4B2022: $4.2B2023: $4.4B2024: $6.5B2025: $1.3B20182025
Free cash flow-$3.8B2025
-$2.6B-$1.4B-$206.3M$980.2M2018: $973.5M2019: $980.2M2020: $755.7M2021: $877.7M2022: $303.7M2023: -$1.4B2024: -$3.2B2025: -$3.8B20182025
EPS-$1.772025
$2.97$7.71$12.4$17.22018: $6.782019: $7.942020: $8.552021: $9.122022: $10.12023: $10.32024: $17.22025: -$1.7720182025
Cash / Debt$1.9B2025
$4.6B$9.2B$13.8B$18.4B2018 · Cash: $2.8B2018 · Debt: $3.8B2019 · Cash: $2.2B2019 · Debt: $3.3B2020 · Cash: $5.3B2020 · Debt: $8.3B2021 · Cash: $4.5B2021 · Debt: $8.2B2022 · Cash: $2.7B2022 · Debt: $8.3B2023 · Cash: $1.6B2023 · Debt: $11B2024 · Cash: $3B2024 · Debt: $15B2025 · Cash: $1.9B2025 · Debt: $18.4B20182025
CashDebt
Profitability+31.4%2025
+3.8%+14.8%+25.9%+36.9%2018 · Gross margin: +30.7%2019 · Gross margin: +33.0%2020 · Gross margin: +33.9%2021 · Gross margin: +30.4%2022 · Gross margin: +26.5%2023 · Gross margin: +29.9%2024 · Gross margin: +32.5%2025 · Gross margin: +31.4%2018 · Operating margin: +22.0%2019 · Operating margin: +24.0%2020 · Operating margin: +25.3%2021 · Operating margin: +22.1%2022 · Operating margin: +18.4%2023 · Operating margin: +19.8%2024 · Operating margin: +36.9%2025 · Operating margin: -7.3%2018 · Net margin: +16.8%2019 · Net margin: +19.7%2020 · Net margin: +21.3%2021 · Net margin: +20.3%2022 · Net margin: +17.8%2023 · Net margin: +18.3%2024 · Net margin: +31.6%2025 · Net margin: -3.3%20182025
Gross marginOperating marginNet margin
Revenue growth-0.5%2025
+2.8%+9.5%+16.3%+23.0%2019: -0.1%2020: -0.7%2021: +16.6%2022: +23.0%2023: -0.8%2024: -4.0%2025: -0.5%20182025
Shares outstanding222.9M2025
55.7M111.5M167.2M222.9M2018: 220.8M2019: 221.6M2020: 222.3M2021: 222.5M2022: 222.5M2023: 222.7M2024: 222.8M2025: 222.9M20182025
Valuation-154.12025
-106.9-59.7-12.534.72018 · P/E: 24.82019 · P/E: 27.82020 · P/E: 34.72021 · P/E: 28.02022 · P/E: 23.02023 · P/E: 27.52024 · P/E: 17.32025 · P/E: -154.12018 · P/S: 4.22019 · P/S: 5.52020 · P/S: 7.42021 · P/S: 5.52022 · P/S: 4.12023 · P/S: 5.02024 · P/S: 5.52025 · P/S: 5.020182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-05
Revenue est. $3.3B · Updated 2h ago
Dividend
$1.81
2026-10-01

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202613.45$12.8B+6%12
FY 202714.44$13.5B+12%12
FY 202815.61$14.3B+19%5
FY 202918.75$16.5B+37%3
FY 203016.67$15.3B+27%3
Q4 20283.87$3.2B0%5

Company events

6
2026-11-05EarningsActual - / Estimate 3.6-
2026-10-01Dividend$1.81-
2026-07-30EarningsActual 3.47 / Estimate 3.34Beat
2026-07-01Dividend$1.81-
2026-04-30EarningsActual 3.2 / Estimate 3.06Beat
2026-04-01Dividend$1.81-

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings108302
Analysts2432
Buy / hold / sell65 / 40 / 3183 / 113 / 6
Upgrades / downgrades / initiations8 / 3 / 219 / 15 / 5
Price targets hit / missed17 / 86 (17%)59 / 223 (21%)
Avg. return after a rating (TipRanks)-8.6%-8.5%
Best / worst call+17.3% / -23.3%+19.8% / -31.1%

After buy calls on this stock: not enough measured cases yet

Latest ratings

DateAnalystCallTarget
Sep 16, 2026Patrick CunninghamCitiHoldMaintained$330
Sep 11, 2026Salvator TianoKeyBancHoldInitiated
Sep 11, 2026Unknown AnalystKeyBancHoldInitiated
Sep 8, 2026Alexandra YatesArgus ResearchBuyMaintained$329
Sep 8, 2026David BegleiterDeutsche BankHoldMaintained$320

TipRanks data via FMP · computed Sep 23, 2026 · 108 ratings

Frequently asked questions

Where can I trade APD perpetual futures?

Air Products and Chemicals, Inc. (APD) perpetual futures trade on 4 crypto venues, including HTX, MEXC, Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade APD around the clock?

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

What is the funding rate on APD perpetuals?

Right now the APD perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to 0.0% across 4 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the APD perp price compare to the Air Products and Chemicals, Inc. stock?

The venue-median APD perp mark is $286.9 versus a reference stock price of $286.9, 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 APD perpetual future?

A APD perpetual is a derivative that tracks the price of Air Products and Chemicals, Inc. with no expiry date. It lets you take long or short exposure to Air Products and Chemicals, Inc. on crypto venues, around the clock.

What is APDUSDT perpetual?

APDUSDT is the symbol most crypto exchanges use for the Air Products and Chemicals, Inc. perpetual settled in USDT (Tether). It tracks the APD share price through an index, trades 24/7 with leverage and never expires.

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