PerpEquities

Equity

Axon Enterprise, Inc. (AXON) perpetual futures

AXON perpetual futures on 3 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade AXONUSDT.

Axon Enterprise develops TASER conducted energy devices and cloud software such as body cameras and the Axon Evidence platform for law enforcement agencies worldwide.

$454.38-1.7%NASDAQ closed
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venue perp mark · MEXC (AXON/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

3/3 live markets
Venues
3
Live markets
3/3
24h volume
$166.2K
Open interest
$1.5M
Best liquidity
$479.2K
MEXC
Tightest spread
+2.0 bps
Bitget
Highest volume
$122K
MEXC
Settlement mix
USDT · 2/3
Perp/spot vol.
0.00x
Spot volume $344M
OI / float
0.00%
Float $34.5B
Spot performance
1D-1.90%
5D-1.10%
1M-28.22%
6M-11.17%
YTD-20.66%
1Y-42.05%

Venue matrix

3 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
MEXCTradeAXON/USDTTrading$454.380.0% APR
0.000% every 8h
+109.0 bps$479.2K$122K$1MUSDT20x
BitgetTradeAXON/USDTTrading$456.210.0% APR
0.000% every 8h
+2.0 bps-$44.2K$416KUSDT20x
ExtendedTradeAXON/USDTrading$450.34+4.4% APR
+0.00050% every 1h
+95.1 bps$200K$0$1.8KUSD10x

Tradability

Execution quality

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

Thin liquidity · 1 of 3 venues absorb $10k · Typical cost: +75.1 bps

Cheapest execution: Extended · +75.1 bps

No fresh book data: MEXC, Bitget

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

Best venues for this underlying

Best liquidity

AXON

Tightest spread

AXON

Highest volume

AXON

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$36.3B
Updated 2h ago
Revenue
$3.2B
Trailing 12 months
Revenue growth
+33%
Next fiscal year
Profit margin
+6.2%
P/E
181.5
Peer P/E 40.6
Free cash flow
$133.2M
Trailing 12 months
More metrics
Net income
$199.6M
Trailing 12 months
P/S
11.3
Peer P/E
40.6
Similar listed perps
Revenue estimate
$3.7B
Next fiscal year
Earnings
2026-11-03
Revenue est. $940.8M · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$2.8B
Net margin+4.5%
Free cash flow$75.1M
Net debt$708.5M
2020$681M
2021$863.4M
2022$1.2B
2023$1.6B
2024$2.1B
2025$2.8B
PeriodRevenueGrowthNet incomeFCF
2020$681M+28%-$1.7M-$34.4M
2021$863.4M+27%-$60M$74.2M
2022$1.2B+38%$147.1M$179.3M
2023$1.6B+31%$175.8M$129M
2024$2.1B+33%$377M$329.5M
2025$2.8B+33%$124.9M$75.1M
PeriodGross marginOperating marginNet marginROEROA
2020+61.1%-2.1%-0.3%-0.2%-0.1%
2021+61.5%-19.3%-7.0%-5.7%-3.6%
2022+61.2%+7.8%+12.4%+11.6%+5.2%
2023+61.2%+10.2%+11.3%+10.9%+5.2%
2024+59.6%+2.8%+18.1%+16.2%+8.4%
2025+59.7%-2.2%+4.5%+3.9%+1.8%
PeriodCashDebtNet debtCurrent ratio
2020$155.4M$0-$155.4M3.83
2021$356.3M$20.4M-$335.9M2.65
2022$353.7M$711.1M$357.4M3.00
2023$598.5M$710.7M$112.1M3.14
2024$454.8M$1.4B$947.1M1.37
2025$1.2B$1.9B$708.5M2.53
PeriodMarket capEnterprise valueP/SP/E
2020$7.6B$7.4B11.1-4,391.8
2021$10.4B$10.1B12.0-172.5
2022$11.8B$12.2B9.980.2
2023$19.2B$19.3B12.3109.0
2024$45B$46B21.6119.3
2025$45.7B$46.4B16.4355.0
Q3 2024$544.3M
Q4 2024$575.1M
Q1 2025$603.6M
Q2 2025$668.5M
Q3 2025$710.6M
Q4 2025$796.7M
Q1 2026$807.3M
Q2 2026$904.4M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$544.3M+32%$67M$64.8M
Q4 2024$575.1M+34%$135.2M$225.4M
Q1 2025$603.6M+31%$88M$932K
Q2 2025$668.5M+33%$36.1M-$114.7M
Q3 2025$710.6M+31%-$2.2M$33.4M
Q4 2025$796.7M+39%$3M$155.4M
Q1 2026$807.3M+34%$169.3M-$54.6M
Q2 2026$904.4M+35%$29.4M-$972K
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+60.8%+4.5%+12.3%+3.2%+1.7%
Q4 2024+60.1%-2.7%+23.5%+5.8%+3.0%
Q1 2025+60.6%-1.3%+14.6%+3.4%+1.4%
Q2 2025+60.4%+0.2%+5.4%+1.3%+0.6%
Q3 2025+60.1%-0.3%-0.3%-0.1%0.0%
Q4 2025+57.9%+1.3%+0.4%+0.1%0.0%
Q1 2026+59.1%+3.6%+21.0%+4.8%+2.4%
Q2 2026+60.4%+5.2%+3.3%+0.8%+0.4%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$695.1M$720.7M$25.6M2.96
Q4 2024$454.8M$1.4B$947.1M1.37
Q1 2025$1.1B$2B$953.8M2.83
Q2 2025$615.5M$2.1B$1.4B2.95
Q3 2025$1.4B$2.1B$678.2M3.12
Q4 2025$1.2B$1.9B$717.6M2.53
Q1 2026$458.9M$1.8B$1.4B2.27
Q2 2026$597.7M$1.8B$1.2B2.15
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$30.2B$30.3B55.6112.2
Q4 2024$45.4B$46.3B78.983.9
Q1 2025$40.4B$41.4B67.0115.3
Q2 2025$64.6B$66B96.6450.0
Q3 2025$56.3B$57B79.2-6,430.5
Q4 2025$45.7B$46.4B57.33,549.6
Q1 2026$34B$35.4B42.250.3
Q2 2026$45.1B$46.3B49.8389.3

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$904.4MQ2 2026
$226.1M$452.2M$678.3M$904.4MQ3 2023: $413.3MQ4 2023: $430.4MQ1 2024: $459.9MQ2 2024: $503.2MQ3 2024: $544.3MQ4 2024: $575.1MQ1 2025: $603.6MQ2 2025: $668.5MQ3 2025: $710.6MQ4 2025: $796.7MQ1 2026: $807.3MQ2 2026: $904.4MQ3 2023Q2 2026
Net income$29.4MQ2 2026
$40.7M$83.6M$126.4M$169.3MQ3 2023: $61.3MQ4 2023: $57.1MQ1 2024: $133.4MQ2 2024: $41.5MQ3 2024: $67MQ4 2024: $135.2MQ1 2025: $88MQ2 2025: $36.1MQ3 2025: -$2.2MQ4 2025: $3MQ1 2026: $169.3MQ2 2026: $29.4MQ3 2023Q2 2026
EBITDA$60.8MQ2 2026
$64.8M$129.6M$194.4M$259.2MQ3 2023: $81.9MQ4 2023: $64MQ1 2024: $175MQ2 2024: $63.7MQ3 2024: $87.4MQ4 2024: $104.1MQ1 2025: $135.7MQ2 2025: $7MQ3 2025: $64.2MQ4 2025: $55.8MQ1 2026: $259.2MQ2 2026: $60.8MQ3 2023Q2 2026
Free cash flow-$972KQ2 2026
-$29.7M$55.4M$140.4M$225.4MQ3 2023: $48.5MQ4 2023: $116MQ1 2024: -$32.1MQ2 2024: $71.4MQ3 2024: $64.8MQ4 2024: $225.4MQ1 2025: $932KQ2 2025: -$114.7MQ3 2025: $33.4MQ4 2025: $155.4MQ1 2026: -$54.6MQ2 2026: -$972KQ3 2023Q2 2026
EPS$0.36Q2 2026
$0.49$1.01$1.53$2.05Q3 2023: $0.78Q4 2023: $0.75Q1 2024: $1.73Q2 2024: $0.53Q3 2024: $0.86Q4 2024: $1.67Q1 2025: $1.08Q2 2025: $0.44Q3 2025: -$0.03Q4 2025: $0.03Q1 2026: $2.05Q2 2026: $0.36Q3 2023Q2 2026
Cash / Debt$597.7MQ2 2026
$525.5M$1.1B$1.6B$2.1BQ3 2023 · Cash: $406MQ3 2023 · Debt: $711.6MQ4 2023 · Cash: $598.5MQ4 2023 · Debt: $710.7MQ1 2024 · Cash: $403.9MQ1 2024 · Debt: $710.4MQ2 2024 · Cash: $566.5MQ2 2024 · Debt: $720.4MQ3 2024 · Cash: $695.1MQ3 2024 · Debt: $720.7MQ4 2024 · Cash: $454.8MQ4 2024 · Debt: $1.4BQ1 2025 · Cash: $1.1BQ1 2025 · Debt: $2BQ2 2025 · Cash: $615.5MQ2 2025 · Debt: $2.1BQ3 2025 · Cash: $1.4BQ3 2025 · Debt: $2.1BQ4 2025 · Cash: $1.2BQ4 2025 · Debt: $1.9BQ1 2026 · Cash: $458.9MQ1 2026 · Debt: $1.8BQ2 2026 · Cash: $597.7MQ2 2026 · Debt: $1.8BQ3 2023Q2 2026
CashDebt
Profitability+60.4%Q2 2026
+13.5%+29.7%+45.9%+62.1%Q3 2023 · Gross margin: +62.1%Q4 2023 · Gross margin: +61.3%Q1 2024 · Gross margin: +56.2%Q2 2024 · Gross margin: +60.8%Q3 2024 · Gross margin: +60.8%Q4 2024 · Gross margin: +60.1%Q1 2025 · Gross margin: +60.6%Q2 2025 · Gross margin: +60.4%Q3 2025 · Gross margin: +60.1%Q4 2025 · Gross margin: +57.9%Q1 2026 · Gross margin: +59.1%Q2 2026 · Gross margin: +60.4%Q3 2023 · Operating margin: +13.9%Q4 2023 · Operating margin: +9.9%Q1 2024 · Operating margin: +3.6%Q2 2024 · Operating margin: +6.7%Q3 2024 · Operating margin: +4.5%Q4 2024 · Operating margin: -2.7%Q1 2025 · Operating margin: -1.3%Q2 2025 · Operating margin: +0.2%Q3 2025 · Operating margin: -0.3%Q4 2025 · Operating margin: +1.3%Q1 2026 · Operating margin: +3.6%Q2 2026 · Operating margin: +5.2%Q3 2023 · Net margin: +14.8%Q4 2023 · Net margin: +13.3%Q1 2024 · Net margin: +29.0%Q2 2024 · Net margin: +8.2%Q3 2024 · Net margin: +12.3%Q4 2024 · Net margin: +23.5%Q1 2025 · Net margin: +14.6%Q2 2025 · Net margin: +5.4%Q3 2025 · Net margin: -0.3%Q4 2025 · Net margin: +0.4%Q1 2026 · Net margin: +21.0%Q2 2026 · Net margin: +3.3%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+35.3%Q2 2026
+9.6%+19.3%+28.9%+38.5%Q3 2024: +31.7%Q4 2024: +33.6%Q1 2025: +31.3%Q2 2025: +32.8%Q3 2025: +30.6%Q4 2025: +38.5%Q1 2026: +33.7%Q2 2026: +35.3%Q3 2023Q2 2026
Shares outstanding82.5MQ2 2026
25M50M75M100MQ3 2023: 76MQ4 2023: 76.2MQ1 2024: 77.1MQ2 2024: 77.6MQ3 2024: 78.1MQ4 2024: 81.1MQ1 2025: 81.5MQ2 2025: 82.1MQ3 2025: 78.4MQ4 2025: 100MQ1 2026: 82.5MQ2 2026: 82.5MQ3 2023Q2 2026
Valuation389.3Q2 2026
-3,935.5-1,440.51,054.63,549.6Q3 2023 · P/E: 63.0Q4 2023 · P/E: 85.0Q1 2024 · P/E: 44.0Q2 2024 · P/E: 133.9Q3 2024 · P/E: 112.2Q4 2024 · P/E: 83.9Q1 2025 · P/E: 115.3Q2 2025 · P/E: 450.0Q3 2025 · P/E: -6,430.5Q4 2025 · P/E: 3,549.6Q1 2026 · P/E: 50.3Q2 2026 · P/E: 389.3Q3 2023 · P/S: 36.0Q4 2023 · P/S: 45.1Q1 2024 · P/S: 51.0Q2 2024 · P/S: 43.4Q3 2024 · P/S: 55.6Q4 2024 · P/S: 78.9Q1 2025 · P/S: 67.0Q2 2025 · P/S: 96.6Q3 2025 · P/S: 79.2Q4 2025 · P/S: 57.3Q1 2026 · P/S: 42.2Q2 2026 · P/S: 49.8Q3 2023Q2 2026
P/EP/S
Revenue$2.8B2025
$694.9M$1.4B$2.1B$2.8B2018: $420.1M2019: $530.9M2020: $681M2021: $863.4M2022: $1.2B2023: $1.6B2024: $2.1B2025: $2.8B20182025
Net income$124.9M2025
$49.2M$158.5M$267.8M$377M2018: $29.2M2019: $882K2020: -$1.7M2021: -$60M2022: $147.1M2023: $175.8M2024: $377M2025: $124.9M20182025
EBITDA$196.4M2025
$21.4M$160M$298.5M$437M2018: $38.7M2019: $13.4M2020: $6.3M2021: -$117.1M2022: $227.6M2023: $183.4M2024: $437M2025: $196.4M20182025
Free cash flow$75.1M2025
$56.6M$147.6M$238.5M$329.5M2018: $52.2M2019: $49.3M2020: -$34.4M2021: $74.2M2022: $179.3M2023: $129M2024: $329.5M2025: $75.1M20182025
EPS$1.512025
$0.52$1.94$3.37$4.82018: $0.52019: $0.012020: -$0.032021: -$0.912022: $2.032023: $2.332024: $4.82025: $1.5120182025
Cash / Debt$1.2B2025
$477.4M$954.8M$1.4B$1.9B2018 · Cash: $349.5M2018 · Debt: $02019 · Cash: $172.3M2019 · Debt: $02020 · Cash: $155.4M2020 · Debt: $02021 · Cash: $356.3M2021 · Debt: $20.4M2022 · Cash: $353.7M2022 · Debt: $711.1M2023 · Cash: $598.5M2023 · Debt: $710.7M2024 · Cash: $454.8M2024 · Debt: $1.4B2025 · Cash: $1.2B2025 · Debt: $1.9B20182025
CashDebt
Profitability+59.7%2025
+0.9%+21.1%+41.3%+61.6%2018 · Gross margin: +61.6%2019 · Gross margin: +57.9%2020 · Gross margin: +61.1%2021 · Gross margin: +61.5%2022 · Gross margin: +61.2%2023 · Gross margin: +61.2%2024 · Gross margin: +59.6%2025 · Gross margin: +59.7%2018 · Operating margin: +6.4%2019 · Operating margin: -1.0%2020 · Operating margin: -2.1%2021 · Operating margin: -19.3%2022 · Operating margin: +7.8%2023 · Operating margin: +10.2%2024 · Operating margin: +2.8%2025 · Operating margin: -2.2%2018 · Net margin: +7.0%2019 · Net margin: +0.2%2020 · Net margin: -0.3%2021 · Net margin: -7.0%2022 · Net margin: +12.4%2023 · Net margin: +11.3%2024 · Net margin: +18.1%2025 · Net margin: +4.5%20182025
Gross marginOperating marginNet margin
Revenue growth+33.5%2025
+9.5%+18.9%+28.4%+37.8%2019: +26.4%2020: +28.3%2021: +26.8%2022: +37.8%2023: +31.2%2024: +33.4%2025: +33.5%20182025
Shares outstanding100M2025
25M50M75M100M2018: 57.9M2019: 60M2020: 61.8M2021: 66.2M2022: 72.5M2023: 75.5M2024: 78.6M2025: 100M20182025
Valuation355.02025
-2,064.3263.22,590.74,918.12018 · P/E: 84.12019 · P/E: 4,918.12020 · P/E: -4,391.82021 · P/E: -172.52022 · P/E: 80.22023 · P/E: 109.02024 · P/E: 119.32025 · P/E: 355.02018 · P/S: 5.92019 · P/S: 8.22020 · P/S: 11.12021 · P/S: 12.02022 · P/S: 9.92023 · P/S: 12.32024 · P/S: 21.62025 · P/S: 16.420182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-03
Revenue est. $940.8M · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20267.71$3.7B+33%12
FY 202710.61$4.8B+73%12
FY 202813.81$6.2B+122%3
Q1 20272.20$1B+30%5
Q2 20272.54$1.2B+29%5
Q3 20272.73$1.2B+70%5

Company events

6
2026-11-03EarningsActual - / Estimate 1.94-
2026-08-05EarningsActual 1.88 / Estimate 1.84Beat
2026-05-06EarningsActual 1.61 / Estimate 1.6Beat
2026-02-24EarningsActual 2.15 / Estimate 1.6Beat
2025-11-04EarningsActual 1.17 / Estimate 1.52Miss
2025-08-04EarningsActual 2.12 / Estimate 1.45Beat

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings110281
Analysts2024
Buy / hold / sell106 / 4 / 0264 / 17 / 0
Upgrades / downgrades / initiations1 / 0 / 23 / 2 / 8
Price targets hit / missed1 / 85 (1%)65 / 168 (28%)
Avg. return after a rating (TipRanks)-38.0%-15.3%
Best / worst call+2.6% / -52.5%+92.2% / -54.8%

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

Latest ratings

DateAnalystCallTarget
Sep 10, 2026Andrew ShermanTD CowenBuyReiterated$825
Sep 2, 2026John StaszakArgus ResearchBuyReiterated$600
Sep 2, 2026Joshua ReillyNeedhamBuyMaintained$750
Aug 26, 2026Tim LongBarclaysBuyMaintained$688
Aug 13, 2026Jonathan HoWilliam BlairBuyMaintained

TipRanks data via FMP · computed Sep 23, 2026 · 110 ratings

Frequently asked questions

Where can I trade AXON perpetual futures?

Axon Enterprise, Inc. (AXON) perpetual futures trade on 3 crypto venues, including MEXC, Bitget, Extended. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade AXON around the clock?

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

What is the funding rate on AXON perpetuals?

Right now the AXON perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to +4.4% across 3 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the AXON perp price compare to the Axon Enterprise, Inc. stock?

The venue-median AXON perp mark is $454.4 versus a reference stock price of $454.4, 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 AXON perpetual future?

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

What is AXONUSDT perpetual?

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

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