PerpEquities

Equity

Bullish (BLSH) perpetual futures

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

Bullish tracked across crypto venues with normalized contract specifications.

$40.15-1.0%NYSE closed
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Price chart

 

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Collecting venue price data...
venue perp mark · Bitget (BLSH/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$12.8K
Open interest
$3.6K
Best liquidity
-
Tightest spread
+278.2 bps
Bitget
Highest volume
$12.8K
Bitget
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $49.7M
OI / float
0.00%
Float $1.5B
Spot performance
1D-1.45%
5D+11.42%
1M+31.90%
6M+1.42%
YTD+5.91%
1Y-42.28%

Venue matrix

1 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
BitgetTradeBLSH/USDTTrading$40.150.0% APR
0.000% every 8h
+278.2 bps-$12.8K$3.6KUSDT20x

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: Bitget

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

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

BLSH

Highest volume

BLSH

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$6.1B
Updated 2h ago
Revenue
$245B
Trailing 12 months
Revenue growth
-100%
Next fiscal year
Profit margin
-0.9%
P/E
-4.4
Peer P/E 2.0
Free cash flow
-$23.2M
Trailing 12 months
More metrics
Net income
-$764.7M
Trailing 12 months
P/S
0.0
Peer P/E
2.0
Similar listed perps
Revenue estimate
$358.3M
Next fiscal year
Earnings
2026-11-18
Revenue est. $80.7M · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$245B
Net margin-0.3%
Free cash flow-$23.2M
Net debt$476.4M
2020$0
2021$1.3B
2022$72.9B
2023$116.5B
2024$250.3B
2025$245B
PeriodRevenueGrowthNet incomeFCF
2020$0--$119M-$150K
2021$1.3B--$1.4B-$455.3M
2022$72.9B+5,416%-$4.2B$193.6M
2023$116.5B+60%$1.3B-$127.6M
2024$250.3B+115%$78.5M-$33.7M
2025$245B-2%-$764.7M-$23.2M
PeriodGross marginOperating marginNet marginROEROA
20200.0%0.0%0.0%-3.0%-2.4%
2021-79.0%-96.5%-106.0%-22.9%-18.8%
20220.0%0.0%-5.8%-225.5%-124.7%
20230.0%0.0%+1.1%+101.4%+72.0%
20240.0%0.0%0.0%+3.3%+2.6%
20250.0%0.0%-0.3%-23.7%-19.3%
PeriodCashDebtNet debtCurrent ratio
2020$239.4M$1B$770M10.38
2021$1.2B$1.2B-$62M43.17
2022$1.4B$1.3B-$86.5M2.23
2023$112.9M$440.4M$327.5M45.20
2024$31.5M$543.1M$511.5M34.24
2025$104.7M$581.1M$476.4M29.28
PeriodMarket capEnterprise valueP/SP/E
2020$10.9B$11.7B0.0-91.9
2021$9.9B$9.9B7.5-7.1
2022$9.9B$9.9B0.1-2.3
2023$9.9B$10.3B0.17.6
2024$9.9B$10.5B0.0125.9
2025$4.8B$5.3B0.0-6.3
Q3 2024$54.2B
Q4 2024$66B
Q1 2025$80.3B
Q2 2025$58.7B
Q3 2025$41.6B
Q4 2025$64.4B
Q1 2026$51.8B
Q2 2026$92.6M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$54.2B--$66.7M-$9.9M
Q4 2024$66B-$157M$35.5M
Q1 2025$80.3B0%-$344M-$45.3M
Q2 2025$58.7B+18%$107.5M$16.8M
Q3 2025$41.6B-23%$18.4M-$48.7M
Q4 2025$64.4B-2%-$546.6M$54.1M
Q1 2026$51.8B-35%-$581.7M$89.6M
Q2 2026$92.6M-100%-$270.2M$2.1M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+0.1%0.0%-0.1%0.0%0.0%
Q4 2024-0.2%0.0%+0.2%+6.6%+5.2%
Q1 20250.0%0.0%-0.4%-17.6%-12.9%
Q2 2025+0.1%0.0%+0.2%+4.2%+3.3%
Q3 2025+0.2%0.0%0.0%+0.5%+0.4%
Q4 2025-0.1%0.0%-0.8%-17.0%-13.8%
Q1 20260.0%-0.1%-1.1%-22.0%-17.5%
Q2 2026+70.3%+6.6%-291.8%-11.2%-8.7%
PeriodCashDebtNet debtCurrent ratio
Q3 2024---0.00
Q4 2024$31.5M$543.1M$511.5M34.24
Q1 2025$28.3M$604.9M$576.6M15.98
Q2 2025$35.6M$592.1M$556.5M24.59
Q3 2025$69.3M$582.6M$513.3M38.78
Q4 2025$87.9M$581.1M$493.2M29.28
Q1 2026$93.1M$507.1M$414M26.42
Q2 2026$103.7M$518.2M$414.4M23.52
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$9.9B$00.2-37.0
Q4 2024$9.9B$10.5B0.215.9
Q1 2025$9.9B$10.5B0.1-7.2
Q2 2025$9.9B$10.5B0.223.0
Q3 2025$8.5B$9B0.2113.6
Q4 2025$5.7B$6.2B0.1-2.6
Q1 2026$5.4B$5.8B0.1-2.3
Q2 2026$3.5B$4B38.3-3.3

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$92.6MQ2 2026
$20.1B$40.2B$60.3B$80.4BQ1 2024: $80.4BQ2 2024: $49.6BQ3 2024: $54.2BQ4 2024: $66BQ1 2025: $80.3BQ2 2025: $58.7BQ3 2025: $41.6BQ4 2025: $64.4BQ1 2026: $51.8BQ2 2026: $92.6MQ1 2024Q2 2026
Net income-$270.2MQ2 2026
-$397M-$212.3M-$27.7M$157MQ1 2024: $103.6MQ2 2024: -$115.3MQ3 2024: -$66.7MQ4 2024: $157MQ1 2025: -$344MQ2 2025: $107.5MQ3 2025: $18.4MQ4 2025: -$546.6MQ1 2026: -$581.7MQ2 2026: -$270.2MQ1 2024Q2 2026
EBITDA$8.2MQ2 2026
-$397.5M-$206.6M-$15.8M$175.1MQ1 2024: $115.9MQ2 2024: -$104.7MQ3 2024: -$54.6MQ4 2024: $175.1MQ1 2025: -$336.5MQ2 2025: $124.6MQ3 2025: $34.1MQ4 2025: -$549.2MQ1 2026: -$588.3MQ2 2026: $8.2MQ1 2024Q2 2026
Free cash flow$2.1MQ2 2026
-$32.1M$8.5M$49M$89.6MQ1 2024: -$72.7MQ2 2024: $13.4MQ3 2024: -$9.9MQ4 2024: $35.5MQ1 2025: -$45.3MQ2 2025: $16.8MQ3 2025: -$48.7MQ4 2025: $54.1MQ1 2026: $89.6MQ2 2026: $2.1MQ1 2024Q2 2026
EPS-$1.78Q2 2026
-$2.62-$1.39-$0.16$1.07Q1 2024: $0.71Q2 2024: -$0.79Q3 2024: -$0.46Q4 2024: $1.07Q1 2025: -$2.35Q2 2025: $0.74Q3 2025: $0.13Q4 2025: -$3.62Q1 2026: -$3.85Q2 2026: -$1.78Q1 2024Q2 2026
Cash / Debt$103.7MQ2 2026
$151.2M$302.4M$453.6M$604.9MQ1 2024 · Cash: $114MQ1 2024 · Debt: $0Q4 2024 · Cash: $31.5MQ4 2024 · Debt: $543.1MQ1 2025 · Cash: $28.3MQ1 2025 · Debt: $604.9MQ2 2025 · Cash: $35.6MQ2 2025 · Debt: $592.1MQ3 2025 · Cash: $69.3MQ3 2025 · Debt: $582.6MQ4 2025 · Cash: $87.9MQ4 2025 · Debt: $581.1MQ1 2026 · Cash: $93.1MQ1 2026 · Debt: $507.1MQ2 2026 · Cash: $103.7MQ2 2026 · Debt: $518.2MQ1 2024Q2 2026
CashDebt
Profitability+70.3%Q2 2026
-201.3%-110.7%-20.2%+70.3%Q1 2024 · Gross margin: 0.0%Q2 2024 · Gross margin: +0.1%Q3 2024 · Gross margin: +0.1%Q4 2024 · Gross margin: -0.2%Q1 2025 · Gross margin: 0.0%Q2 2025 · Gross margin: +0.1%Q3 2025 · Gross margin: +0.2%Q4 2025 · Gross margin: -0.1%Q1 2026 · Gross margin: 0.0%Q2 2026 · Gross margin: +70.3%Q1 2024 · Operating margin: 0.0%Q2 2024 · Operating margin: 0.0%Q3 2024 · Operating margin: 0.0%Q4 2024 · Operating margin: 0.0%Q1 2025 · Operating margin: 0.0%Q2 2025 · Operating margin: 0.0%Q3 2025 · Operating margin: 0.0%Q4 2025 · Operating margin: 0.0%Q1 2026 · Operating margin: -0.1%Q2 2026 · Operating margin: +6.6%Q1 2024 · Net margin: +0.1%Q2 2024 · Net margin: -0.2%Q3 2024 · Net margin: -0.1%Q4 2024 · Net margin: +0.2%Q1 2025 · Net margin: -0.4%Q2 2025 · Net margin: +0.2%Q3 2025 · Net margin: 0.0%Q4 2025 · Net margin: -0.8%Q1 2026 · Net margin: -1.1%Q2 2026 · Net margin: -291.8%Q1 2024Q2 2026
Gross marginOperating marginNet margin
Revenue growth-99.8%Q2 2026
-70.3%-40.8%-11.3%+18.3%Q1 2025: -0.2%Q2 2025: +18.3%Q3 2025: -23.2%Q4 2025: -2.5%Q1 2026: -35.4%Q2 2026: -99.8%Q1 2024Q2 2026
Shares outstanding151.4MQ2 2026
37.9M75.7M113.6M151.4MQ1 2024: 146.2MQ2 2024: 146.2MQ3 2024: 146.2MQ4 2024: 146.2MQ1 2025: 146.2MQ2 2025: 146.2MQ3 2025: 133.1MQ4 2025: 150.9MQ1 2026: 151.1MQ2 2026: 151.4MQ1 2024Q2 2026
Valuation-3.3Q2 2026
0.738.376.0113.6Q1 2024 · P/E: 23.9Q2 2024 · P/E: -21.5Q3 2024 · P/E: -37.0Q4 2024 · P/E: 15.9Q1 2025 · P/E: -7.2Q2 2025 · P/E: 23.0Q3 2025 · P/E: 113.6Q4 2025 · P/E: -2.6Q1 2026 · P/E: -2.3Q2 2026 · P/E: -3.3Q1 2024 · P/S: 0.1Q2 2024 · P/S: 0.2Q3 2024 · P/S: 0.2Q4 2024 · P/S: 0.2Q1 2025 · P/S: 0.1Q2 2025 · P/S: 0.2Q3 2025 · P/S: 0.2Q4 2025 · P/S: 0.1Q1 2026 · P/S: 0.1Q2 2026 · P/S: 38.3Q1 2024Q2 2026
P/EP/S
Revenue$245B2025
$62.6B$125.1B$187.7B$250.3B2020: $02021: $1.3B2022: $72.9B2023: $116.5B2024: $250.3B2025: $245B20202025
Net income-$764.7M2025
-$2.9B-$1.5B-$87.1M$1.3B2020: -$119M2021: -$1.4B2022: -$4.2B2023: $1.3B2024: $78.5M2025: -$764.7M20202025
EBITDA-$725.8M2025
-$2.8B-$1.4B-$47.2M$1.3B2020: $02021: -$1.3B2022: -$4.1B2023: $1.3B2024: $131.6M2025: -$725.8M20202025
Free cash flow-$23.2M2025
-$293M-$130.8M$31.4M$193.6M2020: -$150K2021: -$455.3M2022: $193.6M2023: -$127.6M2024: -$33.7M2025: -$23.2M20202025
EPS-$5.992025
-$19.6-$10.1-$0.59$8.892020: -$0.742021: -$9.592022: -$292023: $8.892024: $0.542025: -$5.9920202025
Cash / Debt$104.7M2025
$345.9M$691.8M$1B$1.4B2020 · Cash: $239.4M2020 · Debt: $1B2021 · Cash: $1.2B2021 · Debt: $1.2B2022 · Cash: $1.4B2022 · Debt: $1.3B2023 · Cash: $112.9M2023 · Debt: $440.4M2024 · Cash: $31.5M2024 · Debt: $543.1M2025 · Cash: $104.7M2025 · Debt: $581.1M20202025
CashDebt
Profitability0.0%2025
-79.2%-52.5%-25.7%+1.1%2020 · Gross margin: 0.0%2021 · Gross margin: -79.0%2022 · Gross margin: 0.0%2023 · Gross margin: 0.0%2024 · Gross margin: 0.0%2025 · Gross margin: 0.0%2020 · Operating margin: 0.0%2021 · Operating margin: -96.5%2022 · Operating margin: 0.0%2023 · Operating margin: 0.0%2024 · Operating margin: 0.0%2025 · Operating margin: 0.0%2020 · Net margin: 0.0%2021 · Net margin: -106.0%2022 · Net margin: -5.8%2023 · Net margin: +1.1%2024 · Net margin: 0.0%2025 · Net margin: -0.3%20202025
Gross marginOperating marginNet margin
Revenue growth-2.1%2025
+1,352.4%+2,706.9%+4,061.3%+5,415.8%2022: +5,415.8%2023: +59.8%2024: +114.8%2025: -2.1%20202025
Shares outstanding127.7M2025
40.2M80.4M120.6M160.7M2020: 160.7M2021: 146.2M2022: 146.2M2023: 146.2M2024: 146.2M2025: 127.7M20202025
Valuation-6.32025
-37.417.071.5125.92020 · P/E: -91.92021 · P/E: -7.12022 · P/E: -2.32023 · P/E: 7.62024 · P/E: 125.92025 · P/E: -6.32020 · P/S: 0.02021 · P/S: 7.52022 · P/S: 0.12023 · P/S: 0.12024 · P/S: 0.02025 · P/S: 0.020202025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-18
Revenue est. $80.7M · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20260.45$358.3M-100%5
FY 20270.84$409.9M-100%2
FY 20281.10$452.4M-100%1
FY 20292.48$531M-100%1
Q1 20270.19$97.4M-100%1
Q2 20270.22$103.6M+12%1

Company events

6
2026-11-18EarningsActual - / Estimate 0.08-
2026-08-13EarningsActual 0.1 / Estimate 0.09Beat
2026-05-14EarningsActual 0.13 / Estimate 0.15Miss
2026-02-05EarningsActual 0.2 / Estimate 0.14Beat
2025-11-19EarningsActual 0.1 / Estimate 0.1Miss
2025-09-17EarningsActual -0.05 / Estimate -0.05Beat

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings4567
Analysts1014
Buy / hold / sell30 / 15 / 038 / 29 / 0
Upgrades / downgrades / initiations3 / 1 / 13 / 1 / 12
Price targets hit / missed8 / 36 (18%)8 / 56 (13%)
Avg. return after a rating (TipRanks)-13.7%-19.1%
Best / worst call+61.2% / -47.7%+61.2% / -47.7%

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

Latest ratings

DateAnalystCallTarget
Sep 23, 2026Joseph VafiCanaccord GenuityBuyMaintained$45.00
Sep 21, 2026Gautam ChhuganiBernsteinHoldMaintained$50.00
Sep 21, 2026Owen LauClear StreetBuyReiterated$43.00
Sep 17, 2026Peter ChristiansenCitiBuyMaintained$50.00
Sep 14, 2026Ed EngelCompass PointBuyUpgraded$51.00

TipRanks data via FMP · computed Sep 23, 2026 · 45 ratings

Frequently asked questions

Where can I trade BLSH perpetual futures?

Bullish (BLSH) perpetual futures trade on 1 crypto venues, including Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade BLSH around the clock?

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

What is the funding rate on BLSH perpetuals?

Right now the BLSH perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to 0.0% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the BLSH perp price compare to the Bullish stock?

The venue-median BLSH perp mark is $40.2 versus a reference stock price of $40.2, 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 BLSH perpetual future?

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

What is BLSHUSDT perpetual?

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

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