PerpEquities

Equity · Technology

Bullish (BLSH) perpetual futures

BLSH perpetual futures on 2 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade BLSHUSDT.

Bullish is a global digital asset platform providing exchange market infrastructure and CoinDesk-branded indices, market data and news services to institutions.

$21.33+2.9%NYSE closed
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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

2/2 live markets
Venues
2
Live markets
2/2
24h volume
$7.8K
Open interest
$54.2K
Best liquidity
$1.7K
Gate.io
Tightest spread
+53.4 bps
Bitget
Highest volume
$7.8K
Bitget
Settlement mix
USDT · 2/2
Perp/spot vol.
0.00x
Spot volume $35.2M
OI / float
+0.01%
Float $819.5M
Spot performance
1D+2.90%
5D-12.59%
1M-33.03%
6M-48.28%
YTD-43.73%
1Y-52.73%

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
BitgetTradeBLSH/USDTTrading$21.340.0% APR
0.000% every 8h
+53.4 bps-$7.8K$16.7KUSDT20x
Gate.ioTradeBLSH/USDTTrading$21.330.0% APR
0.000% every 8h
+168.7 bps$1.7K$38$37.5KUSDT20x

Tradability

Execution quality

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

No sufficient depth · 0 of 2 venues absorb $10k

No fresh book data: Gate.io, Bitget

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

Best venues for this underlying

Best liquidity

BLSH

Tightest spread

BLSH

Highest volume

BLSH

Funding history

Stored venue snapshots by market

Company financials

Financials at a glance

Last report Q2 '26 · filed 2026-08-13 · next report 2026-11-18 · Updated 1h ago
All financials →

Valuation & key figures

Market cap
$3.2B
Updated 1h ago
Revenue
$245B
Trailing 12 months
Revenue growth
-100%
Next fiscal year
Profit margin
-0.9%
P/E
-2.3
Peer P/E -27.8
P/S
0.0
Peer P/E
-27.8
Similar listed perps
Free cash flow
-$23.2M
Trailing 12 months
Net income
-$764.7M
Trailing 12 months
Revenue estimate
$357.4M
Next fiscal year
Earnings
2026-11-18
Revenue est. $79.6M · Updated 1h ago
Dividend
-
Revenue (TTM)$158B-39.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-0.0%0.0 pp vs a year agoOperating income -$5.36M
Net income (TTM)-$1.38B-844.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$97M+3,421.7% vs a year agoCapex $11.8M
Diluted EPS (TTM)-$9.12-812.0% vs a year agoSum of the last 4 quarters
Net cash-$188M-571.8% vs a year agoCash + short-term investments - debt
  • Last report (2026-08-13): revenue beat by 5.9%, EPS beat by 14.2%Revenue $92.6M vs $87.4M expected (+5.9%); EPS $0.10 vs $0.09 (+14.2%).
  • Revenue growth slowing: -99.8% year on yearQ2 '26 revenue $92.6M, against an average of -10.7% over the four quarters before.
  • Operating margin -0.0% (TTM), 0.0 pp on a year agoOperating income grew -142.8% while revenue grew -39.1%.
  • Capex 0.0% of revenue (a year ago 0.0%)$11.8M invested in the last 4 quarters (-73.9% on a year earlier). Free cash flow $97M.

Revenue, operating income and growth

quarterly
In the full financialsIncome statement, balance sheet and cash flow (12 quarters / 10 years) · margins and cost structure · capital allocation and buybacks · valuation against the 5-year range · analyst estimates

Next catalyst

Catalysts

Earnings
2026-11-18
Revenue est. $79.6M · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20260.45$357.4M-100%6
FY 20270.88$410.6M-100%3
FY 20281.28$484.2M-100%1
FY 20292.59$531M-100%1
Q1 20270.20$98M-100%1
Q2 20270.22$104.3M+13%1

Company events

6
2026-11-18Earnings · Before market openActual - / 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

Company data

Company intelligence

Updated: Nov 2, 2026, 08:39 PM UTC

Company profile

Sector
Technology
Industry
Software - Application
Chief executive
Thomas W. Farley
Employees
414
IPO date
Aug 13, 2025
Country
KY
Exchange
New York Stock Exchange
Website
Altman Z-scorei52.93
Piotroski scorei4/9
Overall ratingiC
Owner earningsi-$4.94M-$0.03 per share

Rating factors

Return on equityi
1
Return on assetsi
1
Debt to equityi
3
Price to earningsi
1
Price to booki
4
Market cap history
$3.58B+3.3%Aug 26 – Nov 26
$3.47B$4.77B$6.08BHigh: $6.08B · 2026-09-21Low: $3.47B · 2026-08-03Latest: $3.58B · 2026-11-02Aug 26Sep 26Oct 26Nov 26
Latest: $3.58B · 2026-11-02High: $6.08B · 2026-09-21Low: $3.47B · 2026-08-03
Largest fund holders
FundWeightShares held
FCNKX0.13%9.8M
ARKK1.47%3.8M
FLCNX0.09%1.3M
ARKW1.1%780.5K
DAGB.L3.73%701.8K
BCHN.L1.95%671.1K
ARKF2.18%665.4K
BMGAX0.38%487.8K
BITQ2.74%399.3K
DAPP3.73%335.4K
BKCH3.02%255.8K
BLOK0.44%161.8K

Analyst track record

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

12 months3 years
Ratings4872
Analysts1317
Buy / hold / sell30 / 18 / 039 / 33 / 0
Upgrades / downgrades / initiations3 / 1 / 23 / 1 / 14
Price targets hit / missed0 / 47 (0%)0 / 69 (0%)
Avg. return after a rating (TipRanks)-49.0%-52.8%
Best / worst call-7.7% / -70.0%-7.7% / -70.0%

After buy calls on this stock: median 21-day move +8.8% vs S&P 500 +5.7% (n = 39)

Latest ratings

DateAnalystCallTarget
Oct 14, 2026Daniel WeldenWells FargoHoldReiterated$35.00
Oct 13, 2026Peter ChristiansenCitiBuyMaintained$50.00
Oct 13, 2026Peter ChristiansenCitiBuyMaintained$50.00
Oct 2, 2026Unknown AnalystWells FargoHoldInitiated$38.00
Oct 2, 2026Daniel WeldenWells FargoHoldInitiated$38.00
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$20.00$25.00$30.00$35.00$40.00$45.00$50.00$55.00Dec 25 · Buy 6 · Hold 7 · Sell 0Dec 25Jan 26 · Buy 6 · Hold 7 · Sell 0Feb 26 · Buy 6 · Hold 7 · Sell 0Feb 26Mar 26 · Buy 5 · Hold 2 · Sell 0Apr 26 · Buy 4 · Hold 3 · Sell 0Apr 26May 26 · Buy 5 · Hold 3 · Sell 0Jun 26 · Buy 5 · Hold 3 · Sell 0Jun 26Jul 26 · Buy 5 · Hold 3 · Sell 0Aug 26 · Buy 5 · Hold 4 · Sell 0Aug 26Sep 26 · Buy 6 · Hold 5 · Sell 0Oct 26 · Buy 6 · Hold 7 · Sell 0Oct 26Nov 26 · Buy 6 · Hold 7 · Sell 0Dec 25 · avg. target $56.00Jan 26 · avg. target $54.55Feb 26 · avg. target $51.91Mar 26 · avg. target $47.83Apr 26 · avg. target $47.83May 26 · avg. target $50.06Jun 26 · avg. target $48.19Jul 26 · avg. target $45.31Aug 26 · avg. target $43.00Sep 26 · avg. target $44.00Oct 26 · avg. target $42.85Nov 26 · avg. target $42.85Dec 25 · month-end close $37.87Jan 26 · month-end close $30.20Feb 26 · month-end close $31.39Mar 26 · month-end close $35.73Apr 26 · month-end close $37.73May 26 · month-end close $34.91Jun 26 · month-end close $23.43Jul 26 · month-end close $21.79Aug 26 · month-end close $34.03Sep 26 · month-end close $34.89Oct 26 · month-end close $23.90Nov 26 · month-end close $23.90

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

TipRanks data · computed Nov 4, 2026 · 48 ratings

Frequently asked questions

Where can I trade BLSH perpetual futures?

Bullish (BLSH) perpetual futures trade on 2 crypto venues, including Bitget, Gate.io. 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 2 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 $21.3 versus a reference stock price of $21.3, 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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