PerpEquities

Equity

Coupang, Inc. (CPNG) perpetual futures

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

Coupang, Inc. tracked across crypto venues with normalized contract specifications.

$14.33-1.8%NYSE closed
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Collecting venue price data...
venue perp mark · Bitget (CPNG/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
$51.1K
Open interest
$190.5K
Best liquidity
$12.4K
Gate.io
Tightest spread
+32.0 bps
Bitget
Highest volume
$50.1K
Bitget
Settlement mix
USDT · 2/2
Perp/spot vol.
0.00x
Spot volume $151.9M
OI / float
0.00%
Float $19.2B
Spot performance
1D-2.26%
5D-0.63%
1M-13.19%
6M-26.05%
YTD-39.47%
1Y-55.71%

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
BitgetTradeCPNG/USDTTrading$14.340.0% APR
0.000% every 8h
+32.0 bps-$50.1K$144.4KUSDT20x
Gate.ioTradeCPNG/USDTTrading$14.330.0% APR
0.000% every 8h
+106.5 bps$12.4K$1K$46.2KUSDT20x

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

CPNG

Tightest spread

CPNG

Highest volume

CPNG

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$25.8B
Updated 2h ago
Revenue
$35.5B
Trailing 12 months
Revenue growth
+7%
Next fiscal year
Profit margin
-2.2%
P/E
-33.0
Peer P/E 12.4
Free cash flow
$107.5M
Trailing 12 months
More metrics
Net income
-$767M
Trailing 12 months
P/S
0.7
Peer P/E
12.4
Similar listed perps
Revenue estimate
$37B
Next fiscal year
Earnings
2026-11-03
Revenue est. $9.8B · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$34.5B
Net margin+0.6%
Free cash flow$522M
Net debt-$1.7B
2020$12B
2021$18.4B
2022$20.6B
2023$24.4B
2024$30.3B
2025$34.5B
PeriodRevenueGrowthNet incomeFCF
2020$12B+91%-$463.2M-$183.1M
2021$18.4B+54%-$1.5B-$1.1B
2022$20.6B+12%-$92M-$259M
2023$24.4B+18%$1.4B$1.8B
2024$30.3B+24%$154M$1B
2025$34.5B+14%$208M$522M
PeriodGross marginOperating marginNet marginROEROA
2020+16.6%-4.3%-3.9%+11.4%-9.1%
2021+16.0%-8.1%-8.4%-70.9%-17.9%
2022+22.9%-0.5%-0.4%-3.8%-1.0%
2023+25.4%+1.9%+5.6%+33.3%+10.2%
2024+29.2%+1.4%+0.5%+3.8%+1.0%
2025+29.4%+1.4%+0.6%+4.5%+1.2%
PeriodCashDebtNet debtCurrent ratio
2020$1.3B$2.2B$982.7M0.76
2021$3.5B$2.1B-$1.4B1.19
2022$3.5B$2.4B-$1.1B1.15
2023$5.2B$2.8B-$2.5B1.14
2024$5.9B$3.7B-$2.2B1.17
2025$6.3B$4.6B-$1.7B1.04
PeriodMarket capEnterprise valueP/SP/E
2020$84.1B$85B7.0-149.2
2021$41.8B$40.5B2.3-27.2
2022$26B$24.9B1.3-282.3
2023$28.9B$26.4B1.221.3
2024$39.4B$37.3B1.3256.2
2025$42.9B$41.2B1.2214.5
Q3 2024$7.9B
Q4 2024$8B
Q1 2025$7.9B
Q2 2025$8.5B
Q3 2025$9.3B
Q4 2025$8.8B
Q1 2026$8.5B
Q2 2026$8.9B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$7.9B+27%$70M-$46M
Q4 2024$8B+21%$156M$462M
Q1 2025$7.9B+11%$107M$115M
Q2 2025$8.5B+16%$32M$246M
Q3 2025$9.3B+18%$95M$447.5M
Q4 2025$8.8B+11%-$26M-$278M
Q1 2026$8.5B+8%-$266M-$112M
Q2 2026$8.9B+4%-$570M$50M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+28.8%+1.4%+0.9%+1.7%+0.4%
Q4 2024+31.3%+3.9%+2.0%+3.8%+1.0%
Q1 2025+29.3%+1.9%+1.4%+2.4%+0.7%
Q2 2025+30.0%+1.7%+0.4%+0.7%+0.2%
Q3 2025+29.4%+1.7%+1.0%+2.0%+0.5%
Q4 2025+28.8%+0.1%-0.3%-0.6%-0.1%
Q1 2026+27.0%-2.8%-3.1%-6.8%-1.5%
Q2 2026+28.2%-6.3%-6.4%-19.1%-3.3%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$5.8B$4B-$1.8B1.13
Q4 2024$5.9B$3.7B-$2.2B1.17
Q1 2025$6.1B$4.1B-$2B1.16
Q2 2025$6.8B$4.6B-$2.2B1.09
Q3 2025$7.2B$4.9B-$2.3B1.06
Q4 2025$6.3B$4.6B-$1.7B1.04
Q1 2026$6.3B$5.4B-$905M0.97
Q2 2026$6.1B$5.6B-$477M0.87
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$44.1B$42.3B5.6153.4
Q4 2024$39.6B$37.4B5.063.4
Q1 2025$39.6B$37.6B5.091.4
Q2 2025$54.4B$52.2B6.4425.6
Q3 2025$58.7B$56.4B6.3161.0
Q4 2025$42.9B$41.2B4.9-415.3
Q1 2026$34.5B$33.6B4.1-31.5
Q2 2026$31.2B$30.8B3.5-13.6

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$8.9BQ2 2026
$2.3B$4.6B$7B$9.3BQ3 2023: $6.2BQ4 2023: $6.6BQ1 2024: $7.1BQ2 2024: $7.3BQ3 2024: $7.9BQ4 2024: $8BQ1 2025: $7.9BQ2 2025: $8.5BQ3 2025: $9.3BQ4 2025: $8.8BQ1 2026: $8.5BQ2 2026: $8.9BQ3 2023Q2 2026
Net income-$570MQ2 2026
-$169.3M$231.5M$632.3M$1BQ3 2023: $91MQ4 2023: $1BQ1 2024: $5MQ2 2024: -$77MQ3 2024: $70MQ4 2024: $156MQ1 2025: $107MQ2 2025: $32MQ3 2025: $95MQ4 2025: -$26MQ1 2026: -$266MQ2 2026: -$570MQ3 2023Q2 2026
EBITDA-$363MQ2 2026
-$162.5M$38M$238.5M$439MQ3 2023: $198MQ4 2023: $263MQ1 2024: $181MQ2 2024: $146MQ3 2024: $280MQ4 2024: $439MQ1 2025: $361MQ2 2025: $345MQ3 2025: $320MQ4 2025: $174MQ1 2026: -$99MQ2 2026: -$363MQ3 2023Q2 2026
Free cash flow$50MQ2 2026
-$75.5M$127M$329.5M$532MQ3 2023: $532MQ4 2023: $375.6MQ1 2024: $105MQ2 2024: $486MQ3 2024: -$46MQ4 2024: $462MQ1 2025: $115MQ2 2025: $246MQ3 2025: $447.5MQ4 2025: -$278MQ1 2026: -$112MQ2 2026: $50MQ3 2023Q2 2026
EPS-$0.32Q2 2026
-$0.1$0.13$0.35$0.57Q3 2023: $0.05Q4 2023: $0.57Q1 2024: $0Q2 2024: -$0.04Q3 2024: $0.04Q4 2024: $0.08Q1 2025: $0.06Q2 2025: $0.02Q3 2025: $0.05Q4 2025: -$0.01Q1 2026: -$0.15Q2 2026: -$0.32Q3 2023Q2 2026
Cash / Debt$6.1BQ2 2026
$1.8B$3.6B$5.4B$7.2BQ3 2023 · Cash: $4.9BQ3 2023 · Debt: $2.8BQ4 2023 · Cash: $5.2BQ4 2023 · Debt: $2.8BQ1 2024 · Cash: $5.2BQ1 2024 · Debt: $3.6BQ2 2024 · Cash: $5.5BQ2 2024 · Debt: $3.7BQ3 2024 · Cash: $5.8BQ3 2024 · Debt: $4BQ4 2024 · Cash: $5.9BQ4 2024 · Debt: $3.7BQ1 2025 · Cash: $6.1BQ1 2025 · Debt: $4.1BQ2 2025 · Cash: $6.8BQ2 2025 · Debt: $4.6BQ3 2025 · Cash: $7.2BQ3 2025 · Debt: $4.9BQ4 2025 · Cash: $6.3BQ4 2025 · Debt: $4.6BQ1 2026 · Cash: $6.3BQ1 2026 · Debt: $5.4BQ2 2026 · Cash: $6.1BQ2 2026 · Debt: $5.6BQ3 2023Q2 2026
CashDebt
Profitability+28.2%Q2 2026
+3.0%+12.4%+21.8%+31.3%Q3 2023 · Gross margin: +25.3%Q4 2023 · Gross margin: +25.6%Q1 2024 · Gross margin: +27.1%Q2 2024 · Gross margin: +29.3%Q3 2024 · Gross margin: +28.8%Q4 2024 · Gross margin: +31.3%Q1 2025 · Gross margin: +29.3%Q2 2025 · Gross margin: +30.0%Q3 2025 · Gross margin: +29.4%Q4 2025 · Gross margin: +28.8%Q1 2026 · Gross margin: +27.0%Q2 2026 · Gross margin: +28.2%Q3 2023 · Operating margin: +1.4%Q4 2023 · Operating margin: +2.0%Q1 2024 · Operating margin: +0.6%Q2 2024 · Operating margin: -0.3%Q3 2024 · Operating margin: +1.4%Q4 2024 · Operating margin: +3.9%Q1 2025 · Operating margin: +1.9%Q2 2025 · Operating margin: +1.7%Q3 2025 · Operating margin: +1.7%Q4 2025 · Operating margin: +0.1%Q1 2026 · Operating margin: -2.8%Q2 2026 · Operating margin: -6.3%Q3 2023 · Net margin: +1.5%Q4 2023 · Net margin: +15.7%Q1 2024 · Net margin: +0.1%Q2 2024 · Net margin: -1.1%Q3 2024 · Net margin: +0.9%Q4 2024 · Net margin: +2.0%Q1 2025 · Net margin: +1.4%Q2 2025 · Net margin: +0.4%Q3 2025 · Net margin: +1.0%Q4 2025 · Net margin: -0.3%Q1 2026 · Net margin: -3.1%Q2 2026 · Net margin: -6.4%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+3.9%Q2 2026
+6.8%+13.6%+20.4%+27.2%Q3 2024: +27.2%Q4 2024: +21.4%Q1 2025: +11.2%Q2 2025: +16.4%Q3 2025: +17.8%Q4 2025: +10.9%Q1 2026: +7.5%Q2 2026: +3.9%Q3 2023Q2 2026
Shares outstanding1.8BQ2 2026
466M932M1.4B1.9BQ3 2023: 1.8BQ4 2023: 1.8BQ1 2024: 1.8BQ2 2024: 1.8BQ3 2024: 1.8BQ4 2024: 1.8BQ1 2025: 1.8BQ2 2025: 1.9BQ3 2025: 1.9BQ4 2025: 1.9BQ1 2026: 1.8BQ2 2026: 1.8BQ3 2023Q2 2026
Valuation-13.6Q2 2026
94.8604.81,114.91,625.0Q3 2023 · P/E: 85.0Q4 2023 · P/E: 7.0Q1 2024 · P/E: 1,625.0Q2 2024 · P/E: -122.6Q3 2024 · P/E: 153.4Q4 2024 · P/E: 63.4Q1 2025 · P/E: 91.4Q2 2025 · P/E: 425.6Q3 2025 · P/E: 161.0Q4 2025 · P/E: -415.3Q1 2026 · P/E: -31.5Q2 2026 · P/E: -13.6Q3 2023 · P/S: 4.9Q4 2023 · P/S: 4.4Q1 2024 · P/S: 4.6Q2 2024 · P/S: 5.1Q3 2024 · P/S: 5.6Q4 2024 · P/S: 5.0Q1 2025 · P/S: 5.0Q2 2025 · P/S: 6.4Q3 2025 · P/S: 6.3Q4 2025 · P/S: 4.9Q1 2026 · P/S: 4.1Q2 2026 · P/S: 3.5Q3 2023Q2 2026
P/EP/S
Revenue$34.5B2025
$8.6B$17.3B$25.9B$34.5B2018: $4.1B2019: $6.3B2020: $12B2021: $18.4B2022: $20.6B2023: $24.4B2024: $30.3B2025: $34.5B20182025
Net income$208M2025
-$817.3M-$91.5M$634.3M$1.4B2018: -$1.1B2019: -$696.9M2020: -$463.2M2021: -$1.5B2022: -$92M2023: $1.4B2024: $154M2025: $208M20182025
EBITDA$1.2B2025
-$672M-$48M$576M$1.2B2018: -$970.7M2019: -$529.3M2020: -$227.6M2021: -$1.3B2022: $165M2023: $907M2024: $1B2025: $1.2B20182025
Free cash flow$522M2025
-$374.8M$335.5M$1B$1.8B2018: -$787.9M2019: -$529.7M2020: -$183.1M2021: -$1.1B2022: -$259M2023: $1.8B2024: $1B2025: $522M20182025
EPS$0.112025
-$0.62-$0.17$0.29$0.752018: -$0.692019: -$0.482020: -$0.332021: -$1.082022: -$0.052023: $0.752024: $0.082025: $0.1120182025
Cash / Debt$6.3B2025
$1.6B$3.2B$4.7B$6.3B2018 · Cash: $611.5M2018 · Debt: $932.3M2019 · Cash: $1.2B2019 · Debt: $1.3B2020 · Cash: $1.3B2020 · Debt: $2.2B2021 · Cash: $3.5B2021 · Debt: $2.1B2022 · Cash: $3.5B2022 · Debt: $2.4B2023 · Cash: $5.2B2023 · Debt: $2.8B2024 · Cash: $5.9B2024 · Debt: $3.7B2025 · Cash: $6.3B2025 · Debt: $4.6B20182025
CashDebt
Profitability+29.4%2025
-13.0%+1.1%+15.3%+29.4%2018 · Gross margin: +4.7%2019 · Gross margin: +16.5%2020 · Gross margin: +16.6%2021 · Gross margin: +16.0%2022 · Gross margin: +22.9%2023 · Gross margin: +25.4%2024 · Gross margin: +29.2%2025 · Gross margin: +29.4%2018 · Operating margin: -26.0%2019 · Operating margin: -10.2%2020 · Operating margin: -4.3%2021 · Operating margin: -8.1%2022 · Operating margin: -0.5%2023 · Operating margin: +1.9%2024 · Operating margin: +1.4%2025 · Operating margin: +1.4%2018 · Net margin: -27.1%2019 · Net margin: -11.1%2020 · Net margin: -3.9%2021 · Net margin: -8.4%2022 · Net margin: -0.4%2023 · Net margin: +5.6%2024 · Net margin: +0.5%2025 · Net margin: +0.6%20182025
Gross marginOperating marginNet margin
Revenue growth+14.1%2025
+22.7%+45.4%+68.1%+90.8%2019: +54.8%2020: +90.8%2021: +53.8%2022: +11.8%2023: +18.5%2024: +24.1%2025: +14.1%20182025
Shares outstanding1.9B2025
463.8M927.5M1.4B1.9B2018: 1.6B2019: 1.6B2020: 1.7B2021: 1.4B2022: 1.8B2023: 1.8B2024: 1.8B2025: 1.9B20182025
Valuation214.52025
-147.7-13.1121.5256.22018 · P/E: -71.42019 · P/E: -102.62020 · P/E: -149.22021 · P/E: -27.22022 · P/E: -282.32023 · P/E: 21.32024 · P/E: 256.22025 · P/E: 214.52018 · P/S: 19.42019 · P/S: 12.62020 · P/S: 7.02021 · P/S: 2.32022 · P/S: 1.32023 · P/S: 1.22024 · P/S: 1.32025 · P/S: 1.220182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-03
Revenue est. $9.8B · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.51$37B+7%7
FY 20270.32$42.2B+22%8
FY 20280.72$47.3B+37%14
FY 20290.55$48.4B+40%7
Q1 20270.05$9.9B+17%1
Q2 20270.10$10.5B+18%1

Company events

6
2026-11-03EarningsActual - / Estimate -0.06-
2026-08-04EarningsActual -0.32 / Estimate -0.27Miss
2026-05-05EarningsActual -0.15 / Estimate -0.09Miss
2026-02-26EarningsActual -0.01 / Estimate 0.03Miss
2025-11-04EarningsActual 0.05 / Estimate 0.04Beat
2025-08-05EarningsActual 0.02 / Estimate 0.07Miss

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings58145
Analysts1420
Buy / hold / sell41 / 9 / 8113 / 22 / 10
Upgrades / downgrades / initiations2 / 3 / 28 / 5 / 5
Price targets hit / missed5 / 53 (9%)6 / 135 (4%)
Avg. return after a rating (TipRanks)-40.6%-44.8%
Best / worst call+19.5% / -64.1%+23.7% / -64.1%

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

Latest ratings

DateAnalystCallTarget
Sep 4, 2026Min-Joo KangBernsteinSellMaintained$12.00
Sep 4, 2026Min-Joo KangBernsteinSellMaintained$12.00
Sep 1, 2026Ahyung ChoBank of America SecuritiesBuyMaintained$24.00
Aug 6, 2026Stanley YangJ.P. MorganBuyMaintained$24.00
Aug 6, 2026Jiong ShaoBarclaysBuyMaintained$29.00

TipRanks data via FMP · computed Sep 23, 2026 · 58 ratings

Frequently asked questions

Where can I trade CPNG perpetual futures?

Coupang, Inc. (CPNG) 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 CPNG around the clock?

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

What is the funding rate on CPNG perpetuals?

Right now the CPNG 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 CPNG perp price compare to the Coupang, Inc. stock?

The venue-median CPNG perp mark is $14.3 versus a reference stock price of $14.3, 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 CPNG perpetual future?

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

What is CPNGUSDT perpetual?

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

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