PerpEquities

Equity

Cypherpunk Technologies Inc. (CYPH) perpetual futures

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

Cypherpunk Technologies Inc. is a privacy-focused technology company combining a digital asset treasury strategy centered on Zcash (ZEC) with the development of novel cancer therapies through its subsidiary.

$3.20+25.8%NASDAQ closed
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Collecting venue price data...
venue perp mark · Binance (CYPH/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
$336K
Open interest
$34.7KCoverage: 3/4 markets
Best liquidity
$49.9K
LBank
Tightest spread
+6.3 bps
LBank
Highest volume
$175.4K
Binance
Settlement mix
USDT · 4/4
Perp/spot vol.
0.00x
Spot volume $84.1M
OI / float
+0.01%
Float $288.7M
Spot performance
1D+25.82%
5D+28.45%
1M+281.18%
6M+328.11%
YTD+164.66%
1Y+855.20%

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
BinanceTradeCYPH/USDTTrading$3.19+136.5% APR
+0.125% every 8h
+6.3 bps$6K$175.4K$31.1KUSDT-
BingXTradeCYPH-USDTTrading$3.19+139.7% APR
+0.128% every 8h
+12.5 bps$6.6K$80.7K$3.1KUSDT-
LBankTradeCYPH/USDTTrading$3.20+142.6% APR
+0.130% every 8h
+6.3 bps$49.9K$78.8K-USDT50x
Gate.ioTradeCYPH/USDTTrading$3.180.0% APR
0.000% every 8h
+173.0 bps$2.5K$1.2K$387.8USDT20x

Tradability

Execution quality

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

Thin liquidity · 3 of 4 venues absorb $10k · Typical cost: +74.3 bps – +104.4 bps

Cheapest execution: LBank · +45.6 bps

No fresh book data: Gate.io

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

Best venues for this underlying

Best liquidity

CYPH

Tightest spread

CYPH

Highest volume

CYPH

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$326.8M
Updated 1h ago
Revenue
$0
Trailing 12 months
Revenue growth
-
Next fiscal year
Profit margin
0.0%
P/E
5.2
Peer P/E -0.8
Free cash flow
-$27M
Trailing 12 months
More metrics
Net income
-$877K
Trailing 12 months
P/S
-
Peer P/E
-0.8
Similar listed perps
Revenue estimate
$31M
Next fiscal year
Earnings
2026-11-11
Revenue est. $11.7M · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$0
Net margin0.0%
Free cash flow-$43.9M
Net debt-$14M
2020$10.1M
2021$1.5M
2022$0
2023$0
2024$0
2025$0
PeriodRevenueGrowthNet incomeFCF
2020$10.1M+4%-$3.4M-$26M
2021$1.5M-85%-$40.6M-$35.2M
2022$0-100%-$54.6M-$49M
2023$0--$81.4M-$43.8M
2024$0--$67.6M-$60.3M
2025$0-$4.8M-$43.9M
PeriodGross marginOperating marginNet marginROEROA
2020+50.9%-34.3%-33.7%-5.0%-4.8%
2021+100.0%-2,761.7%-2,705.8%-37.6%-34.4%
20220.0%0.0%0.0%-99.9%-94.0%
20230.0%0.0%0.0%-135.4%-111.8%
20240.0%0.0%0.0%-192.7%-137.5%
20250.0%0.0%0.0%+3.1%+3.0%
PeriodCashDebtNet debtCurrent ratio
2020$63.8M$776K-$63.1M37.37
2021$114.9M$469K-$114.4M11.70
2022$21M$524K-$20.5M17.07
2023$70.6M$262K-$70.4M5.64
2024$47.2M$266K-$47M3.41
2025$14M$38K-$14M35.56
PeriodMarket capEnterprise valueP/SP/E
2020$133.5M$70.4M13.3-4.8
2021$278.1M$163.6M185.4-6.8
2022$51M$30.5M0.0-0.9
2023$84.6M$14.3M0.0-1.0
2024$108.1M$61.2M0.0-1.6
2025$76.7M$62.7M0.015.9
Q3 2024$0
Q4 2024$234K
Q1 2025$0
Q2 2025$0
Q3 2025$0
Q4 2025$0
Q1 2026$0
Q2 2026$0
PeriodRevenueGrowthNet incomeFCF
Q3 2024$0--$18.2M-$15.6M
Q4 2024$234K-31%-$40.2M-$15.5M
Q1 2025$0--$15.4M-$14.5M
Q2 2025$0--$16.6M-$14.5M
Q3 2025$0--$3.3M-$18.3M
Q4 2025$0-100%$40.2M-$6.6M
Q1 2026$0--$77.2M-$3.4M
Q2 2026$0-$39.4M$1.3M
PeriodGross marginOperating marginNet marginROEROA
Q3 20240.0%0.0%0.0%-37.1%-27.9%
Q4 2024-4,461.5%-19,223.9%-17,166.2%-114.6%-81.8%
Q1 20250.0%0.0%0.0%-74.1%-44.3%
Q2 20250.0%0.0%0.0%-291.1%-83.0%
Q3 20250.0%0.0%0.0%-1.4%-1.1%
Q4 20250.0%0.0%0.0%+26.2%+24.6%
Q1 20260.0%0.0%0.0%-91.5%-88.3%
Q2 20260.0%0.0%0.0%+28.3%+27.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$62.8M$376K-$62.4M3.97
Q4 2024$47.2M$266K-$47M3.41
Q1 2025$32.7M$154K-$32.6M2.41
Q2 2025$18.1M$39K-$18.1M1.34
Q3 2025$26.8M$3.3M-$23.4M8.66
Q4 2025$14M$38K-$14M35.56
Q1 2026$6.7M$38K-$6.7M27.28
Q2 2026$7.6M$38K-$7.6M79.19
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$105.9M$43.5M0.0-1.5
Q4 2024$118.8M$71.8M507.7-1.9
Q1 2025$12.6M-$20M0.0-0.2
Q2 2025$12.3M-$5.8M0.0-0.2
Q3 2025$18.8M-$4.6M0.0-1.4
Q4 2025$76.7M$62.7M0.00.3
Q1 2026$133.6M$126.9M0.0-0.4
Q2 2026$107.9M$100.3M0.00.7

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$0Q2 2026
$84.3K$168.5K$252.8K$337KQ3 2023: $0Q4 2023: $337KQ1 2024: $0Q2 2024: $0Q3 2024: $0Q4 2024: $234KQ1 2025: $0Q2 2025: $0Q3 2025: $0Q4 2025: $0Q1 2026: $0Q2 2026: $0Q3 2023Q2 2026
Net income$39.4MQ2 2026
-$47.8M-$18.5M$10.9M$40.2MQ3 2023: -$13.7MQ4 2023: -$24.7MQ1 2024: -$13.8MQ2 2024: -$20.1MQ3 2024: -$18.2MQ4 2024: -$40.2MQ1 2025: -$15.4MQ2 2025: -$16.6MQ3 2025: -$3.3MQ4 2025: $40.2MQ1 2026: -$77.2MQ2 2026: $39.4MQ3 2023Q2 2026
EBITDA-$4.7MQ2 2026
-$50.4M-$18.5M$13.4M$45.3MQ3 2023: -$14.3MQ4 2023: -$11.5MQ1 2024: -$13.8MQ2 2024: -$20.8MQ3 2024: -$18.4MQ4 2024: -$20.2MQ1 2025: -$15.4MQ2 2025: -$16.6MQ3 2025: -$3.1MQ4 2025: $45.3MQ1 2026: -$82.3MQ2 2026: -$4.7MQ3 2023Q2 2026
Free cash flow$1.3MQ2 2026
-$13.4M-$8.5M-$3.6M$1.3MQ3 2023: -$10.5MQ4 2023: -$10.4MQ1 2024: -$15.5MQ2 2024: -$13.7MQ3 2024: -$15.6MQ4 2024: -$15.5MQ1 2025: -$14.5MQ2 2025: -$14.5MQ3 2025: -$18.3MQ4 2025: -$6.6MQ1 2026: -$3.4MQ2 2026: $1.3MQ3 2023Q2 2026
EPS$0.25Q2 2026
-$0.15$0.21$0.56$0.92Q3 2023: -$0.51Q4 2023: -$0.46Q1 2024: -$0.51Q2 2024: -$0.51Q3 2024: -$0.44Q4 2024: -$0.37Q1 2025: -$0.37Q2 2025: -$0.4Q3 2025: -$0.08Q4 2025: $0.92Q1 2026: -$0.46Q2 2026: $0.25Q3 2023Q2 2026
Cash / Debt$7.6MQ2 2026
$63M$126M$189M$252MQ3 2023 · Cash: $80.7MQ3 2023 · Debt: $369KQ4 2023 · Cash: $70.6MQ4 2023 · Debt: $262KQ1 2024 · Cash: $142.1MQ1 2024 · Debt: $2.9MQ2 2024 · Cash: $252MQ2 2024 · Debt: $3.9MQ3 2024 · Cash: $62.8MQ3 2024 · Debt: $376KQ4 2024 · Cash: $47.2MQ4 2024 · Debt: $266KQ1 2025 · Cash: $32.7MQ1 2025 · Debt: $154KQ2 2025 · Cash: $18.1MQ2 2025 · Debt: $39KQ3 2025 · Cash: $26.8MQ3 2025 · Debt: $3.3MQ4 2025 · Cash: $14MQ4 2025 · Debt: $38KQ1 2026 · Cash: $6.7MQ1 2026 · Debt: $38KQ2 2026 · Cash: $7.6MQ2 2026 · Debt: $38KQ3 2023Q2 2026
CashDebt
Profitability0.0%Q2 2026
-14,417.9%-9,612.0%-4,806.0%Q3 2023 · Gross margin: 0.0%Q4 2023 · Gross margin: -1,713.6%Q1 2024 · Gross margin: 0.0%Q2 2024 · Gross margin: 0.0%Q3 2024 · Gross margin: 0.0%Q4 2024 · Gross margin: -4,461.5%Q1 2025 · Gross margin: 0.0%Q2 2025 · Gross margin: 0.0%Q3 2025 · Gross margin: 0.0%Q4 2025 · Gross margin: 0.0%Q1 2026 · Gross margin: 0.0%Q2 2026 · Gross margin: 0.0%Q3 2023 · Operating margin: 0.0%Q4 2023 · Operating margin: -3,464.7%Q1 2024 · Operating margin: 0.0%Q2 2024 · Operating margin: 0.0%Q3 2024 · Operating margin: 0.0%Q4 2024 · Operating margin: -19,223.9%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: 0.0%Q2 2026 · Operating margin: 0.0%Q3 2023 · Net margin: 0.0%Q4 2023 · Net margin: -7,322.0%Q1 2024 · Net margin: 0.0%Q2 2024 · Net margin: 0.0%Q3 2024 · Net margin: 0.0%Q4 2024 · Net margin: -17,166.2%Q1 2025 · Net margin: 0.0%Q2 2025 · Net margin: 0.0%Q3 2025 · Net margin: 0.0%Q4 2025 · Net margin: 0.0%Q1 2026 · Net margin: 0.0%Q2 2026 · Net margin: 0.0%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth-100.0%Q4 2025
-75.0%-50.0%-25.0%Q4 2024: -30.6%Q4 2025: -100.0%Q3 2023Q2 2026
Shares outstanding176.3MQ2 2026
44.1M88.1M132.2M176.3MQ3 2023: 27MQ4 2023: 27MQ1 2024: 27MQ2 2024: 39.1MQ3 2024: 41.2MQ4 2024: 41.3MQ1 2025: 41.3MQ2 2025: 41.4MQ3 2025: 41.4MQ4 2025: 70.7MQ1 2026: 168.1MQ2 2026: 176.3MQ3 2023Q2 2026
Valuation0.7Q2 2026
125.2252.7380.2507.7Q3 2023 · P/E: -0.7Q4 2023 · P/E: -2.2Q1 2024 · P/E: -1.3Q2 2024 · P/E: -0.9Q3 2024 · P/E: -1.5Q4 2024 · P/E: -1.9Q1 2025 · P/E: -0.2Q2 2025 · P/E: -0.2Q3 2025 · P/E: -1.4Q4 2025 · P/E: 0.3Q1 2026 · P/E: -0.4Q2 2026 · P/E: 0.7Q3 2023 · P/S: 0.0Q4 2023 · P/S: 331.5Q1 2024 · P/S: 0.0Q2 2024 · P/S: 0.0Q3 2024 · P/S: 0.0Q4 2024 · P/S: 507.7Q1 2025 · P/S: 0.0Q2 2025 · P/S: 0.0Q3 2025 · P/S: 0.0Q4 2025 · P/S: 0.0Q1 2026 · P/S: 0.0Q2 2026 · P/S: 0.0Q3 2023Q2 2026
P/EP/S
Revenue$02025
$2.5M$5M$7.5M$10.1M2018: $02019: $9.7M2020: $10.1M2021: $1.5M2022: $02023: $02024: $02025: $020182025
Net income$4.8M2025
-$59.9M-$38.3M-$16.7M$4.8M2018: -$23.1M2019: -$3.4M2020: -$3.4M2021: -$40.6M2022: -$54.6M2023: -$81.4M2024: -$67.6M2025: $4.8M20182025
EBITDA-$36.5M2025
-$60.7M-$40.5M-$20.2M2018: -$23.1M2019: -$3.3M2020: -$3.2M2021: -$40.5M2022: -$54.4M2023: -$81M2024: -$67M2025: -$36.5M20182025
Free cash flow-$43.9M2025
-$45.2M-$30.1M-$15.1M2018: -$26M2019: -$27M2020: -$26M2021: -$35.2M2022: -$49M2023: -$43.8M2024: -$60.3M2025: -$43.9M20182025
EPS$0.072025
-$12-$7.99-$3.96$0.072018: -$16.12019: -$14.62020: -$4.642021: -$4.732022: -$4.822023: -$3.982024: -$1.812025: $0.0720182025
Cash / Debt$14M2025
$28.7M$57.5M$86.2M$114.9M2018 · Cash: $16.3M2018 · Debt: $02019 · Cash: $2.4M2019 · Debt: $1M2020 · Cash: $63.8M2020 · Debt: $776K2021 · Cash: $114.9M2021 · Debt: $469K2022 · Cash: $21M2022 · Debt: $524K2023 · Cash: $70.6M2023 · Debt: $262K2024 · Cash: $47.2M2024 · Debt: $266K2025 · Cash: $14M2025 · Debt: $38K20182025
CashDebt
Profitability0.0%2025
-2,046.3%-1,330.9%-615.4%+100.0%2018 · Gross margin: 0.0%2019 · Gross margin: +52.9%2020 · Gross margin: +50.9%2021 · Gross margin: +100.0%2022 · Gross margin: 0.0%2023 · Gross margin: 0.0%2024 · Gross margin: 0.0%2025 · Gross margin: 0.0%2018 · Operating margin: 0.0%2019 · Operating margin: -35.9%2020 · Operating margin: -34.3%2021 · Operating margin: -2,761.7%2022 · Operating margin: 0.0%2023 · Operating margin: 0.0%2024 · Operating margin: 0.0%2025 · Operating margin: 0.0%2018 · Net margin: 0.0%2019 · Net margin: -35.6%2020 · Net margin: -33.7%2021 · Net margin: -2,705.8%2022 · Net margin: 0.0%2023 · Net margin: 0.0%2024 · Net margin: 0.0%2025 · Net margin: 0.0%20182025
Gross marginOperating marginNet margin
Revenue growth-100.0%2022
-74.0%-48.1%-22.1%+3.9%2020: +3.9%2021: -85.1%2022: -100.0%20182025
Shares outstanding70.7M2025
17.7M35.3M53M70.7M2018: 1.4M2019: 2.3M2020: 5.9M2021: 8.6M2022: 11.3M2023: 20.4M2024: 37.6M2025: 70.7M20182025
Valuation15.92025
41.289.3137.3185.42018 · P/E: -1.22019 · P/E: -0.82020 · P/E: -4.82021 · P/E: -6.82022 · P/E: -0.92023 · P/E: -1.02024 · P/E: -1.62025 · P/E: 15.92018 · P/S: 0.02019 · P/S: 2.62020 · P/S: 13.32021 · P/S: 185.42022 · P/S: 0.02023 · P/S: 0.02024 · P/S: 0.02025 · P/S: 0.020182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-11
Revenue est. $11.7M · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.02$31M-1
FY 20270.42$144.8M-1
FY 20280.89$256.4M-1
FY 2029-0.23$39.4M-1
Q1 20270.07$24.8M-1
Q2 20270.12$39.8M-1

Company events

6
2026-11-11EarningsActual - / Estimate 0.02-
2026-08-12EarningsActual 0.18 / Estimate -0.03Beat
2026-05-14EarningsActual -0.46 / Estimate -0.04Miss
2026-03-16EarningsActual -0.23 / Estimate -0.07Miss
2025-11-12EarningsActual -0.08 / Estimate -0.24Beat
2025-08-14EarningsActual -0.4 / Estimate -0.29Miss

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings534
Analysts27
Buy / hold / sell4 / 1 / 027 / 7 / 0
Upgrades / downgrades / initiations0 / 0 / 10 / 3 / 2
Price targets hit / missed3 / 1 (75%)5 / 23 (18%)
Avg. return after a rating (TipRanks)+96.9%-32.9%
Best / worst call+241.1% / -37.4%+241.1% / -85.4%

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

Latest ratings

DateAnalystCallTarget
Sep 10, 2026Nathan FrankovitzCantor FitzgeraldBuyMaintained$4.90
Aug 24, 2026Nathan FrankovitzCantor FitzgeraldBuyReiterated$1.60
Aug 18, 2026Nathan FrankovitzCantor FitzgeraldBuyReiterated$1.60
Jun 30, 2026Nathan FrankovitzCantor FitzgeraldBuyInitiated$0.90
Nov 18, 2025Swayampakula RamakanthH.C. WainwrightHoldReiterated

TipRanks data via FMP · computed Sep 18, 2026 · 5 ratings

Frequently asked questions

Where can I trade CYPH perpetual futures?

Cypherpunk Technologies Inc. (CYPH) perpetual futures trade on 4 crypto venues, including Binance, BingX, LBank. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade CYPH around the clock?

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

What is the funding rate on CYPH perpetuals?

Right now the CYPH perp funding rate is +138.1% annualized (venue median), ranging from 0.0% to +142.6% across 4 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the CYPH perp price compare to the Cypherpunk Technologies Inc. stock?

The venue-median CYPH perp mark is $3.19 versus a reference stock price of $3.2, a basis of -0.1%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

What is a CYPH perpetual future?

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

What is CYPHUSDT perpetual?

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

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