PerpEquities

Equity

Delta Air Lines, Inc. (DAL) perpetual futures

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

Delta Air Lines provides scheduled air transportation for passengers and cargo in the United States and internationally, and also offers aircraft maintenance services and vacation packages.

$81.64-2.7%NYSE closed
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Collecting venue price data...
venue perp mark · MEXC (DAL/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
$86.8K
Open interest
$70.6K
Best liquidity
$66.4K
MEXC
Tightest spread
+34.3 bps
MEXC
Highest volume
$86.8K
MEXC
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $454.8M
OI / float
0.00%
Float $53B
Spot performance
1D-2.57%
5D+2.95%
1M-0.79%
6M+25.53%
YTD+17.81%
1Y+39.17%

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
MEXCTradeDAL/USDTTrading$81.64+21.9% APR
+0.020% every 8h
+34.3 bps$66.4K$86.8K$70.6KUSDT20x

Tradability

Execution quality

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

Thin liquidity · 1 of 1 venues absorb $10k · Typical cost: +39.4 bps

Cheapest execution: MEXC · +39.4 bps

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

Best venues for this underlying

Best liquidity

DAL

Tightest spread

DAL

Highest volume

DAL

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$53.7B
Updated 2h ago
Revenue
$68.3B
Trailing 12 months
Revenue growth
+5%
Next fiscal year
Profit margin
+5.8%
P/E
13.4
Peer P/E 11.4
Free cash flow
$6.1B
Trailing 12 months
More metrics
Net income
$4B
Trailing 12 months
P/S
0.8
Peer P/E
11.4
Similar listed perps
Revenue estimate
$66.4B
Next fiscal year
Earnings
2026-10-09
Revenue est. $17.6B · Updated 2h ago
Dividend
$0.215
2026-07-09

Fundamental detail

Annual + quarterly
Latest revenue$63.4B
Net margin+7.9%
Free cash flow$3.8B
Net debt$16.8B
2020$17.1B
2021$29.9B
2022$50.6B
2023$58B
2024$61.6B
2025$63.4B
PeriodRevenueGrowthNet incomeFCF
2020$17.1B-64%-$12.4B-$5.7B
2021$29.9B+75%$280M$16M
2022$50.6B+69%$1.3B-$2M
2023$58B+15%$4.6B$1.1B
2024$61.6B+6%$3.5B$2.9B
2025$63.4B+3%$5B$3.8B
PeriodGross marginOperating marginNet marginROEROA
2020-25.6%-72.9%-72.4%-807.4%-17.2%
2021+7.1%+6.3%+0.9%+7.2%+0.4%
2022+22.1%+7.2%+2.6%+20.0%+1.8%
2023+26.7%+9.5%+7.9%+41.5%+6.3%
2024+26.9%+9.7%+5.6%+22.6%+4.6%
2025+22.8%+9.2%+7.9%+24.1%+6.2%
PeriodCashDebtNet debtCurrent ratio
2020$8.3B$35.5B$27.2B1.09
2021$7.9B$34.7B$26.7B0.76
2022$3.3B$30.6B$27.3B0.50
2023$2.7B$27.3B$24.5B0.39
2024$3.1B$22.8B$19.7B0.37
2025$4.3B$21.1B$16.8B0.40
PeriodMarket capEnterprise valueP/SP/E
2020$25.6B$52.8B1.5-2.1
2021$24.9B$51.6B0.888.8
2022$21B$48.3B0.415.9
2023$25.7B$50.2B0.45.6
2024$39.2B$58.9B0.611.2
2025$45B$61.7B0.79.0
Q3 2024$15.7B
Q4 2024$15.6B
Q1 2025$14B
Q2 2025$16.6B
Q3 2025$16.7B
Q4 2025$16B
Q1 2026$15.9B
Q2 2026$19.8B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$15.7B+1%$1.3B-$54M
Q4 2024$15.6B+9%$843M$584M
Q1 2025$14B+2%$240M$1.2B
Q2 2025$16.6B0%$2.1B$648M
Q3 2025$16.7B+6%$1.4B$687M
Q4 2025$16B+3%$1.2B$1.4B
Q1 2026$15.9B+13%-$289M$1.2B
Q2 2026$19.8B+19%$1.6B$2.8B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+26.4%+8.9%+8.1%+9.3%+1.7%
Q4 2024+28.6%+11.0%+5.4%+5.5%+1.1%
Q1 2025+21.5%+4.1%+1.7%+1.6%+0.3%
Q2 2025+30.3%+12.6%+12.8%+12.2%+2.7%
Q3 2025+23.5%+10.1%+8.5%+7.5%+1.8%
Q4 2025+22.4%+9.2%+7.6%+5.9%+1.5%
Q1 2026+28.6%+3.2%-1.8%-1.4%-0.3%
Q2 2026+33.5%+9.4%+8.1%+7.4%+1.9%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$4B$24.4B$20.4B0.39
Q4 2024$3.1B$22.8B$19.7B0.37
Q1 2025$3.7B$22.3B$18.6B0.38
Q2 2025$3.3B$21.3B$17.9B0.38
Q3 2025$3.8B$21.7B$17.9B0.40
Q4 2025$4.3B$21.1B$16.8B0.40
Q1 2026$5.1B$14.2B$9.1B0.42
Q2 2026$4.7B$20B$15.3B0.42
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$32.6B$53B2.16.4
Q4 2024$39.4B$59.1B2.511.7
Q1 2025$28.1B$46.6B2.029.5
Q2 2025$31.8B$49.8B1.93.7
Q3 2025$36.8B$54.7B2.26.5
Q4 2025$45B$61.8B2.89.2
Q1 2026$43.3B$52.5B2.7-37.8
Q2 2026$61.2B$76.5B3.19.6

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$19.8BQ2 2026
$4.9B$9.9B$14.8B$19.8BQ3 2023: $15.5BQ4 2023: $14.2BQ1 2024: $13.7BQ2 2024: $16.7BQ3 2024: $15.7BQ4 2024: $15.6BQ1 2025: $14BQ2 2025: $16.6BQ3 2025: $16.7BQ4 2025: $16BQ1 2026: $15.9BQ2 2026: $19.8BQ3 2023Q2 2026
Net income$1.6BQ2 2026
$315.8M$920.5M$1.5B$2.1BQ3 2023: $1.1BQ4 2023: $2BQ1 2024: $37MQ2 2024: $1.3BQ3 2024: $1.3BQ4 2024: $843MQ1 2025: $240MQ2 2025: $2.1BQ3 2025: $1.4BQ4 2025: $1.2BQ1 2026: -$289MQ2 2026: $1.6BQ3 2023Q2 2026
EBITDA$2.7BQ2 2026
$837M$1.7B$2.5B$3.3BQ3 2023: $2.3BQ4 2023: $3.1BQ1 2024: $942MQ2 2024: $2.6BQ3 2024: $2.4BQ4 2024: $2BQ1 2025: $1.1BQ2 2025: $3.3BQ3 2025: $3.2BQ4 2025: $2BQ1 2026: $572MQ2 2026: $2.7BQ3 2023Q2 2026
Free cash flow$2.8BQ2 2026
-$94M$869M$1.8B$2.8BQ3 2023: -$193MQ4 2023: -$1.1BQ1 2024: $1.2BQ2 2024: $1.1BQ3 2024: -$54MQ4 2024: $584MQ1 2025: $1.2BQ2 2025: $648MQ3 2025: $687MQ4 2025: $1.4BQ1 2026: $1.2BQ2 2026: $2.8BQ3 2023Q2 2026
EPS$2.44Q2 2026
$0.48$1.41$2.34$3.26Q3 2023: $1.72Q4 2023: $3.16Q1 2024: $0.06Q2 2024: $2.01Q3 2024: $1.97Q4 2024: $1.29Q1 2025: $0.37Q2 2025: $3.26Q3 2025: $2.17Q4 2025: $1.86Q1 2026: -$0.44Q2 2026: $2.44Q3 2023Q2 2026
Cash / Debt$4.7BQ2 2026
$6.8B$13.6B$20.5B$27.3BQ3 2023 · Cash: $2.8BQ3 2023 · Debt: $26.8BQ4 2023 · Cash: $2.7BQ4 2023 · Debt: $27.3BQ1 2024 · Cash: $3.9BQ1 2024 · Debt: $26.3BQ2 2024 · Cash: $4.1BQ2 2024 · Debt: $24.8BQ3 2024 · Cash: $4BQ3 2024 · Debt: $24.4BQ4 2024 · Cash: $3.1BQ4 2024 · Debt: $22.8BQ1 2025 · Cash: $3.7BQ1 2025 · Debt: $22.3BQ2 2025 · Cash: $3.3BQ2 2025 · Debt: $21.3BQ3 2025 · Cash: $3.8BQ3 2025 · Debt: $21.7BQ4 2025 · Cash: $4.3BQ4 2025 · Debt: $21.1BQ1 2026 · Cash: $5.1BQ1 2026 · Debt: $14.2BQ2 2026 · Cash: $4.7BQ2 2026 · Debt: $20BQ3 2023Q2 2026
CashDebt
Profitability+33.5%Q2 2026
+7.0%+15.9%+24.7%+33.5%Q3 2023 · Gross margin: +27.0%Q4 2023 · Gross margin: +24.5%Q1 2024 · Gross margin: +20.7%Q2 2024 · Gross margin: +30.7%Q3 2024 · Gross margin: +26.4%Q4 2024 · Gross margin: +28.6%Q1 2025 · Gross margin: +21.5%Q2 2025 · Gross margin: +30.3%Q3 2025 · Gross margin: +23.5%Q4 2025 · Gross margin: +22.4%Q1 2026 · Gross margin: +28.6%Q2 2026 · Gross margin: +33.5%Q3 2023 · Operating margin: +12.8%Q4 2023 · Operating margin: +9.3%Q1 2024 · Operating margin: +4.5%Q2 2024 · Operating margin: +13.6%Q3 2024 · Operating margin: +8.9%Q4 2024 · Operating margin: +11.0%Q1 2025 · Operating margin: +4.1%Q2 2025 · Operating margin: +12.6%Q3 2025 · Operating margin: +10.1%Q4 2025 · Operating margin: +9.2%Q1 2026 · Operating margin: +3.2%Q2 2026 · Operating margin: +9.4%Q3 2023 · Net margin: +7.2%Q4 2023 · Net margin: +14.3%Q1 2024 · Net margin: +0.3%Q2 2024 · Net margin: +7.8%Q3 2024 · Net margin: +8.1%Q4 2024 · Net margin: +5.4%Q1 2025 · Net margin: +1.7%Q2 2025 · Net margin: +12.8%Q3 2025 · Net margin: +8.5%Q4 2025 · Net margin: +7.6%Q1 2026 · Net margin: -1.8%Q2 2026 · Net margin: +8.1%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+18.7%Q2 2026
+4.6%+9.3%+14.0%+18.7%Q3 2024: +1.2%Q4 2024: +9.4%Q1 2025: +2.1%Q2 2025: -0.1%Q3 2025: +6.4%Q4 2025: +2.9%Q1 2026: +12.9%Q2 2026: +18.7%Q3 2023Q2 2026
Shares outstanding657MQ2 2026
164.3M328.5M492.8M657MQ3 2023: 644MQ4 2023: 644MQ1 2024: 645MQ2 2024: 648MQ3 2024: 647MQ4 2024: 652MQ1 2025: 652MQ2 2025: 652MQ3 2025: 653MQ4 2025: 656MQ1 2026: 652MQ2 2026: 657MQ3 2023Q2 2026
Valuation9.6Q2 2026
23.885.4147.0208.6Q3 2023 · P/E: 5.3Q4 2023 · P/E: 3.2Q1 2024 · P/E: 208.6Q2 2024 · P/E: 5.8Q3 2024 · P/E: 6.4Q4 2024 · P/E: 11.7Q1 2025 · P/E: 29.5Q2 2025 · P/E: 3.7Q3 2025 · P/E: 6.5Q4 2025 · P/E: 9.2Q1 2026 · P/E: -37.8Q2 2026 · P/E: 9.6Q3 2023 · P/S: 1.5Q4 2023 · P/S: 1.8Q1 2024 · P/S: 2.2Q2 2024 · P/S: 1.8Q3 2024 · P/S: 2.1Q4 2024 · P/S: 2.5Q1 2025 · P/S: 2.0Q2 2025 · P/S: 1.9Q3 2025 · P/S: 2.2Q4 2025 · P/S: 2.8Q1 2026 · P/S: 2.7Q2 2026 · P/S: 3.1Q3 2023Q2 2026
P/EP/S
Revenue$63.4B2025
$15.8B$31.7B$47.5B$63.4B2018: $44.4B2019: $47B2020: $17.1B2021: $29.9B2022: $50.6B2023: $58B2024: $61.6B2025: $63.4B20182025
Net income$5B2025
-$8B-$3.7B$657.5M$5B2018: $3.9B2019: $4.8B2020: -$12.4B2021: $280M2022: $1.3B2023: $4.6B2024: $3.5B2025: $5B20182025
EBITDA$8B2025
-$7B-$1.6B$3.7B$9.1B2018: $7.8B2019: $9.1B2020: -$12.3B2021: $3.7B2022: $5.1B2023: $8.8B2024: $7.9B2025: $8B20182025
Free cash flow$3.8B2025
-$3.3B-$924.5M$1.5B$3.8B2018: $1.8B2019: $3.5B2020: -$5.7B2021: $16M2022: -$2M2023: $1.1B2024: $2.9B2025: $3.8B20182025
EPS$7.662025
-$12.7-$5.9$0.88$7.662018: $5.672019: $7.32020: -$19.52021: $0.442022: $2.062023: $7.172024: $5.332025: $7.6620182025
Cash / Debt$4.3B2025
$8.9B$17.8B$26.7B$35.5B2018 · Cash: $1.6B2018 · Debt: $16.5B2019 · Cash: $2.9B2019 · Debt: $17.3B2020 · Cash: $8.3B2020 · Debt: $35.5B2021 · Cash: $7.9B2021 · Debt: $34.7B2022 · Cash: $3.3B2022 · Debt: $30.6B2023 · Cash: $2.7B2023 · Debt: $27.3B2024 · Cash: $3.1B2024 · Debt: $22.8B2025 · Cash: $4.3B2025 · Debt: $21.1B20182025
CashDebt
Profitability+22.8%2025
-47.5%-22.0%+3.5%+28.9%2018 · Gross margin: +25.0%2019 · Gross margin: +28.9%2020 · Gross margin: -25.6%2021 · Gross margin: +7.1%2022 · Gross margin: +22.1%2023 · Gross margin: +26.7%2024 · Gross margin: +26.9%2025 · Gross margin: +22.8%2018 · Operating margin: +11.8%2019 · Operating margin: +14.1%2020 · Operating margin: -72.9%2021 · Operating margin: +6.3%2022 · Operating margin: +7.2%2023 · Operating margin: +9.5%2024 · Operating margin: +9.7%2025 · Operating margin: +9.2%2018 · Net margin: +8.9%2019 · Net margin: +10.1%2020 · Net margin: -72.4%2021 · Net margin: +0.9%2022 · Net margin: +2.6%2023 · Net margin: +7.9%2024 · Net margin: +5.6%2025 · Net margin: +7.9%20182025
Gross marginOperating marginNet margin
Revenue growth+2.8%2025
-29.0%+5.6%+40.3%+74.9%2019: +5.8%2020: -63.6%2021: +74.9%2022: +69.2%2023: +14.8%2024: +6.2%2025: +2.8%20182025
Shares outstanding654M2025
173.5M347M520.5M694M2018: 694M2019: 653M2020: 636M2021: 641M2022: 641M2023: 643M2024: 648M2025: 654M20182025
Valuation9.02025
20.743.466.188.82018 · P/E: 8.82019 · P/E: 8.02020 · P/E: -2.12021 · P/E: 88.82022 · P/E: 15.92023 · P/E: 5.62024 · P/E: 11.22025 · P/E: 9.02018 · P/S: 0.82019 · P/S: 0.82020 · P/S: 1.52021 · P/S: 0.82022 · P/S: 0.42023 · P/S: 0.42024 · P/S: 0.62025 · P/S: 0.720182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-10-09
Revenue est. $17.6B · Updated 2h ago
Dividend
$0.215
2026-07-09

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20266.26$66.4B+5%11
FY 20278.50$69.4B+10%7
FY 202810.17$73.1B+15%6
FY 202911.83$77B+22%3
FY 203011.66$83B+31%2
Q1 20281.19$16.6B+5%6

Company events

6
2026-10-09EarningsActual - / Estimate 2.01-
2026-07-09EarningsActual 1.56 / Estimate 1.49Beat
2026-07-09Dividend$0.215-
2026-05-14Dividend$0.188-
2026-04-08EarningsActual 0.64 / Estimate 0.58Beat
2026-02-26Dividend$0.188-

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings150383
Analysts2429
Buy / hold / sell149 / 1 / 0374 / 9 / 0
Upgrades / downgrades / initiations2 / 0 / 43 / 3 / 8
Price targets hit / missed62 / 85 (42%)258 / 113 (70%)
Avg. return after a rating (TipRanks)-4.9%+16.6%
Best / worst call+40.2% / -34.6%+94.5% / -34.6%

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

Latest ratings

DateAnalystCallTarget
Sep 18, 2026James GoodallRothschild & Co RedburnBuyMaintained$105
Sep 17, 2026Christian WetherbeeWells FargoBuyMaintained$105
Sep 11, 2026Brandon OglenskiBarclaysBuyMaintained$95.00
Sep 10, 2026Christian WetherbeeWells FargoBuyMaintained$105
Sep 10, 2026Atul MaheswariUBSBuyReiterated$99.00

TipRanks data via FMP · computed Sep 23, 2026 · 150 ratings

Frequently asked questions

Where can I trade DAL perpetual futures?

Delta Air Lines, Inc. (DAL) perpetual futures trade on 1 crypto venues, including MEXC. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade DAL around the clock?

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

What is the funding rate on DAL perpetuals?

Right now the DAL perp funding rate is +21.9% annualized (venue median), ranging from +21.9% to +21.9% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the DAL perp price compare to the Delta Air Lines, Inc. stock?

The venue-median DAL perp mark is $81.6 versus a reference stock price of $81.6, 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 DAL perpetual future?

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

What is DALUSDT perpetual?

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

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