PerpEquities

Equity · Industrials

Firefly Aerospace Inc. (FLY) perpetual futures

FLY perpetual futures on 5 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade FLYUSDT.

Firefly Aerospace Inc. is an aerospace and defense technology firm providing space launch and in-orbit services, including Alpha, Eclipse, Blue Ghost, Elytra, and Ocula, for government and commercial clients.

$23.08-1.3%NASDAQ closed
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Collecting venue price data...
venue perp mark · BingX (FLYUS-USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

5/5 live markets
Venues
5
Live markets
5/5
24h volume
$1.6MCoverage: 4/5 marketsExchange-reported volume: $3.2M
Open interest
$320.2KCoverage: 4/5 markets
Best liquidity
$544.2K
Bitget
Tightest spread
+17.4 bps
Bybit
Highest volume
$1.2M
Bybit
Settlement mix
USDT · 5/5
Perp/spot vol.
0.03x
Spot volume $57.5M
OI / float
+0.01%
Float $3.3B
Spot performance
1D+1.30%
5D+0.60%
1M+13.45%
6M-21.20%
YTD+4.83%
1Y-12.07%

Venue matrix

5 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
BybitTradeFLY/USDTTrading$23.06-204.6% APR
-0.187% every 8h
+17.4 bps$4.1K$1.2M$122KUSDT25x
BitgetTradeFLY/USDTTrading$23.080.0% APR
0.000% every 8h
+30.4 bps$544.2K$160.6K$173.1KUSDT20x
LBankTradeFLY/USDTTrading$23.070.0% APR
0.000% every 8h
+30.4 bps$361.4K$156.1K-USDT50x
OKXTradeFLY/USDTTrading$23.060.0% APR
0.000% every 8h
+43.4 bps$2.4K$39K$23KUSDT20x
BingXTradeFLYUS-USDTTrading$23.06+5.5% APR
+0.00500% every 8h
+43.3 bps$9.4K$1.6M⚠$2.1KUSDT-

Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.

Tradability

Execution quality

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

Adequate liquidity · 4 of 5 venues absorb $10k · Typical cost: +82.3 bps – +120.9 bps

Cheapest execution: LBank · +26.0 bps

Too thin: OKX

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

Best venues for this underlying

Best liquidity

FLY

Tightest spread

FLY

Highest volume

FLY

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 46m ago
Market cap
$3.8B
Updated 46m ago
Revenue
$287M
Trailing 12 months
Revenue growth
+175%
Next fiscal year
Profit margin
-126.6%
P/E
-9.6
Peer P/E -5.3
Free cash flow
-$326.5M
Trailing 12 months
More metrics
Net income
-$363.5M
Trailing 12 months
P/S
13.1
Peer P/E
-5.3
Similar listed perps
Revenue estimate
$439.4M
Next fiscal year
Earnings
2026-11-11
Revenue est. $102.4M · Updated 46m ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$159.9M
Net margin-186.6%
Free cash flow-$237.8M
Net debt-$484.4M
2023$55.2M
2024$60.8M
2025$159.9M
PeriodRevenueGrowthNet incomeFCF
2023$55.2M--$135.5M-$170.7M
2024$60.8M+10%-$231.1M-$190.3M
2025$159.9M+163%-$298.3M-$237.8M
PeriodGross marginOperating marginNet marginROEROA
2023+48.2%-238.8%-245.2%+26.9%-42.2%
2024-18.7%-344.5%-380.2%+30.1%-56.7%
2025+15.6%-154.3%-186.6%-25.1%-16.3%
PeriodCashDebtNet debtCurrent ratio
2023$81.9M$120.9M$39M1.10
2024$123.4M$168.4M$45M1.01
2025$793M$308.6M-$484.4M4.51
PeriodMarket capEnterprise valueP/SP/E
2023$8.7B$8.7B157.0-55.5
2024$8.7B$8.7B142.6-32.6
2025$3.4B$2.9B21.3-10.1
Q1 2024$8.3M
Q2 2024$21.1M
Q1 2025$55.9M
Q2 2025$15.5M
Q3 2025$30.8M
Q4 2025$57.7M
Q1 2026$80.9M
Q2 2026$117.7M
PeriodRevenueGrowthNet incomeFCF
Q1 2024$8.3M--$52.8M-$65.1M
Q2 2024$21.1M--$53.5M-$37.6M
Q1 2025$55.9M+572%-$60.1M-$59.2M
Q2 2025$15.5M-26%-$63.8M-$37.3M
Q3 2025$30.8M--$133.4M-$62M
Q4 2025$57.7M--$41.1M-$79.3M
Q1 2026$80.9M+45%-$96.7M-$78.9M
Q2 2026$117.7M+657%-$92.3M-$106.3M
PeriodGross marginOperating marginNet marginROEROA
Q1 2024-23.1%-590.9%-634.5%0.0%0.0%
Q2 2024+14.0%-232.1%-253.7%0.0%0.0%
Q1 2025+4.0%-104.8%-107.6%+7.2%-13.7%
Q2 2025+25.7%-349.5%-410.2%+6.9%-13.7%
Q3 2025+27.6%-202.1%-433.5%-14.1%-10.6%
Q4 2025+22.0%-140.5%-71.2%-3.5%-2.2%
Q1 2026+12.7%-118.3%-119.5%-8.7%-6.5%
Q2 2026+20.3%-80.9%-78.4%-7.5%-5.6%
PeriodCashDebtNet debtCurrent ratio
Q1 2024---0.00
Q2 2024---0.00
Q1 2025$176.9M$167.2M-$9.7M1.39
Q2 2025$205.3M$167.6M-$37.7M1.59
Q3 2025$996M$44.5M-$951.5M6.20
Q4 2025$793M$308.6M-$484.4M4.51
Q1 2026$326.2M$53M-$273.2M2.53
Q2 2026$459.8M$53.4M-$406.4M2.73
PeriodMarket capEnterprise valueP/SP/E
Q1 2024$8.7B$01,042.3-37.4
Q2 2024$8.7B$0411.4-36.9
Q1 2025$8.7B$8.7B155.2-30.0
Q2 2025$8.7B$8.6B557.5-27.0
Q3 2025$4.3B$3.4B141.1-7.7
Q4 2025$3.5B$3B60.4-21.5
Q1 2026$4.5B$4.3B56.2-11.7
Q2 2026$4.8B$4.4B40.4-12.9

Refreshed 46m ago

Charts: revenue, profit, cash flow & valuation
Revenue$117.7MQ2 2026
$29.4M$58.8M$88.3M$117.7MQ1 2024: $8.3MQ2 2024: $21.1MQ1 2025: $55.9MQ2 2025: $15.5MQ3 2025: $30.8MQ4 2025: $57.7MQ1 2026: $80.9MQ2 2026: $117.7MQ1 2024Q2 2026
Net income-$92.3MQ2 2026
-$100.1M-$66.7M-$33.4MQ1 2024: -$52.8MQ2 2024: -$53.5MQ1 2025: -$60.1MQ2 2025: -$63.8MQ3 2025: -$133.4MQ4 2025: -$41.1MQ1 2026: -$96.7MQ2 2026: -$92.3MQ1 2024Q2 2026
EBITDA-$90.6MQ2 2026
-$95.8M-$63.9M-$31.9MQ1 2024: -$47.5MQ2 2024: -$48.2MQ1 2025: -$50.9MQ2 2025: -$54.6MQ3 2025: -$127.8MQ4 2025: -$63.6MQ1 2026: -$77.1MQ2 2026: -$90.6MQ1 2024Q2 2026
Free cash flow-$106.3MQ2 2026
-$79.7M-$53.2M-$26.6MQ1 2024: -$65.1MQ2 2024: -$37.6MQ1 2025: -$59.2MQ2 2025: -$37.3MQ3 2025: -$62MQ4 2025: -$79.3MQ1 2026: -$78.9MQ2 2026: -$106.3MQ1 2024Q2 2026
EPS-$0.57Q2 2026
-$0.71-$0.48-$0.24Q1 2024: -$0.4Q2 2024: -$0.41Q1 2025: -$0.5Q2 2025: -$0.56Q3 2025: -$0.95Q4 2025: -$0.26Q1 2026: -$0.61Q2 2026: -$0.57Q1 2024Q2 2026
Cash / Debt$459.8MQ2 2026
$249M$498M$747M$996MQ1 2025 · Cash: $176.9MQ1 2025 · Debt: $167.2MQ2 2025 · Cash: $205.3MQ2 2025 · Debt: $167.6MQ3 2025 · Cash: $996MQ3 2025 · Debt: $44.5MQ4 2025 · Cash: $793MQ4 2025 · Debt: $308.6MQ1 2026 · Cash: $326.2MQ1 2026 · Debt: $53MQ2 2026 · Cash: $459.8MQ2 2026 · Debt: $53.4MQ1 2024Q2 2026
CashDebt
Profitability+20.3%Q2 2026
-469.0%-303.5%-137.9%+27.6%Q1 2024 · Gross margin: -23.1%Q2 2024 · Gross margin: +14.0%Q1 2025 · Gross margin: +4.0%Q2 2025 · Gross margin: +25.7%Q3 2025 · Gross margin: +27.6%Q4 2025 · Gross margin: +22.0%Q1 2026 · Gross margin: +12.7%Q2 2026 · Gross margin: +20.3%Q1 2024 · Operating margin: -590.9%Q2 2024 · Operating margin: -232.1%Q1 2025 · Operating margin: -104.8%Q2 2025 · Operating margin: -349.5%Q3 2025 · Operating margin: -202.1%Q4 2025 · Operating margin: -140.5%Q1 2026 · Operating margin: -118.3%Q2 2026 · Operating margin: -80.9%Q1 2024 · Net margin: -634.5%Q2 2024 · Net margin: -253.7%Q1 2025 · Net margin: -107.6%Q2 2025 · Net margin: -410.2%Q3 2025 · Net margin: -433.5%Q4 2025 · Net margin: -71.2%Q1 2026 · Net margin: -119.5%Q2 2026 · Net margin: -78.4%Q1 2024Q2 2026
Gross marginOperating marginNet margin
Revenue growth+656.9%Q2 2026
+144.6%+315.3%+486.1%+656.9%Q1 2025: +571.6%Q2 2025: -26.2%Q1 2026: +44.8%Q2 2026: +656.9%Q1 2024Q2 2026
Shares outstanding161.8MQ2 2026
40.4M80.9M121.3M161.8MQ1 2024: 143.6MQ2 2024: 143.6MQ1 2025: 143.6MQ2 2025: 143.6MQ3 2025: 148.1MQ4 2025: 155.6MQ1 2026: 159.6MQ2 2026: 161.8MQ1 2024Q2 2026
Valuation-12.9Q2 2026
232.6502.5772.41,042.3Q1 2024 · P/E: -37.4Q2 2024 · P/E: -36.9Q1 2025 · P/E: -30.0Q2 2025 · P/E: -27.0Q3 2025 · P/E: -7.7Q4 2025 · P/E: -21.5Q1 2026 · P/E: -11.7Q2 2026 · P/E: -12.9Q1 2024 · P/S: 1,042.3Q2 2024 · P/S: 411.4Q1 2025 · P/S: 155.2Q2 2025 · P/S: 557.5Q3 2025 · P/S: 141.1Q4 2025 · P/S: 60.4Q1 2026 · P/S: 56.2Q2 2026 · P/S: 40.4Q1 2024Q2 2026
P/EP/S
Revenue$159.9M2025
$40M$79.9M$119.9M$159.9M2023: $55.2M2024: $60.8M2025: $159.9M20232025
Net income-$298.3M2025
-$223.8M-$149.2M-$74.6M2023: -$135.5M2024: -$231.1M2025: -$298.3M20232025
EBITDA-$289.4M2025
-$217M-$144.7M-$72.3M2023: -$126.8M2024: -$198.2M2025: -$289.4M20232025
Free cash flow-$237.8M2025
-$178.3M-$118.9M-$59.4M2023: -$170.7M2024: -$190.3M2025: -$237.8M20232025
EPS-$2.212025
-$1.66-$1.11-$0.552023: -$1.092024: -$1.852025: -$2.2120232025
Cash / Debt$793M2025
$198.2M$396.5M$594.7M$793M2023 · Cash: $81.9M2023 · Debt: $120.9M2024 · Cash: $123.4M2024 · Debt: $168.4M2025 · Cash: $793M2025 · Debt: $308.6M20232025
CashDebt
Profitability+15.6%2025
-273.1%-166.0%-58.9%+48.2%2023 · Gross margin: +48.2%2024 · Gross margin: -18.7%2025 · Gross margin: +15.6%2023 · Operating margin: -238.8%2024 · Operating margin: -344.5%2025 · Operating margin: -154.3%2023 · Net margin: -245.2%2024 · Net margin: -380.2%2025 · Net margin: -186.6%20232025
Gross marginOperating marginNet margin
Revenue growth+163.0%2025
+40.7%+81.5%+122.2%+163.0%2024: +10.1%2025: +163.0%20232025
Shares outstanding151.9M2025
38M75.9M113.9M151.9M2023: 143.6M2024: 143.6M2025: 151.9M20232025
Valuation-10.12025
-2.450.7103.8157.02023 · P/E: -55.52024 · P/E: -32.62025 · P/E: -10.12023 · P/S: 157.02024 · P/S: 142.62025 · P/S: 21.320232025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-11
Revenue est. $102.4M · Updated 46m ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-1.96$439.4M+175%5
FY 2027-1.50$684.9M+328%6
FY 2028-0.66$1.1B+592%7
FY 2029-0.32$1.3B+709%2
FY 20301.01$1.8B+1,003%4
Q3 2026-0.49$114.4M+272%5

Company events

6
2026-11-11EarningsActual - / Estimate -0.49-
2026-08-11Earnings · After market closeActual -0.42 / Estimate -0.51Beat
2026-07-10EarningsActual - / Estimate -0.52-
2026-05-04EarningsActual -0.46 / Estimate -0.5Beat
2026-03-19EarningsActual -0.38 / Estimate -0.48Beat
2025-11-12EarningsActual -1.5 / Estimate -0.41Miss

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Sep 18, 2026, 07:18 AM UTC

Company profile

Sector
Industrials
Industry
Aerospace & Defense
Chief executive
Jason Kim
Employees
1,409
IPO date
Aug 7, 2025
Country
US
Exchange
NASDAQ Global Market
Website
Altman Z-scorei3.53
Piotroski scorei4/9
FMP ratingiC
Owner earningsi$69.36M$0.43 per share
ESG risk ratingiBIndustry rank: 77 out of 100

Rating factors

Return on equityi
1
Return on assetsi
1
Debt to equityi
5
Price to earningsi
1
Price to booki
2
Market cap history
$3.51B-30.3%Jun 26 – Sep 26
$3.18B$4.11B$5.04BHigh: $5.04B · 2026-06-17Low: $3.18B · 2026-07-20Latest: $3.51B · 2026-09-17Jun 26Jul 26Aug 26Sep 26
Latest: $3.51B · 2026-09-17High: $5.04B · 2026-06-17Low: $3.18B · 2026-07-20
Largest fund holders
FundWeightShares held
JEDG.L3.55%3M
VTI0%2.6M
XAR0.77%2.3M
IWM0.05%2.1M
VB0.02%1.9M
NASA3.64%1.9M
FSSNX0.07%1.3M
VBK0.05%1.1M
IWO0.11%751.7K
NJM0.03%695K
PPA0.18%693.6K
UFO1.87%500K

Analyst track record

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

12 months3 years
Ratings4657
Analysts1212
Buy / hold / sell28 / 18 / 036 / 21 / 0
Upgrades / downgrades / initiations2 / 0 / 42 / 0 / 10
Price targets hit / missed0 / 44 (0%)0 / 55 (0%)
Avg. return after a rating (TipRanks)-38.9%-42.9%
Best / worst call-8.6% / -64.9%-8.6% / -64.9%

After buy calls on this stock: median 21-day move -8.3% vs S&P 500 -10.0% (n = 35)

Latest ratings

DateAnalystCallTarget
Sep 13, 2026Suji DesilvaRoth MKMBuyMaintained$45.00
Sep 13, 2026Suji DesilvaRoth MKMBuyMaintained$45.00
Sep 11, 2026Kristine LiwagMorgan StanleyHoldMaintained$37.00
Sep 11, 2026Kristine LiwagMorgan StanleyHoldMaintained$37.00
Aug 13, 2026Kristine LiwagMorgan StanleyHoldReiterated$37.00
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$30.00$40.00$50.00Oct 25 · Buy 4 · Hold 3 · Sell 0Oct 25Nov 25 · Buy 5 · Hold 3 · Sell 0Dec 25 · Buy 5 · Hold 4 · Sell 0Dec 25Jan 26 · Buy 5 · Hold 4 · Sell 0Feb 26 · Buy 5 · Hold 4 · Sell 0Feb 26Mar 26 · Buy 5 · Hold 4 · Sell 0Apr 26 · Buy 5 · Hold 4 · Sell 0Apr 26May 26 · Buy 5 · Hold 4 · Sell 0Jun 26 · Buy 7 · Hold 3 · Sell 0Jun 26Jul 26 · Buy 7 · Hold 4 · Sell 0Aug 26 · Buy 8 · Hold 4 · Sell 0Aug 26Sep 26 · Buy 7 · Hold 4 · Sell 0Oct 25 · avg. target $52.29Nov 25 · avg. target $40.38Dec 25 · avg. target $40.38Jan 26 · avg. target $41.50Feb 26 · avg. target $41.50Mar 26 · avg. target $32.75Apr 26 · avg. target $36.50May 26 · avg. target $39.88Jun 26 · avg. target $43.60Jul 26 · avg. target $41.91Aug 26 · avg. target $39.83Sep 26 · avg. target $40.27Oct 25 · month-end close $24.26Nov 25 · month-end close $17.71Dec 25 · month-end close $22.37Jan 26 · month-end close $25.20Feb 26 · month-end close $19.27Mar 26 · month-end close $28.47Apr 26 · month-end close $34.60May 26 · month-end close $46.49Jun 26 · month-end close $29.40Jul 26 · month-end close $20.33Aug 26 · month-end close $21.12Sep 26 · month-end close $24.36

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

TipRanks data via FMP · computed Oct 2, 2026 · 46 ratings

Frequently asked questions

Where can I trade FLY perpetual futures?

Firefly Aerospace Inc. (FLY) perpetual futures trade on 5 crypto venues, including BingX, Bybit, Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade FLY around the clock?

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

What is the funding rate on FLY perpetuals?

Right now the FLY perp funding rate is 0.0% annualized (venue median), ranging from -204.6% to +5.5% across 5 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the FLY perp price compare to the Firefly Aerospace Inc. stock?

The venue-median FLY perp mark is $23.1 versus a reference stock price of $23.1, 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 FLY perpetual future?

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

What is FLYUSDT perpetual?

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

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Analysts who hit 70%+ of their targets on the perps we track, congress buys over $500k, 13F positions over $5M, funding spreads that have paid for days. Every post shows the evidence. Free, no sign-up.

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