PerpEquities

Equity · Technology

Fortinet (FTNT) perpetual futures

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

Fortinet provides integrated cybersecurity solutions including FortiGate firewalls, network security, endpoint protection, and multi-factor authentication to global clients.

$122.66-5.3%NASDAQ closed
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Collecting venue price data...
venue perp mark · Bitget (FTNT/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

5/6 live markets
Venues
6
Live markets
5/6
24h volume
$171.7KCoverage: 4/5 marketsExchange-reported volume: $906.8K
Open interest
$2.6M
Best liquidity
$596.3K
MEXC
Tightest spread
+16.3 bps
Bitget
Highest volume
$126.8K
MEXC
Settlement mix
USDT · 5/6
Perp/spot vol.
0.00x
Spot volume $453M
OI / float
0.00%
Float $76B
Spot performance
1D-5.12%
5D-10.45%
1M-33.33%
6M+36.52%
YTD+54.59%
1Y+42.76%

Venue matrix

6 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
MEXCTradeFTNT/USDTTrading$122.660.0% APR
0.000% every 8h
+22.0 bps$596.3K$126.8K$2.4MUSDT20x
HTXTradeFTNT/USDTTrading$122.400.0% APR
0.000% every 8h
+395.3 bps$0$39.3K$5.3KUSDT-
Gate.ioTradeFTNT/USDTTrading$122.680.0% APR
0.000% every 8h
+180.4 bps$6.8K$5.6K$195.6KUSDT20x
ExtendedTradeFTNT/USDTrading$122.45+4.4% APR
+0.00050% every 1h
+167.7 bps$80K$0$0USD5x
BingXTradeFTNT-USDTWatchlist------USDT-
BitgetTradeFTNT/USDTTrading$122.690.0% APR
0.000% every 8h
+16.3 bps-$735.1K⚠$19.2KUSDT20x

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

Thin liquidity · 1 of 5 venues absorb $10k · Typical cost: +25.7 bps

Cheapest execution: MEXC · +25.7 bps

No fresh book data: Extended, Gate.io, Bitget, HTX

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

Best venues for this underlying

Best liquidity

FTNT

Tightest spread

FTNT

Highest volume

FTNT

Funding history

Stored venue snapshots by market

Company financials

Financials at a glance

Last report Q3 '26 · filed 2026-10-30 · next report 2027-02-04 · Updated 121h ago
All financials →

Valuation & key figures

Market cap
$99.8B
Updated 121h ago
Revenue
$7.9B
Trailing 12 months
Revenue growth
+20%
Next fiscal year
Profit margin
+29.0%
P/E
43.9
Peer P/E 21.2
P/S
12.7
Peer P/E
21.2
Similar listed perps
Free cash flow
$3.4B
Trailing 12 months
Net income
$2.3B
Trailing 12 months
Revenue estimate
$8.2B
Next fiscal year
Earnings
2027-02-04
Revenue est. $2.2B · Updated 121h ago
Dividend
-
Revenue (TTM)$7.88B+20.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)33.0%+2.0 pp vs a year agoOperating income $2.6B
Net income (TTM)$2.28B+21.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.43B+69.2% vs a year agoCapex $256M
Diluted EPS (TTM)$3.08+26.7% vs a year agoSum of the last 4 quarters
Net cash$4.3B+102.2% vs a year agoCash + short-term investments - debt
  • Last report (2026-10-28): revenue beat by 0.7%, EPS beat by 5.8%Revenue $2.08B vs $2.06B expected (+0.7%); EPS $0.91 vs $0.86 (+5.8%).
  • Revenue growth accelerating: 20.5% year on yearQ3 '26 revenue $2.08B, against an average of 18.7% over the four quarters before.
  • Operating margin 33.0% (TTM), +2.0 pp on a year agoOperating income grew 28.0% while revenue grew 20.2%.
  • Capex 3.2% of revenue (a year ago 6.4%)$256M invested in the last 4 quarters (-39.1% on a year earlier). Free cash flow $3.43B = 150.3% of net income.

Revenue, operating income and growth

quarterly

Revenue by business line

latest quarter
LineRevenuey/yShare
Product$765M+36.8%36.8%
Security Subscription$754M+12.1%36.3%
Technical Support and Other$560M+13.4%26.9%
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 · all 260 lines Fortinet, Inc. reported to the SEC

Next catalyst

Catalysts

Earnings
2027-02-04
Revenue est. $2.2B · Updated 121h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20263.56$8.2B+20%23
FY 20273.88$9.1B+34%26
FY 20284.37$10.1B+49%10
FY 20293.59$11.4B+68%4
FY 20303.81$12.2B+79%4
Q1 20270.86$2.1B+12%21

Company events

6
2027-02-04EarningsActual - / Estimate 0.94-
2026-10-28Earnings · After market closeActual 0.91 / Estimate 0.86Beat
2026-07-29EarningsActual 0.9 / Estimate 0.75Beat
2026-05-06EarningsActual 0.82 / Estimate 0.62Beat
2026-02-05EarningsActual 0.81 / Estimate 0.74Beat
2025-11-05EarningsActual 0.74 / Estimate 0.63Beat

Peer comparison

Similar listed perps

Company data

Company intelligence

Updated: Nov 1, 2026, 07:57 PM UTC

Company profile

Sector
Technology
Industry
Software - Infrastructure
Chief executive
Ken Xie
Employees
15,109
IPO date
Nov 18, 2009
Country
US
Exchange
NASDAQ Global Select
Website
Altman Z-scorei7.85
Piotroski scorei7/9
Overall ratingiB+
Owner earningsi$955.69M$1.29 per share
ESG risk ratingiB-Industry rank: 162 out of 164

Rating factors

Return on equityi
5
Return on assetsi
5
Debt to equityi
3
Price to earningsi
1
Price to booki
1
Market cap history
$99.91B-16.8%Aug 26 – Oct 26
$99.91B$120.95B$141.98BHigh: $141.98B · 2026-10-12Latest: $99.91B · 2026-10-30Aug 26Sep 26Oct 26
Latest: $99.91B · 2026-10-30High: $141.98B · 2026-10-12Low: $99.91B · 2026-10-30
Largest fund holders
FundWeightShares held
VTI0.15%19.8M
VOO0.17%16.2M
QQQ0.44%15.3M
FXAIX0.17%10.3M
IVV0.13%8.2M
XSP.TO0.13%8.2M
CIBR6.3%8.1M
SPY0.13%7.5M
VUG0.32%7.1M
VO0.55%6.7M
VGT0.46%4.6M
XLK0.5%4.5M

Analyst track record

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

12 months3 years
Ratings224629
Analysts4055
Buy / hold / sell44 / 143 / 37175 / 402 / 52
Upgrades / downgrades / initiations5 / 8 / 213 / 34 / 10
Price targets hit / missed130 / 67 (66%)475 / 67 (88%)
Avg. return after a rating (TipRanks)+27.4%+56.0%
Best / worst call+117.3% / -38.2%+183.9% / -38.2%

After buy calls on this stock: median 21-day move +4.0% vs S&P 500 -0.8% (n = 186)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Shrenik KothariRobert W. Baird100% hit rate on this stock · 18 targets measuredHoldtarget $150Oct 30, 2026
  2. Tal LianiBank of America Securities91% hit rate on this stock · 11 targets measuredHoldtarget $140Oct 29, 2026
  3. Gabriela BorgesGoldman Sachs88% hit rate on this stock · 8 targets measuredBuytarget $165Oct 28, 2026

Latest ratings

DateAnalystCallTarget
Nov 3, 2026Shigemichi YoshizuDaiwaBuyUpgraded$150
Nov 3, 2026Shigemichi YoshizuDaiwaBuyUpgraded$150
Oct 30, 2026Richard PolandWells FargoSellMaintained$115
Oct 30, 2026Richard PolandWells FargoSellMaintained$115
Oct 30, 2026Almas AlmaganbetovFreedom Capital MarketsHoldMaintained$150
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$80.00$100$120$140$160$180Dec 25 · Buy 6 · Hold 28 · Sell 3Dec 25Jan 26 · Buy 8 · Hold 26 · Sell 3Feb 26 · Buy 6 · Hold 20 · Sell 3Feb 26Mar 26 · Buy 6 · Hold 20 · Sell 4Apr 26 · Buy 7 · Hold 19 · Sell 4Apr 26May 26 · Buy 9 · Hold 23 · Sell 4Jun 26 · Buy 9 · Hold 23 · Sell 5Jun 26Jul 26 · Buy 9 · Hold 24 · Sell 4Aug 26 · Buy 7 · Hold 24 · Sell 4Aug 26Sep 26 · Buy 7 · Hold 25 · Sell 4Oct 26 · Buy 6 · Hold 27 · Sell 5Oct 26Nov 26 · Buy 6 · Hold 27 · Sell 5Dec 25 · avg. target $85.02Jan 26 · avg. target $85.28Feb 26 · avg. target $88.65Mar 26 · avg. target $87.54Apr 26 · avg. target $88.04May 26 · avg. target $106Jun 26 · avg. target $112Jul 26 · avg. target $158Aug 26 · avg. target $161Sep 26 · avg. target $163Oct 26 · avg. target $149Nov 26 · avg. target $149Dec 25 · month-end close $79.41Jan 26 · month-end close $81.26Feb 26 · month-end close $79.03Mar 26 · month-end close $81.72Apr 26 · month-end close $84.31May 26 · month-end close $138Jun 26 · month-end close $154Jul 26 · month-end close $162Aug 26 · month-end close $171Sep 26 · month-end close $179Oct 26 · month-end close $136Nov 26 · month-end close $136

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 · 224 ratings

Frequently asked questions

Where can I trade FTNT perpetual futures?

Fortinet (FTNT) perpetual futures trade on 5 crypto venues, including Bitget, MEXC, HTX. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade FTNT around the clock?

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

What is the funding rate on FTNT perpetuals?

Right now the FTNT perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to +4.4% across 5 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the FTNT perp price compare to the Fortinet stock?

The venue-median FTNT perp mark is $122.7 versus a reference stock price of $122.7, 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 FTNT perpetual future?

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

What is FTNTUSDT perpetual?

FTNTUSDT is the symbol most crypto exchanges use for the Fortinet perpetual settled in USDT (Tether). It tracks the FTNT 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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