PerpEquities

Equity

Galaxy Digital (GLXY) perpetual futures

GLXY perpetual futures on 3 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade GLXYUSDT.

Galaxy Digital operates digital asset and data center infrastructure businesses, offering trading, lending, advisory, and blockchain technology services.

$16.17-11.6%NASDAQ closed
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Collecting venue price data...
venue perp mark · BingX (GLXY-USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

3/3 live markets
Venues
3
Live markets
3/3
24h volume
$136.6KCoverage: 2/3 marketsExchange-reported volume: $1.3M
Open interest
$180.8KCoverage: 2/3 markets
Best liquidity
$18.5K
BingX
Tightest spread
+43.3 bps
BingX
Highest volume
$125.6K
MEXC
Settlement mix
USDT · 2/3
Perp/spot vol.
0.00x
Spot volume $142.1M
OI / float
+0.01%
Float $1.8B
Spot performance
1D-11.56%
5D-22.52%
1M-27.53%
6M-33.93%
YTD-27.82%
1Y-59.56%

Venue matrix

3 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
MEXCTradeGLXY/USDTTrading$16.18-13.7% APR
-0.013% every 8h
+49.5 bps$1.8K$125.6K$179.3KUSDT20x
Helix (Injective)TradeGLXY/USDCTrading$16.25+3.6% APR
+0.00042% every 1h
--$11K-USDC6x
BingXTradeGLXY-USDTTrading$16.17-9.6% APR
-0.00880% every 8h
+43.3 bps$18.5K$1.2M⚠$1.5KUSDT-

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 3 venues absorb $10k · Typical cost: +101.1 bps

Cheapest execution: BingX · +101.1 bps

Too thin: MEXC

No fresh book data: Helix (Injective)

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

Best venues for this underlying

Best liquidity

GLXY

Tightest spread

GLXY

Highest volume

GLXY

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$5.4B
Updated 2h ago
Revenue
$58.4B
Trailing 12 months
Revenue growth
-39%
Next fiscal year
Profit margin
-0.2%
P/E
-38.4
Peer P/E 20.1
Free cash flow
-$1.7B
Trailing 12 months
More metrics
Net income
-$99.3M
Trailing 12 months
P/S
0.1
Peer P/E
20.1
Similar listed perps
Revenue estimate
$37.3B
Next fiscal year
Earnings
2026-10-27
Revenue est. $8.8B · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$61.4B
Net margin-0.1%
Free cash flow-$1.4B
Net debt$3.9B
2020$0
2021$0
2022$0
2023$0
2024$43.8B
2025$61.4B
PeriodRevenueGrowthNet incomeFCF
2020$0-$103.4M-
2021$0-$402.1M-$19.5M
2022$0--$522.7M-$76.8M
2023$0-$454.8M-$16.5M
2024$43.8B-$116.3M-$18.5M
2025$61.4B+40%-$84.9M-$1.4B
PeriodGross marginOperating marginNet marginROEROA
20200.0%0.0%0.0%0.0%0.0%
20210.0%0.0%0.0%+51.1%+45.2%
20220.0%0.0%0.0%-174.6%-132.6%
20230.0%0.0%0.0%+58.2%+52.0%
2024+3.0%+1.6%+0.3%+5.3%+1.6%
2025+1.9%+0.9%-0.1%-4.4%-0.7%
PeriodCashDebtNet debtCurrent ratio
2020---0.00
2021$26.8M$0-$26.8M0.71
2022$10M$0-$10M1.39
2023$833K$0-$833K1.56
2024$739.3M$3B$2.2B1.51
2025$1.4B$5.3B$3.9B1.60
PeriodMarket capEnterprise valueP/SP/E
2020$587.8M$00.05.7
2021$1.7B$1.6B0.04.2
2022$297.7M$287.7M0.0-0.6
2023$820.1M$819.2M0.01.8
2024$2.1B$4.3B0.018.1
2025$3.6B$7.4B0.1-42.2
Q3 2024$8.7B
Q4 2024$16.4B
Q1 2025$13B
Q2 2025$9.1B
Q3 2025$29.2B
Q4 2025$10.2B
Q1 2026$10.2B
Q2 2026$8.7B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$8.7B--$12.3M-$51.9M
Q4 2024$16.4B-$191.6M$77K
Q1 2025$13B+39%-$295.4M$67.8M
Q2 2025$9.1B+2%$14.5M-$161.7M
Q3 2025$29.2B+235%$208.5M$192.7M
Q4 2025$10.2B-37%-$195.4M-$1.6B
Q1 2026$10.2B-21%-$94.5M-$370.8M
Q2 2026$8.7B-4%-$17.9M$68.5M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+1.9%+0.9%-0.1%-1.3%-1.2%
Q4 2024+3.6%+1.7%+1.2%+8.7%+2.7%
Q1 2025+0.1%-1.1%-2.3%-15.5%-4.7%
Q2 2025+4.6%+3.4%+0.2%+1.0%+0.2%
Q3 2025+3.1%+2.6%+0.7%+11.8%+1.8%
Q4 2025-0.9%-2.2%-1.9%-10.2%-1.7%
Q1 2026+1.9%+0.7%-0.9%-5.2%-0.9%
Q2 2026+2.5%+0.9%-0.2%-1.0%-0.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$1.7M$0-$1.7M1.85
Q4 2024$739.3M$3B$2.2B1.51
Q1 2025$509.4M$3.9B$3.4B1.45
Q2 2025$691.3M$3.9B$3.2B1.34
Q3 2025$1.1B$4.5B$3.4B1.35
Q4 2025$1.2B$5.3B$4.1B1.60
Q1 2026$910.7M$3.1B$2.1B1.70
Q2 2026$895.7M$3.3B$2.4B1.50
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$1.6B$1.6B0.2-32.7
Q4 2024$2.2B$4.4B0.12.9
Q1 2025$1.3B$4.8B0.1-1.1
Q2 2025$3.1B$6.4B0.354.7
Q3 2025$5.9B$9.3B0.27.1
Q4 2025$4.3B$8.3B0.4-5.4
Q1 2026$3.5B$5.7B0.3-9.4
Q2 2026$5.3B$7.6B0.6-75.9

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$8.7BQ2 2026
$7.3B$14.6B$21.9B$29.2BQ3 2023: $0Q4 2023: $0Q1 2024: $9.3BQ2 2024: $8.9BQ3 2024: $8.7BQ4 2024: $16.4BQ1 2025: $13BQ2 2025: $9.1BQ3 2025: $29.2BQ4 2025: $10.2BQ1 2026: $10.2BQ2 2026: $8.7BQ3 2023Q2 2026
Net income-$17.9MQ2 2026
-$124.5M$46.3M$217.2M$388.1MQ3 2023: -$68.8MQ4 2023: $371.5MQ1 2024: $388.1MQ2 2024: -$45.4MQ3 2024: -$12.3MQ4 2024: $191.6MQ1 2025: -$295.4MQ2 2025: $14.5MQ3 2025: $208.5MQ4 2025: -$195.4MQ1 2026: -$94.5MQ2 2026: -$17.9MQ3 2023Q2 2026
EBITDA-$93.9MQ2 2026
$27.7M$273M$518.4M$763.8MQ3 2023: $7.8MQ4 2023: -$353KQ1 2024: -$44.1MQ2 2024: -$61.2MQ3 2024: $89.4MQ4 2024: $293.7MQ1 2025: -$132.4MQ2 2025: $314.6MQ3 2025: $763.8MQ4 2025: -$217.7MQ1 2026: $72.6MQ2 2026: -$93.9MQ3 2023Q2 2026
Free cash flow$68.5MQ2 2026
-$1.2B-$714.1M-$255.4M$203.4MQ3 2023: -$15MQ4 2023: $833KQ1 2024: $38.2MQ2 2024: $203.4MQ3 2024: -$51.9MQ4 2024: $77KQ1 2025: $67.8MQ2 2025: -$161.7MQ3 2025: $192.7MQ4 2025: -$1.6BQ1 2026: -$370.8MQ2 2026: $68.5MQ3 2023Q2 2026
EPS-$0.09Q2 2026
-$0.85$0.61$2.08$3.54Q3 2023: -$0.64Q4 2023: $2.96Q1 2024: $3.54Q2 2024: -$0.37Q3 2024: -$0.1Q4 2024: $1.8Q1 2025: -$2.31Q2 2025: $0.1Q3 2025: $1.01Q4 2025: -$1.03Q1 2026: -$0.49Q2 2026: -$0.09Q3 2023Q2 2026
Cash / Debt$895.7MQ2 2026
$1.3B$2.7B$4B$5.3BQ3 2023 · Cash: $0Q3 2023 · Debt: $732.7MQ4 2023 · Cash: $833KQ4 2023 · Debt: $0Q1 2024 · Cash: $1.7MQ1 2024 · Debt: $1.7BQ2 2024 · Cash: $1.7MQ2 2024 · Debt: $1.6BQ3 2024 · Cash: $1.7MQ3 2024 · Debt: $0Q4 2024 · Cash: $739.3MQ4 2024 · Debt: $3BQ1 2025 · Cash: $509.4MQ1 2025 · Debt: $3.9BQ2 2025 · Cash: $691.3MQ2 2025 · Debt: $3.9BQ3 2025 · Cash: $1.1BQ3 2025 · Debt: $4.5BQ4 2025 · Cash: $1.2BQ4 2025 · Debt: $5.3BQ1 2026 · Cash: $910.7MQ1 2026 · Debt: $3.1BQ2 2026 · Cash: $895.7MQ2 2026 · Debt: $3.3BQ3 2023Q2 2026
CashDebt
Profitability+2.5%Q2 2026
-0.5%+1.2%+2.9%+4.6%Q3 2023 · Gross margin: 0.0%Q4 2023 · Gross margin: 0.0%Q1 2024 · Gross margin: +0.4%Q2 2024 · Gross margin: +0.2%Q3 2024 · Gross margin: +1.9%Q4 2024 · Gross margin: +3.6%Q1 2025 · Gross margin: +0.1%Q2 2025 · Gross margin: +4.6%Q3 2025 · Gross margin: +3.1%Q4 2025 · Gross margin: -0.9%Q1 2026 · Gross margin: +1.9%Q2 2026 · Gross margin: +2.5%Q3 2023 · Operating margin: 0.0%Q4 2023 · Operating margin: 0.0%Q1 2024 · Operating margin: -0.6%Q2 2024 · Operating margin: -0.8%Q3 2024 · Operating margin: +0.9%Q4 2024 · Operating margin: +1.7%Q1 2025 · Operating margin: -1.1%Q2 2025 · Operating margin: +3.4%Q3 2025 · Operating margin: +2.6%Q4 2025 · Operating margin: -2.2%Q1 2026 · Operating margin: +0.7%Q2 2026 · Operating margin: +0.9%Q3 2023 · Net margin: 0.0%Q4 2023 · Net margin: 0.0%Q1 2024 · Net margin: +4.2%Q2 2024 · Net margin: -0.5%Q3 2024 · Net margin: -0.1%Q4 2024 · Net margin: +1.2%Q1 2025 · Net margin: -2.3%Q2 2025 · Net margin: +0.2%Q3 2025 · Net margin: +0.7%Q4 2025 · Net margin: -1.9%Q1 2026 · Net margin: -0.9%Q2 2026 · Net margin: -0.2%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth-3.8%Q2 2026
+30.7%+98.9%+167.2%+235.4%Q1 2025: +39.0%Q2 2025: +2.2%Q3 2025: +235.4%Q4 2025: -37.5%Q1 2026: -21.3%Q2 2026: -3.8%Q3 2023Q2 2026
Shares outstanding192.9MQ2 2026
48.2M96.4M144.7M192.9MQ3 2023: 106.7MQ4 2023: 127MQ1 2024: 109.5MQ2 2024: 122.3MQ3 2024: 125.4MQ4 2024: 126.4MQ1 2025: 128MQ2 2025: 143.1MQ3 2025: 174.7MQ4 2025: 190.3MQ1 2026: 192.1MQ2 2026: 192.9MQ3 2023Q2 2026
Valuation-75.9Q2 2026
-43.3-10.622.154.7Q3 2023 · P/E: -1.4Q4 2023 · P/E: 0.6Q1 2024 · P/E: 0.7Q2 2024 · P/E: -8.1Q3 2024 · P/E: -32.7Q4 2024 · P/E: 2.9Q1 2025 · P/E: -1.1Q2 2025 · P/E: 54.7Q3 2025 · P/E: 7.1Q4 2025 · P/E: -5.4Q1 2026 · P/E: -9.4Q2 2026 · P/E: -75.9Q3 2023 · P/S: 0.0Q4 2023 · P/S: 0.0Q1 2024 · P/S: 0.1Q2 2024 · P/S: 0.2Q3 2024 · P/S: 0.2Q4 2024 · P/S: 0.1Q1 2025 · P/S: 0.1Q2 2025 · P/S: 0.3Q3 2025 · P/S: 0.2Q4 2025 · P/S: 0.4Q1 2026 · P/S: 0.3Q2 2026 · P/S: 0.6Q3 2023Q2 2026
P/EP/S
Revenue$61.4B2025
$15.3B$30.7B$46B$61.4B2018: $02019: $02020: $02021: $02022: $02023: $02024: $43.8B2025: $61.4B20182025
Net income-$84.9M2025
-$278.3M-$34M$210.4M$454.8M2018: -$36.7M2019: -$132.5M2020: $103.4M2021: $402.1M2022: -$522.7M2023: $454.8M2024: $116.3M2025: -$84.9M20182025
EBITDA$609.2M2025
$188.9M$382.1M$575.2M$768.4M2018: -$957.8K2019: -$1.3M2020: -$1.9M2021: -$4.3M2022: -$2.5M2023: -$2.2M2024: $768.4M2025: $609.2M20182025
Free cash flow-$1.4B2025
-$1.1B-$724.5M-$362.3M2018: -$318.9K2021: -$19.5M2022: -$76.8M2023: -$16.5M2024: -$18.5M2025: -$1.4B20182025
EPS-$0.532025
-$2.79-$0.59$1.61$3.812018: $02019: -$22020: $1.282021: $3.812022: -$4.992023: $3.652024: $0.842025: -$0.5320182025
Cash / Debt$1.4B2025
$1.3B$2.7B$4B$5.3B2021 · Cash: $26.8M2021 · Debt: $02022 · Cash: $10M2022 · Debt: $02023 · Cash: $833K2023 · Debt: $02024 · Cash: $739.3M2024 · Debt: $3B2025 · Cash: $1.4B2025 · Debt: $5.3B20182025
CashDebt
Profitability+1.9%2025
+0.6%+1.4%+2.2%+3.0%2018 · Gross margin: 0.0%2019 · Gross margin: 0.0%2020 · Gross margin: 0.0%2021 · Gross margin: 0.0%2022 · Gross margin: 0.0%2023 · Gross margin: 0.0%2024 · Gross margin: +3.0%2025 · Gross margin: +1.9%2018 · Operating margin: 0.0%2019 · Operating margin: 0.0%2020 · Operating margin: 0.0%2021 · Operating margin: 0.0%2022 · Operating margin: 0.0%2023 · Operating margin: 0.0%2024 · Operating margin: +1.6%2025 · Operating margin: +0.9%2018 · Net margin: 0.0%2019 · Net margin: 0.0%2020 · Net margin: 0.0%2021 · Net margin: 0.0%2022 · Net margin: 0.0%2023 · Net margin: 0.0%2024 · Net margin: +0.3%2025 · Net margin: -0.1%20182025
Gross marginOperating marginNet margin
Revenue growth+40.2%2025
+10.1%+20.1%+30.2%+40.2%2025: +40.2%20182025
Shares outstanding159.2M2025
39.8M79.6M119.4M159.2M2018: 33.5M2019: 66.4M2020: 68.5M2021: 94.2M2022: 104.8M2023: 127M2024: 120.8M2025: 159.2M20182025
Valuation-42.22025
-27.1-12.13.018.12018 · P/E: -0.72019 · P/E: -0.42020 · P/E: 5.72021 · P/E: 4.22022 · P/E: -0.62023 · P/E: 1.82024 · P/E: 18.12025 · P/E: -42.22018 · P/S: 0.02019 · P/S: 0.02020 · P/S: 0.02021 · P/S: 0.02022 · P/S: 0.02023 · P/S: 0.02024 · P/S: 0.02025 · P/S: 0.120182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-10-27
Revenue est. $8.8B · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.72$37.3B-39%11
FY 2027-0.22$46.9B-24%9
FY 20280.23$51.2B-17%2
FY 2029-0.37$77.1B+26%1
Q1 20280.13$12.5B+22%4
Q2 2028-0.08$12.8B+47%5

Company events

6
2026-10-27Earnings · Before market openActual - / Estimate 0.05-
2026-08-05EarningsActual -0.09 / Estimate -0.46Beat
2026-04-28EarningsActual -0.49 / Estimate -0.44Miss
2026-02-03EarningsActual -1.08 / Estimate -0.91Miss
2025-10-21EarningsActual 1.12 / Estimate 0.38Beat
2025-08-05EarningsActual 0.08 / Estimate -0.06Beat

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings82155
Analysts1619
Buy / hold / sell64 / 18 / 0135 / 20 / 0
Upgrades / downgrades / initiations1 / 0 / 31 / 0 / 13
Price targets hit / missed0 / 82 (0%)22 / 133 (14%)
Avg. return after a rating (TipRanks)-51.2%-35.9%
Best / worst call-13.1% / -69.6%+49.6% / -69.6%

After buy calls on this stock: median 21-day move +2.0% vs S&P 500 +2.3% (n = 131)

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. Joseph VafiCanaccord Genuity100% hit rate on this stock · 13 targets measuredBuytarget $50.00Aug 6, 2026
  2. Bill PapanastasiouChardan Capital93% hit rate on this stock · 14 targets measuredBuytarget $35.00Apr 26, 2026

Latest ratings

DateAnalystCallTarget
Oct 15, 2026Gregory LewisBTIGBuyMaintained$45.00
Oct 15, 2026James FaucetteMorgan StanleyBuyMaintained$43.00
Oct 15, 2026James FaucetteMorgan StanleyBuyMaintained$43.00
Oct 14, 2026Peter ChristiansenCitiBuyUpgraded$28.00
Oct 13, 2026Peter ChristiansenCitiBuyUpgraded$28.00
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$25.00$30.00$35.00$40.00$45.00Nov 25 · Buy 11 · Hold 1 · Sell 0Nov 25Dec 25 · Buy 12 · Hold 1 · Sell 0Jan 26 · Buy 12 · Hold 1 · Sell 0Jan 26Feb 26 · Buy 13 · Hold 2 · Sell 0Mar 26 · Buy 13 · Hold 2 · Sell 0Mar 26Apr 26 · Buy 12 · Hold 2 · Sell 0May 26 · Buy 12 · Hold 2 · Sell 0May 26Jun 26 · Buy 12 · Hold 2 · Sell 0Jul 26 · Buy 11 · Hold 2 · Sell 0Jul 26Aug 26 · Buy 11 · Hold 2 · Sell 0Sep 26 · Buy 11 · Hold 2 · Sell 0Sep 26Oct 26 · Buy 10 · Hold 2 · Sell 0Nov 25 · avg. target $43.85Dec 25 · avg. target $44.79Jan 26 · avg. target $47.32Feb 26 · avg. target $43.35Mar 26 · avg. target $43.68Apr 26 · avg. target $39.79May 26 · avg. target $40.57Jun 26 · avg. target $41.07Jul 26 · avg. target $39.85Aug 26 · avg. target $38.42Sep 26 · avg. target $39.62Oct 26 · avg. target $37.58Nov 25 · month-end close $26.59Dec 25 · month-end close $22.36Jan 26 · month-end close $28.26Feb 26 · month-end close $20.59Mar 26 · month-end close $18.45Apr 26 · month-end close $27.44May 26 · month-end close $29.58Jun 26 · month-end close $27.34Jul 26 · month-end close $21.01Aug 26 · month-end close $24.60Sep 26 · month-end close $22.74Oct 26 · month-end close $20.33

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 16, 2026 · 82 ratings

Frequently asked questions

Where can I trade GLXY perpetual futures?

Galaxy Digital (GLXY) perpetual futures trade on 3 crypto venues, including BingX, MEXC, Helix (Injective). PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade GLXY around the clock?

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

What is the funding rate on GLXY perpetuals?

Right now the GLXY perp funding rate is -9.6% annualized (venue median), ranging from -13.7% to +3.6% across 3 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the GLXY perp price compare to the Galaxy Digital stock?

The venue-median GLXY perp mark is $16.2 versus a reference stock price of $16.2, 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 GLXY perpetual future?

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

What is GLXYUSDT perpetual?

GLXYUSDT is the symbol most crypto exchanges use for the Galaxy Digital perpetual settled in USDT (Tether). It tracks the GLXY 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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