PerpEquities

Equity

GRAIL Inc. (GRAL) perpetual futures

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

GRAIL, Inc. is a commercial-stage healthcare company in Menlo Park, California, providing multi-cancer early detection testing and services, including the Galleri screening test for asymptomatic individuals over 50.

$137.33-2.3%NASDAQ closed
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venue perp mark · Bybit (GRAL/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
$29.1K
Open interest
$12.4K
Best liquidity
$1.8K
Bybit
Tightest spread
+112.8 bps
Bybit
Highest volume
$29.1K
Bybit
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $89.4M
OI / float
0.00%
Float $5.4B
Spot performance
1D-2.28%
5D+5.67%
1M+80.20%
6M+185.95%
YTD+60.50%
1Y+95.02%

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
BybitTradeGRAL/USDTTrading$137.33-62.8% APR
-0.057% every 8h
+112.8 bps$1.8K$29.1K$12.4KUSDT25x

Tradability

Execution quality

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

No sufficient depth · 0 of 1 venues absorb $10k

No fresh book data: Bybit

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

Best venues for this underlying

Best liquidity

GRAL

Tightest spread

GRAL

Highest volume

GRAL

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 3h ago
Market cap
$5.9B
Updated 3h ago
Revenue
$165.3M
Trailing 12 months
Revenue growth
+23%
Next fiscal year
Profit margin
-236.9%
P/E
-14.1
Peer P/E -3.8
Free cash flow
-$295.3M
Trailing 12 months
More metrics
Net income
-$391.6M
Trailing 12 months
P/S
35.7
Peer P/E
-3.8
Similar listed perps
Revenue estimate
$180.8M
Next fiscal year
Earnings
2026-11-11
Revenue est. $44.2M · Updated 3h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$147.2M
Net margin-277.5%
Free cash flow-$299M
Net debt-$151.7M
2020$0
2021$14.6M
2022$55.6M
2023$93.1M
2024$125.6M
2025$147.2M
PeriodRevenueGrowthNet incomeFCF
2020$0--$312.2M-$243.9M
2021$14.6M--$1.2B-$758.1M
2022$55.6M+280%-$5.4B-$584.2M
2023$93.1M+68%-$1.5B-$608.7M
2024$125.6M+35%-$2B-$582.4M
2025$147.2M+17%-$408.4M-$299M
PeriodGross marginOperating marginNet marginROEROA
20200.0%0.0%0.0%-55.6%-44.2%
2021-684.4%-8,659.6%-8,539.4%-13.2%-12.8%
2022-209.6%-9,798.2%-9,719.3%-116.2%-96.4%
2023-102.7%-1,627.6%-1,574.2%-40.2%-32.2%
2024-62.1%-1,743.0%-1,613.9%-81.0%-67.9%
2025-42.5%-363.0%-277.5%-15.8%-14.0%
PeriodCashDebtNet debtCurrent ratio
2020$170.2M$63M-$107.2M7.10
2021$221.2M$110.6M-$110.6M2.48
2022$241.6M$96M-$145.6M2.19
2023$97.3M$84.4M-$12.9M0.95
2024$214.2M$68.1M-$146.1M10.66
2025$249.7M$98M-$151.7M11.97
PeriodMarket capEnterprise valueP/SP/E
2020$1.7B$1.6B0.0-5.4
2021$424.2M$313.6M29.0-0.3
2022$424.2M$278.6M7.6-0.1
2023$424.2M$411.3M4.6-0.3
2024$569.4M$423.3M4.5-0.3
2025$3.1B$3B21.4-7.7
Q3 2024$28.7M
Q4 2024$38.3M
Q1 2025$31.8M
Q2 2025$35.5M
Q3 2025$36.2M
Q4 2025$43.6M
Q1 2026$40.8M
Q2 2026$44.7M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$28.7M+38%-$125.7M-$105.6M
Q4 2024$38.3M+26%-$97.1M-$93.8M
Q1 2025$31.8M+19%-$106.2M-$95.1M
Q2 2025$35.5M+11%-$114M-$77.3M
Q3 2025$36.2M+26%-$89M-$63.6M
Q4 2025$43.6M+14%-$99.2M-$63M
Q1 2026$40.8M+28%-$93.2M-$87.5M
Q2 2026$44.7M+26%-$110.2M-$81.2M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024-77.6%-640.5%-438.7%-4.9%-4.0%
Q4 2024-41.7%-358.0%-253.8%-3.9%-3.3%
Q1 2025-62.6%-482.5%-333.6%-4.4%-3.7%
Q2 2025-50.0%-446.9%-320.7%-4.9%-4.2%
Q3 2025-37.9%-346.2%-245.8%-4.0%-3.4%
Q4 2025-25.5%-285.4%-227.5%-3.8%-3.4%
Q1 2026+47.9%-332.9%-228.5%-3.7%-3.3%
Q2 2026-28.1%-388.9%-246.7%-4.3%-3.9%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$853.6M$72.2M-$781.4M9.65
Q4 2024$214.2M$68.1M-$146.1M10.66
Q1 2025$133.9M$64.3M-$69.6M9.71
Q2 2025$127.4M$62.2M-$65.3M9.23
Q3 2025$126.9M$58.6M-$68.3M7.61
Q4 2025$249.7M$98M-$151.7M11.97
Q1 2026$69.3M$51M-$18.3M11.74
Q2 2026$55.6M$91.3M$35.7M10.95
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$438.7M-$342.7M15.3-0.9
Q4 2024$569.4M$423.3M14.9-1.5
Q1 2025$876.2M$806.7M27.5-2.1
Q2 2025$1.8B$1.7B50.7-4.0
Q3 2025$2.1B$2.1B59.0-6.0
Q4 2025$3.5B$3.3B80.0-8.8
Q1 2026$2.1B$2.1B51.5-5.6
Q2 2026$2.9B$3B65.9-6.7

Refreshed 3h ago

Charts: revenue, profit, cash flow & valuation
Revenue$44.7MQ2 2026
$11.2M$22.3M$33.5M$44.7MQ3 2023: $20.7MQ4 2023: $30.3MQ1 2024: $26.7MQ2 2024: $32MQ3 2024: $28.7MQ4 2024: $38.3MQ1 2025: $31.8MQ2 2025: $35.5MQ3 2025: $36.2MQ4 2025: $43.6MQ1 2026: $40.8MQ2 2026: $44.7MQ3 2023Q2 2026
Net income-$110.2MQ2 2026
-$1.2B-$792.7M-$396.3MQ3 2023: -$891.4MQ4 2023: -$5.5MQ1 2024: -$218.9MQ2 2024: -$1.6BQ3 2024: -$125.7MQ4 2024: -$97.1MQ1 2025: -$106.2MQ2 2025: -$114MQ3 2025: -$89MQ4 2025: -$99.2MQ1 2026: -$93.2MQ2 2026: -$110.2MQ3 2023Q2 2026
EBITDA-$128MQ2 2026
-$138.4M-$92.2M-$46.1MQ3 2023: -$154.1MQ4 2023: -$153.1MQ1 2024: -$184.5MQ2 2024: -$181MQ3 2024: -$133.2MQ4 2024: -$87.6MQ1 2025: -$107.1MQ2 2025: -$91.7MQ3 2025: -$79.7MQ4 2025: -$77.6MQ1 2026: -$88.7MQ2 2026: -$128MQ3 2023Q2 2026
Free cash flow-$81.2MQ2 2026
-$157.4M-$104.9M-$52.5MQ3 2023: -$160.6MQ4 2023: -$132.8MQ1 2024: -$209.8MQ2 2024: -$173.2MQ3 2024: -$105.6MQ4 2024: -$93.8MQ1 2025: -$95.1MQ2 2025: -$77.3MQ3 2025: -$63.6MQ4 2025: -$63MQ1 2026: -$87.5MQ2 2026: -$81.2MQ3 2023Q2 2026
EPS-$2.56Q2 2026
-$38.3-$25.5-$12.8Q3 2023: -$28.7Q4 2023: -$0.18Q1 2024: -$7.05Q2 2024: -$51.1Q3 2024: -$3.94Q4 2024: -$2.89Q1 2025: -$3.1Q2 2025: -$3.18Q3 2025: -$2.46Q4 2025: -$2.44Q1 2026: -$2.29Q2 2026: -$2.56Q3 2023Q2 2026
Cash / Debt$55.6MQ2 2026
$243.5M$487.1M$730.6M$974.1MQ4 2023 · Cash: $97.3MQ4 2023 · Debt: $84.4MQ1 2024 · Cash: $974.1MQ1 2024 · Debt: $79.9MQ2 2024 · Cash: $958.8MQ2 2024 · Debt: $76.1MQ3 2024 · Cash: $853.6MQ3 2024 · Debt: $72.2MQ4 2024 · Cash: $214.2MQ4 2024 · Debt: $68.1MQ1 2025 · Cash: $133.9MQ1 2025 · Debt: $64.3MQ2 2025 · Cash: $127.4MQ2 2025 · Debt: $62.2MQ3 2025 · Cash: $126.9MQ3 2025 · Debt: $58.6MQ4 2025 · Cash: $249.7MQ4 2025 · Debt: $98MQ1 2026 · Cash: $69.3MQ1 2026 · Debt: $51MQ2 2026 · Cash: $55.6MQ2 2026 · Debt: $91.3MQ3 2023Q2 2026
CashDebt
Profitability-28.1%Q2 2026
-3,838.4%-2,543.0%-1,247.5%+47.9%Q3 2023 · Gross margin: -130.6%Q4 2023 · Gross margin: -61.5%Q1 2024 · Gross margin: -82.0%Q2 2024 · Gross margin: -56.0%Q3 2024 · Gross margin: -77.6%Q4 2024 · Gross margin: -41.7%Q1 2025 · Gross margin: -62.6%Q2 2025 · Gross margin: -50.0%Q3 2025 · Gross margin: -37.9%Q4 2025 · Gross margin: -25.5%Q1 2026 · Gross margin: +47.9%Q2 2026 · Gross margin: -28.1%Q3 2023 · Operating margin: -4,403.0%Q4 2023 · Operating margin: -641.7%Q1 2024 · Operating margin: -851.1%Q2 2024 · Operating margin: -5,133.8%Q3 2024 · Operating margin: -640.5%Q4 2024 · Operating margin: -358.0%Q1 2025 · Operating margin: -482.5%Q2 2025 · Operating margin: -446.9%Q3 2025 · Operating margin: -346.2%Q4 2025 · Operating margin: -285.4%Q1 2026 · Operating margin: -332.9%Q2 2026 · Operating margin: -388.9%Q3 2023 · Net margin: -4,301.9%Q4 2023 · Net margin: -18.1%Q1 2024 · Net margin: -819.3%Q2 2024 · Net margin: -4,958.8%Q3 2024 · Net margin: -438.7%Q4 2024 · Net margin: -253.8%Q1 2025 · Net margin: -333.6%Q2 2025 · Net margin: -320.7%Q3 2025 · Net margin: -245.8%Q4 2025 · Net margin: -227.5%Q1 2026 · Net margin: -228.5%Q2 2026 · Net margin: -246.7%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+25.7%Q2 2026
+9.6%+19.1%+28.7%+38.3%Q3 2024: +38.3%Q4 2024: +26.1%Q1 2025: +19.1%Q2 2025: +11.2%Q3 2025: +26.3%Q4 2025: +14.0%Q1 2026: +28.1%Q2 2026: +25.7%Q3 2023Q2 2026
Shares outstanding43.1MQ2 2026
10.8M21.6M32.3M43.1MQ3 2023: 31.1MQ4 2023: 31.1MQ1 2024: 31.1MQ2 2024: 31MQ3 2024: 31.9MQ4 2024: 31.9MQ1 2025: 34.3MQ2 2025: 35.1MQ3 2025: 36.1MQ4 2025: 40.7MQ1 2026: 40.6MQ2 2026: 43.1MQ3 2023Q2 2026
Valuation-6.7Q2 2026
5.830.555.280.0Q3 2023 · P/E: -0.1Q4 2023 · P/E: -19.0Q1 2024 · P/E: -0.5Q2 2024 · P/E: -0.1Q3 2024 · P/E: -0.9Q4 2024 · P/E: -1.5Q1 2025 · P/E: -2.1Q2 2025 · P/E: -4.0Q3 2025 · P/E: -6.0Q4 2025 · P/E: -8.8Q1 2026 · P/E: -5.6Q2 2026 · P/E: -6.7Q3 2023 · P/S: 20.5Q4 2023 · P/S: 14.0Q1 2024 · P/S: 15.9Q2 2024 · P/S: 14.5Q3 2024 · P/S: 15.3Q4 2024 · P/S: 14.9Q1 2025 · P/S: 27.5Q2 2025 · P/S: 50.7Q3 2025 · P/S: 59.0Q4 2025 · P/S: 80.0Q1 2026 · P/S: 51.5Q2 2026 · P/S: 65.9Q3 2023Q2 2026
P/EP/S
Revenue$147.2M2025
$36.8M$73.6M$110.4M$147.2M2018: $02019: $02020: $02021: $14.6M2022: $55.6M2023: $93.1M2024: $125.6M2025: $147.2M20182025
Net income-$408.4M2025
-$4B-$2.7B-$1.3B2018: -$275.7M2019: -$244.9M2020: -$312.2M2021: -$1.2B2022: -$5.4B2023: -$1.5B2024: -$2B2025: -$408.4M20182025
EBITDA-$378.2M2025
-$905.1M-$603.4M-$301.7M2018: -$269.4M2019: -$243.1M2020: -$308.7M2021: -$1.2B2022: -$587.7M2023: -$638.2M2024: -$610.2M2025: -$378.2M20182025
Free cash flow-$299M2025
-$568.5M-$379M-$189.5M2018: -$225.2M2019: -$249.1M2020: -$243.9M2021: -$758.1M2022: -$584.2M2023: -$608.7M2024: -$582.4M2025: -$299M20182025
EPS-$11.12025
-$130.4-$86.9-$43.52018: -$2.422019: -$1.992020: -$2.522021: -$40.22022: -$173.92023: -$47.22024: -$63.52025: -$11.120182025
Cash / Debt$249.7M2025
$62.4M$124.9M$187.3M$249.7M2018 · Cash: $95.1M2018 · Debt: $2.5M2019 · Cash: $143.2M2019 · Debt: $42M2020 · Cash: $170.2M2020 · Debt: $63M2021 · Cash: $221.2M2021 · Debt: $110.6M2022 · Cash: $241.6M2022 · Debt: $96M2023 · Cash: $97.3M2023 · Debt: $84.4M2024 · Cash: $214.2M2024 · Debt: $68.1M2025 · Cash: $249.7M2025 · Debt: $98M20182025
CashDebt
Profitability-42.5%2025
-7,348.6%-4,899.1%-2,449.5%2018 · Gross margin: 0.0%2019 · Gross margin: 0.0%2020 · Gross margin: 0.0%2021 · Gross margin: -684.4%2022 · Gross margin: -209.6%2023 · Gross margin: -102.7%2024 · Gross margin: -62.1%2025 · Gross margin: -42.5%2018 · Operating margin: 0.0%2019 · Operating margin: 0.0%2020 · Operating margin: 0.0%2021 · Operating margin: -8,659.6%2022 · Operating margin: -9,798.2%2023 · Operating margin: -1,627.6%2024 · Operating margin: -1,743.0%2025 · Operating margin: -363.0%2018 · Net margin: 0.0%2019 · Net margin: 0.0%2020 · Net margin: 0.0%2021 · Net margin: -8,539.4%2022 · Net margin: -9,719.3%2023 · Net margin: -1,574.2%2024 · Net margin: -1,613.9%2025 · Net margin: -277.5%20182025
Gross marginOperating marginNet margin
Revenue growth+17.2%2025
+70.0%+140.1%+210.1%+280.2%2022: +280.2%2023: +67.6%2024: +34.9%2025: +17.2%20182025
Shares outstanding36.8M2025
30.9M61.8M92.8M123.7M2018: 114.1M2019: 123.2M2020: 123.7M2021: 31.1M2022: 31.1M2023: 31.1M2024: 31.9M2025: 36.8M20182025
Valuation-7.72025
1.510.719.829.02018 · P/E: -5.62019 · P/E: -6.92020 · P/E: -5.42021 · P/E: -0.32022 · P/E: -0.12023 · P/E: -0.32024 · P/E: -0.32025 · P/E: -7.72018 · P/S: 0.02019 · P/S: 0.02020 · P/S: 0.02021 · P/S: 29.02022 · P/S: 7.62023 · P/S: 4.62024 · P/S: 4.52025 · P/S: 21.420182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-11
Revenue est. $44.2M · Updated 3h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-9.62$180.8M+23%5
FY 2027-10.21$226.7M+54%5
FY 2028-9.77$288.8M+96%8
FY 2029-10.12$381.9M+159%5
FY 2030-9.08$502.9M+242%5
Q1 2027-2.69$48.8M+20%1

Company events

6
2026-11-11EarningsActual - / Estimate -2.5-
2026-08-05EarningsActual -2.56 / Estimate -2.66Beat
2026-05-05EarningsActual -2.29 / Estimate -2.76Beat
2026-02-19EarningsActual -2.44 / Estimate -3.33Beat
2025-11-12EarningsActual -2.46 / Estimate -3.36Beat
2025-08-12EarningsActual -3.18 / Estimate -3.14Miss

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings6274
Analysts1415
Buy / hold / sell38 / 24 / 042 / 32 / 0
Upgrades / downgrades / initiations2 / 0 / 92 / 0 / 12
Price targets hit / missed57 / 3 (95%)65 / 3 (96%)
Avg. return after a rating (TipRanks)+67.0%+99.1%
Best / worst call+154.4% / -21.5%+758.6% / -21.5%

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

Latest ratings

DateAnalystCallTarget
Oct 9, 2026Kallum TitchmarshMorgan StanleyHoldMaintained$120
Oct 5, 2026Evie KosloskyGoldman SachsHoldMaintained$120
Oct 2, 2026Doug SchenkelUBSBuyReiterated$175
Oct 1, 2026Subbu NambiGuggenheimBuyMaintained$155
Sep 28, 2026Kyle Mikson CFACanaccord GenuityBuyReiterated$150

TipRanks data via FMP · computed Oct 13, 2026 · 62 ratings

Frequently asked questions

Where can I trade GRAL perpetual futures?

GRAIL Inc. (GRAL) perpetual futures trade on 1 crypto venues, including Bybit. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade GRAL around the clock?

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

What is the funding rate on GRAL perpetuals?

Right now the GRAL perp funding rate is -62.8% annualized (venue median), ranging from -62.8% to -62.8% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the GRAL perp price compare to the GRAIL Inc. stock?

The venue-median GRAL perp mark is $137.3 versus a reference stock price of $137.3, 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 GRAL perpetual future?

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

What is GRALUSDT perpetual?

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

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