PerpEquities

Equity · Financial services

HSBC Holdings plc (HSBC) perpetual futures

HSBC perpetual futures on 2 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade HSBCUSDT.

HSBC Holdings plc is a global banking and financial services group with divisions in Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets.

$93.250.0%NYSE open
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TradingView symbol NYSE:HSBC

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Trading data

Perpetual market activity

2/2 live markets
Venues
2
Live markets
2/2
24h volume
$109.2K
Open interest
$75.3KCoverage: 1/2 markets
Best liquidity
$25.4K
BingX
Tightest spread
+11.8 bps
BingX
Highest volume
$101.9K
BingX
Settlement mix
USDT · 2/2
Perp/spot vol.
0.00x
Spot volume $131.8M
OI / float
0.00%
Float $319.6B
Spot performance
1D+0.03%
5D+1.10%
1M-7.13%
6M+2.62%
YTD+20.21%
1Y+44.01%

Venue matrix

2 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
BingXTradeHSBC-USDTTrading$93.25-4.4% APR
-0.00400% every 8h
+11.8 bps$25.4K$101.9K-USDT-
Gate.ioTradeHSBC/USDTTrading$93.270.0% APR
0.000% every 8h
+62.1 bps$651.7$7.3K$75.3KUSDT20x

Tradability

Execution quality

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

Thin liquidity · 1 of 2 venues absorb $10k · Typical cost: +51.6 bps

Cheapest execution: BingX · +51.6 bps

Too thin: Gate.io

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

Best venues for this underlying

Best liquidity

HSBC

Tightest spread

HSBC

Highest volume

HSBC

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$324.7B
Updated 2h ago
Revenue
$134.5B
Trailing 12 months
Revenue growth
-44%
Next fiscal year
Profit margin
+18.9%
P/E
13.2
Peer P/E 13.4
Free cash flow
$0
Trailing 12 months
More metrics
Net income
$25.5B
Trailing 12 months
P/S
2.4
Peer P/E
13.4
Similar listed perps
Revenue estimate
$74.9B
Next fiscal year
Earnings
2026-10-27
Revenue est. $19B · Updated 2h ago
Dividend
$0.5
2026-08-14

Fundamental detail

Annual + quarterly
Latest revenue$134.1B
Net margin+16.6%
Free cash flow$25.1B
Net debt-$51.6B
2020$77.5B
2021$73.9B
2022$76.2B
2023$129.5B
2024$143.3B
2025$134.1B
PeriodRevenueGrowthNet incomeFCF
2020$77.5B-18%$5.2B$178.7B
2021$73.9B-5%$13.9B$100.7B
2022$76.2B+3%$15.6B$22B
2023$129.5B+70%$23.5B$35.4B
2024$143.3B+11%$24B$61.4B
2025$134.1B-6%$22.3B$25.1B
PeriodGross marginOperating marginNet marginROEROA
2020+81.7%+11.3%+6.8%+2.7%+0.2%
2021+86.9%+25.6%+18.8%+7.0%+0.5%
2022+70.5%+22.4%+20.4%+8.7%+0.5%
2023+49.8%+23.4%+18.2%+12.7%+0.8%
2024+47.0%+22.5%+16.7%+13.0%+0.8%
2025+53.0%+22.3%+16.6%+11.2%+0.7%
PeriodCashDebtNet debtCurrent ratio
2020$328.7B$378.9B$50.1B32.58
2021$422.4B$395.4B-$198.8B40.36
2022$350.1B$204.2B-$145.8B28.34
2023$299.6B$426.7B-$64.4B0.18
2024$284.5B$242.3B-$42.2B0.16
2025$307.7B$256.1B-$51.6B0.33
PeriodMarket capEnterprise valueP/SP/E
2020$104.5B$154.7B1.327.3
2021$121.8B$94.8B1.69.7
2022$123.7B-$22.1B1.68.7
2023$158.9B$286B1.27.1
2024$182.9B$140.7B1.38.0
2025$274.2B$222.6B2.013.0
Q3 2024$36.5B
Q4 2024$34.6B
Q1 2025$33.9B
Q2 2025$33.7B
Q3 2025$33.5B
Q4 2025$33B
Q1 2026$33.8B
Q2 2026$34.2B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$36.5B+8%$6.5B$0
Q4 2024$34.6B-56%$351M$0
Q1 2025$33.9B-8%$7.3B$0
Q2 2025$33.7B-43%$4.7B$0
Q3 2025$33.5B-8%$5.3B$0
Q4 2025$33B-4%$4.9B$0
Q1 2026$33.8B0%$7.3B$0
Q2 2026$34.2B+1%$7.9B$0
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+46.3%+23.2%+17.8%+3.4%+0.2%
Q4 2024+48.5%+6.6%+1.0%+0.2%0.0%
Q1 2025+52.4%+28.0%+21.6%+3.8%+0.2%
Q2 2025+52.3%+18.8%+14.0%+2.5%+0.1%
Q3 2025+53.5%+21.8%+15.8%+2.8%+0.2%
Q4 2025+53.7%+20.6%+15.0%+2.5%+0.2%
Q1 2026+56.5%+27.7%+21.7%+3.7%+0.2%
Q2 2026+55.7%+29.7%+23.2%+4.0%+0.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$252.3B$479.7B$227.4B0.14
Q4 2024$284.5B$242.3B-$42.2B0.16
Q1 2025$254.7B$100.1B-$154.6B0.31
Q2 2025$246.4B$129.7B-$116.7B0.30
Q3 2025$246.8B$98.2B-$148.6B0.32
Q4 2025$307.7B$256.1B-$51.6B0.33
Q1 2026$214.7B$101.7B-$113B0.30
Q2 2026$227.8B$132.9B-$94.9B0.32
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$164B$391.4B4.56.6
Q4 2024$177.5B$135.4B5.1224.8
Q1 2025$204.1B$49.5B6.07.4
Q2 2025$212.5B$95.8B6.311.7
Q3 2025$245.5B$97B7.312.7
Q4 2025$268.8B$217.2B8.114.6
Q1 2026$282.6B$169.6B8.410.3
Q2 2026$325.8B$230.9B9.510.6

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$34.2BQ2 2026
$19.7B$39.3B$59B$78.7BQ3 2023: $33.8BQ4 2023: $78.7BQ1 2024: $36.6BQ2 2024: $58.7BQ3 2024: $36.5BQ4 2024: $34.6BQ1 2025: $33.9BQ2 2025: $33.7BQ3 2025: $33.5BQ4 2025: $33BQ1 2026: $33.8BQ2 2026: $34.2BQ3 2023Q2 2026
Net income$7.9BQ2 2026
$2.6B$5.3B$7.9B$10.6BQ3 2023: $6.1BQ4 2023: -$28MQ1 2024: $10.6BQ2 2024: $6.5BQ3 2024: $6.5BQ4 2024: $351MQ1 2025: $7.3BQ2 2025: $4.7BQ3 2025: $5.3BQ4 2025: $4.9BQ1 2026: $7.3BQ2 2026: $7.9BQ3 2023Q2 2026
EBITDA$11.9BQ2 2026
$3.3B$6.6B$9.9B$13.2BQ3 2023: $7.7BQ4 2023: $977MQ1 2024: $13.2BQ2 2024: $8.9BQ3 2024: $8.5BQ4 2024: $2.3BQ1 2025: $10.1BQ2 2025: $7.9BQ3 2025: $8.3BQ4 2025: $9.5BQ1 2026: $10.1BQ2 2026: $11.9BQ3 2023Q2 2026
Free cash flow$0Q2 2026
Q3 2023: $0Q4 2023: $0Q1 2024: $0Q2 2024: $0Q3 2024: $0Q4 2024: $0Q1 2025: $0Q2 2025: $0Q3 2025: $0Q4 2025: $0Q1 2026: $0Q2 2026: $0Q3 2023Q2 2026
EPS$2.2Q2 2026
$0.65$1.33$2.02$2.7Q3 2023: $1.45Q4 2023: -$0.04Q1 2024: $2.7Q2 2024: $1.7Q3 2024: $1.7Q4 2024: $0.06Q1 2025: $1.95Q2 2025: $1.3Q3 2025: $1.4Q4 2025: $1.35Q1 2026: $2Q2 2026: $2.2Q3 2023Q2 2026
Cash / Debt$227.8BQ2 2026
$124.5B$249B$373.6B$498.1BQ3 2023 · Cash: $298.8BQ3 2023 · Debt: $89.1BQ4 2023 · Cash: $305.9BQ4 2023 · Debt: $426.7BQ1 2024 · Cash: $275.9BQ1 2024 · Debt: $498.1BQ2 2024 · Cash: $287.1BQ2 2024 · Debt: $470.7BQ3 2024 · Cash: $252.3BQ3 2024 · Debt: $479.7BQ4 2024 · Cash: $284.5BQ4 2024 · Debt: $242.3BQ1 2025 · Cash: $254.7BQ1 2025 · Debt: $100.1BQ2 2025 · Cash: $246.4BQ2 2025 · Debt: $129.7BQ3 2025 · Cash: $246.8BQ3 2025 · Debt: $98.2BQ4 2025 · Cash: $307.7BQ4 2025 · Debt: $256.1BQ1 2026 · Cash: $214.7BQ1 2026 · Debt: $101.7BQ2 2026 · Cash: $227.8BQ2 2026 · Debt: $132.9BQ3 2023Q2 2026
CashDebt
Profitability+55.7%Q2 2026
+25.0%+50.0%+75.0%+100.0%Q3 2023 · Gross margin: +46.9%Q4 2023 · Gross margin: +100.0%Q1 2024 · Gross margin: +46.5%Q2 2024 · Gross margin: +100.0%Q3 2024 · Gross margin: +46.3%Q4 2024 · Gross margin: +48.5%Q1 2025 · Gross margin: +52.4%Q2 2025 · Gross margin: +52.3%Q3 2025 · Gross margin: +53.5%Q4 2025 · Gross margin: +53.7%Q1 2026 · Gross margin: +56.5%Q2 2026 · Gross margin: +55.7%Q3 2023 · Operating margin: +22.8%Q4 2023 · Operating margin: +1.2%Q1 2024 · Operating margin: +34.5%Q2 2024 · Operating margin: +15.2%Q3 2024 · Operating margin: +23.2%Q4 2024 · Operating margin: +6.6%Q1 2025 · Operating margin: +28.0%Q2 2025 · Operating margin: +18.8%Q3 2025 · Operating margin: +21.8%Q4 2025 · Operating margin: +20.6%Q1 2026 · Operating margin: +27.7%Q2 2026 · Operating margin: +29.7%Q3 2023 · Net margin: +17.9%Q4 2023 · Net margin: 0.0%Q1 2024 · Net margin: +28.9%Q2 2024 · Net margin: +11.1%Q3 2024 · Net margin: +17.8%Q4 2024 · Net margin: +1.0%Q1 2025 · Net margin: +21.6%Q2 2025 · Net margin: +14.0%Q3 2025 · Net margin: +15.8%Q4 2025 · Net margin: +15.0%Q1 2026 · Net margin: +21.7%Q2 2026 · Net margin: +23.2%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+1.3%Q2 2026
-34.5%-13.0%+8.5%+30.1%Q2 2024: +30.1%Q3 2024: +8.1%Q4 2024: -56.1%Q1 2025: -7.6%Q2 2025: -42.6%Q3 2025: -8.4%Q4 2025: -4.4%Q1 2026: 0.0%Q2 2026: +1.3%Q3 2023Q2 2026
Shares outstanding3.5BQ2 2026
970.2M1.9B2.9B3.9BQ3 2023: 3.9BQ4 2023: 3.9BQ1 2024: 3.8BQ2 2024: 3.7BQ3 2024: 3.6BQ4 2024: 3.6BQ1 2025: 3.6BQ2 2025: 3.5BQ3 2025: 3.5BQ4 2025: 3.5BQ1 2026: 3.5BQ2 2026: 3.5BQ3 2023Q2 2026
Valuation10.6Q2 2026
-136.2-15.9104.5224.8Q3 2023 · P/E: 6.8Q4 2023 · P/E: -256.6Q1 2024 · P/E: 3.6Q2 2024 · P/E: 6.4Q3 2024 · P/E: 6.6Q4 2024 · P/E: 224.8Q1 2025 · P/E: 7.4Q2 2025 · P/E: 11.7Q3 2025 · P/E: 12.7Q4 2025 · P/E: 14.6Q1 2026 · P/E: 10.3Q2 2026 · P/E: 10.6Q3 2023 · P/S: 4.5Q4 2023 · P/S: 2.0Q1 2024 · P/S: 4.0Q2 2024 · P/S: 2.8Q3 2024 · P/S: 4.5Q4 2024 · P/S: 5.1Q1 2025 · P/S: 6.0Q2 2025 · P/S: 6.3Q3 2025 · P/S: 7.3Q4 2025 · P/S: 8.1Q1 2026 · P/S: 8.4Q2 2026 · P/S: 9.5Q3 2023Q2 2026
P/EP/S
Revenue$134.1B2025
$35.8B$71.6B$107.5B$143.3B2018: $82.7B2019: $94.6B2020: $77.5B2021: $73.9B2022: $76.2B2023: $129.5B2024: $143.3B2025: $134.1B20182025
Net income$22.3B2025
$6B$12B$18B$24B2018: $13.7B2019: $7.4B2020: $5.2B2021: $13.9B2022: $15.6B2023: $23.5B2024: $24B2025: $22.3B20182025
EBITDA$34.8B2025
$9.1B$18.2B$27.3B$36.4B2018: $21.8B2019: $23.9B2020: $14B2021: $23.2B2022: $20.9B2023: $33.8B2024: $36.4B2025: $34.8B20182025
Free cash flow$25.1B2025
$44.7B$89.4B$134B$178.7B2018: $3.4B2019: $26.1B2020: $178.7B2021: $100.7B2022: $22B2023: $35.4B2024: $61.4B2025: $25.1B20182025
EPS$6.052025
$1.55$3.1$4.65$6.22018: $3.152019: $1.52020: $0.952021: $3.12022: $3.62023: $5.72024: $6.22025: $6.0520182025
Cash / Debt$307.7B2025
$106.7B$213.3B$320B$426.7B2018 · Cash: $168.6B2018 · Debt: $107.8B2019 · Cash: $173.9B2019 · Debt: $129.2B2020 · Cash: $328.7B2020 · Debt: $378.9B2021 · Cash: $422.4B2021 · Debt: $395.4B2022 · Cash: $350.1B2022 · Debt: $204.2B2023 · Cash: $299.6B2023 · Debt: $426.7B2024 · Cash: $284.5B2024 · Debt: $242.3B2025 · Cash: $307.7B2025 · Debt: $256.1B20182025
CashDebt
Profitability+53.0%2025
+21.7%+43.4%+65.2%+86.9%2018 · Gross margin: +76.9%2019 · Gross margin: +74.4%2020 · Gross margin: +81.7%2021 · Gross margin: +86.9%2022 · Gross margin: +70.5%2023 · Gross margin: +49.8%2024 · Gross margin: +47.0%2025 · Gross margin: +53.0%2018 · Operating margin: +24.0%2019 · Operating margin: +14.1%2020 · Operating margin: +11.3%2021 · Operating margin: +25.6%2022 · Operating margin: +22.4%2023 · Operating margin: +23.4%2024 · Operating margin: +22.5%2025 · Operating margin: +22.3%2018 · Net margin: +16.6%2019 · Net margin: +7.8%2020 · Net margin: +6.8%2021 · Net margin: +18.8%2022 · Net margin: +20.4%2023 · Net margin: +18.2%2024 · Net margin: +16.7%2025 · Net margin: +16.6%20182025
Gross marginOperating marginNet margin
Revenue growth-6.4%2025
+3.9%+25.9%+48.0%+70.0%2019: +14.4%2020: -18.2%2021: -4.5%2022: +3.0%2023: +70.0%2024: +10.6%2025: -6.4%20182025
Shares outstanding3.5B2025
1B2B3B4.1B2018: 4B2019: 4B2020: 4B2021: 4.1B2022: 4B2023: 3.9B2024: 3.7B2025: 3.5B20182025
Valuation13.02025
6.813.620.527.32018 · P/E: 13.12019 · P/E: 26.12020 · P/E: 27.32021 · P/E: 9.72022 · P/E: 8.72023 · P/E: 7.12024 · P/E: 8.02025 · P/E: 13.02018 · P/S: 2.02019 · P/S: 1.72020 · P/S: 1.32021 · P/S: 1.62022 · P/S: 1.62023 · P/S: 1.22024 · P/S: 1.32025 · P/S: 2.020182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-10-27
Revenue est. $19B · Updated 2h ago
Dividend
$0.5
2026-08-14

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20268.54$74.9B-44%2
FY 20279.50$78.9B-41%2
FY 202810.42$83.3B-38%1
FY 202911.55$87.4B-35%1
FY 203013.15$91.4B-32%1
Q3 20262.20$19B-43%1

Company events

6
2026-10-27EarningsActual - / Estimate 2.2-
2026-08-14Dividend$0.5-
2026-08-04EarningsActual 2.25 / Estimate 2.24Beat
2026-05-15Dividend$0.5-
2026-05-05EarningsActual 2 / Estimate 2.18Miss
2026-03-13Dividend$2.25-

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Oct 19, 2026, 12:20 PM UTC

Company profile

Sector
Financial Services
Industry
Banks - Diversified
Chief executive
Georges Bahjat El-Hedery
Employees
209,000
IPO date
Jul 16, 1999
Country
GB
Exchange
New York Stock Exchange
Website
Altman Z-scorei-0.28
Piotroski scorei5/9
FMP ratingiB+
Owner earningsi$52.06M$0.00 per share
ESG risk ratingiBIndustry rank: 32 out of 58

Rating factors

Return on equityi
4
Return on assetsi
2
Debt to equityi
3
Price to earningsi
3
Price to booki
2
Market cap history
$323.98B-4.5%Jul 26 – Oct 26
$323.12B$346.31B$369.51BHigh: $369.51B · 2026-08-03Low: $323.12B · 2026-10-12Latest: $323.98B · 2026-10-16Jul 26Aug 26Sep 26Oct 26
Latest: $323.98B · 2026-10-16High: $369.51B · 2026-08-03Low: $323.12B · 2026-10-12
Largest fund holders
FundWeightShares held
VECA.S0.7%35.7M
FLCO0.51%2.8M
VWNAX0.37%2.6M
DFIV1.11%2.6M
VSCA.S0.06%1.7M
AVDE0.75%1.5M
V3RE.S0.96%1.5M
FLCB0.04%1.3M
ICOV.L0.07%1.1M
V3SP.L2.03%1.1M
GCSH0.25%729K
DFIC0.43%682.5K

Analyst track record

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

12 months3 years
Ratings414
Analysts39
Buy / hold / sell2 / 1 / 110 / 3 / 1
Upgrades / downgrades / initiations1 / 2 / 01 / 4 / 1
Price targets hit / missed–5 / 0 (100%)
Avg. return after a rating (TipRanks)–+68.0%
Best / worst call– / –+89.1% / +37.0%

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

Latest ratings

DateAnalystCallTarget
Aug 4, 2026Guy StebbingsExane BNP ParibasSellDowngraded–
Aug 4, 2026Perlie MongBank of America SecuritiesBuyMaintained–
Jul 15, 2026Stephan LingnauErste GroupHoldDowngraded–
Nov 20, 2025Stephan LingnauErste GroupBuyUpgraded–
Oct 9, 2025Joseph DickersonJefferiesHoldDowngraded–
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$60.00$70.00$80.00$90.00$100Nov 25 · Buy 2 · Hold 2 · Sell 0Nov 25Dec 25 · Buy 2 · Hold 1 · Sell 0Jan 26 · Buy 2 · Hold 1 · Sell 0Jan 26Feb 26 · Buy 1 · Hold 1 · Sell 0Mar 26 · Buy 1 · Hold 1 · Sell 0Mar 26Apr 26 · Buy 1 · Hold 0 · Sell 0May 26 · Buy 0 · Hold 0 · Sell 0May 26Jun 26 · Buy 0 · Hold 0 · Sell 0Jul 26 · Buy 0 · Hold 1 · Sell 0Jul 26Aug 26 · Buy 1 · Hold 1 · Sell 1Sep 26 · Buy 1 · Hold 1 · Sell 1Sep 26Oct 26 · Buy 1 · Hold 1 · Sell 1Nov 25 · avg. target $63.00Nov 25 · month-end close $71.16Dec 25 · month-end close $78.67Jan 26 · month-end close $88.01Feb 26 · month-end close $93.16Mar 26 · month-end close $82.49Apr 26 · month-end close $91.86May 26 · month-end close $93.74Jun 26 · month-end close $95.09Jul 26 · month-end close $106Aug 26 · month-end close $103Sep 26 · month-end close $99.31Oct 26 · month-end close $94.57

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 · 4 ratings

Frequently asked questions

Where can I trade HSBC perpetual futures?

HSBC Holdings plc (HSBC) perpetual futures trade on 2 crypto venues, including BingX, Gate.io. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade HSBC around the clock?

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

What is the funding rate on HSBC perpetuals?

Right now the HSBC perp funding rate is -2.2% annualized (venue median), ranging from -4.4% to 0.0% across 2 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the HSBC perp price compare to the HSBC Holdings plc stock?

The venue-median HSBC perp mark is $93.3 versus a reference stock price of $93.3, 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 HSBC perpetual future?

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

What is HSBCUSDT perpetual?

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

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