PerpEquities

Equity · Financial services

HSBC Holdings plc (HSBC) perpetual futures

HSBC perpetual futures on 1 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.

$106.39+1.4%NYSE closed
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venue perp mark · Gate.io (HSBC/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/2 live markets
Venues
2
Live markets
1/2
24h volume
$1.9K
Open interest
$36.7K
Best liquidity
$144.7
Gate.io
Tightest spread
+104.3 bps
Gate.io
Highest volume
$1.9K
Gate.io
Settlement mix
USDT · 2/2
Perp/spot vol.
0.00x
Spot volume $141.8M
OI / float
0.00%
Float $365.6B
Spot performance
1D+1.45%
5D+2.72%
1M+0.40%
6M+22.10%
YTD+35.32%
1Y+63.58%

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
Gate.ioTradeHSBC/USDTTrading$106.390.0% APR
0.000% every 8h
+104.3 bps$144.7$1.9K$36.7KUSDT20x
BingXTradeHSBC-USDTWatchlist------USDT-

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Tradability

Execution quality

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

No fresh book data: 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 4h ago
Market cap
$365.9B
Updated 4h ago
Revenue
$134.5B
Trailing 12 months
Revenue growth
-44%
Next fiscal year
Profit margin
+20.1%
P/E
15.1
Peer P/E 15.9
Free cash flow
$0
Trailing 12 months
More metrics
Net income
$25.5B
Trailing 12 months
P/S
2.7
Peer P/E
15.9
Similar listed perps
Revenue estimate
$74.7B
Next fiscal year
Earnings
2026-10-27
Revenue est. $19.1B · Updated 4h 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
Historical value series
Revenue
Q3 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
Q3 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
Q3 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
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
Q3 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
Q3 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
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
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 outstanding
Q3 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
Valuation
Q3 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
2018: $82.7B2019: $94.6B2020: $77.5B2021: $73.9B2022: $76.2B2023: $129.5B2024: $143.3B2025: $134.1B20182025
Net income
2018: $13.7B2019: $7.4B2020: $5.2B2021: $13.9B2022: $15.6B2023: $23.5B2024: $24B2025: $22.3B20182025
EBITDA
2018: $21.8B2019: $23.9B2020: $14B2021: $23.2B2022: $20.9B2023: $33.8B2024: $36.4B2025: $34.8B20182025
Free cash flow
2018: $3.4B2019: $26.1B2020: $178.7B2021: $100.7B2022: $22B2023: $35.4B2024: $61.4B2025: $25.1B20182025
EPS
2018: $3.152019: $1.52020: $0.952021: $3.12022: $3.62023: $5.72024: $6.22025: $6.0520182025
Cash / Debt
2018 · 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
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
2019: +14.4%2020: -18.2%2021: -4.5%2022: +3.0%2023: +70.0%2024: +10.6%2025: -6.4%20182025
Shares outstanding
2018: 4B2019: 4B2020: 4B2021: 4.1B2022: 4B2023: 3.9B2024: 3.7B2025: 3.5B20182025
Valuation
2018 · 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

Refreshed 4h ago

Next catalyst

Catalysts

Earnings
2026-10-27
Revenue est. $19.1B · Updated 4h 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 20268.49$74.7B-44%2
FY 20279.39$78.5B-41%2
FY 202810.22$82.6B-38%1
FY 202910.47$83.9B-37%1
FY 203012.75$87.7B-35%1
Q2 20262.22$18.7B-45%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: Sep 4, 2026, 07:58 AM 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-0.27
Piotroski scorei5/9
FMP ratingiB
Owner earningsi$52.06M$0.00 per share
ESG risk ratingiBIndustry rank: 29 out of 57

Rating factors

Return on equityi
4
Return on assetsi
2
Debt to equityi
2
Price to earningsi
2
Price to booki
2
Market cap history
2026-06-032026-09-03Latest: $363.68BHigh: $369.51BLow: $320.79B
Largest fund holders
FundWeightShares held
VECA.S0.7%35.7M
EFRN.DE0.75%4.3M
FLCO0.5%2.8M
VWNAX0.37%2.6M
DFIV1.2%2.6M
VSCA.S0.06%1.7M
AVDE0.83%1.5M
V3RE.S0.96%1.5M
FLCB0.04%1.3M
V3SP.L2.03%1.1M
ICOV.L0.06%800K
DFIC0.45%682.5K

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Frequently asked questions

Where can I trade HSBC perpetual futures?

HSBC Holdings plc (HSBC) perpetual futures trade on 1 crypto venues, including 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 0.0% annualized (venue median), ranging from 0.0% to 0.0% across 1 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 $106.4 versus a reference stock price of $106.4, 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.