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Equity
IREN Limited (IREN) perpetual futures
IREN perpetual futures on 21 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade IRENUSDT.
IREN Limited operates integrated data center businesses in Australia and Canada, mining Bitcoin and managing its own infrastructure.
$41.68-5.5%NASDAQ closed
Price chart
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Collecting venue price data...
venue perp mark · Binance (IREN/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
22/22 live markets
Trading data
Perpetual market activity
Venues
21
Live markets
22/22
24h volume
$13.4MCoverage: 17/22 marketsExchange-reported volume: $21.3M
Open interest
$15.7MCoverage: 18/22 markets
Best liquidity
$1.2M
Bitunix
Tightest spread
+2.4 bps
Ourbit
Highest volume
$6.1M
Binance
Settlement mix
USDT · 16/22
Perp/spot vol.
0.02x
Spot volume $742.1M
OI / float
+0.12%
Float $12.9B
Spot performance
1D-3.84%
5D-11.84%
1M+19.69%
6M+20.92%
YTD+12.34%
1Y-7.62%
Venue matrix
22 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 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | IREN/USDT | Trading | $41.67 | 0.0% APR 0.000% every 8h | +2.4 bps | $451.9K | $6.1M | $3.4M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:IREN | Trading | $41.61 | +5.5% APR +0.00063% every 1h | +3.4 bps | $7.7K | $1.8M | $3.6M | USDC | 10x | |
 KuCoin | Trade | IREN/USDT | Trading | $41.63 | 0.0% APR 0.000% every 8h | +9.6 bps | $20.7K | $1.1M | $654K | USDT | 20x | |
 Gate.io | Trade | IREN/USDT | Trading | $41.69 | -5.6% APR -0.00510% every 8h | +19.2 bps | $938.4K | $1.1M | $1.2M | USDT | 25x | |
 Deepcoin | Trade | IREN/USDT | Trading | $41.67 | - | +4.8 bps | $148.3K | $868.8K | - | USDT | 25x | |
 OKX | Trade | IREN/USDT | Trading | $41.67 | 0.0% APR 0.000% every 8h | +14.4 bps | $43.3K | $628.3K | $671.4K | USDT | 25x | |
 Bitget | Trade | IREN/USDT | Trading | $41.67 | 0.0% APR 0.000% every 8h | +8.4 bps | - | $504.9K | $1.9M | USDT | 20x | |
 Bybit | Trade | IREN/USDT | Trading | $41.67 | +17.6% APR +0.016% every 8h | +9.6 bps | $66.9K | $432.9K | $1.2M | USDT | 25x | |
 Bitunix | Trade | IREN/USDT | Trading | $41.68 | +0.6% APR +0.00051% every 8h | +2.4 bps | $1.2M | $329.7K | - | USDT | 50x | |
 MEXC | Trade | IREN/USDT | Trading | $41.62 | 0.0% APR 0.000% every 8h | +12.0 bps | $484.5K | $276.9K | $2.2M | USDT | 50x | |
 GRVT | Trade | IREN/USDT | Trading | $41.66 | +8.3% APR +0.00760% every 8h | +9.6 bps | $171.7K | $109.1K | $4.4K | USDT | - | |
 Aster | Trade | IRENUSDT | Trading | $41.62 | 0.0% APR 0.000% every 8h | +120.2 bps | $88.7K | $28.3K | $27.4K | USDT | - | |
 BloFin | Trade | IREN/USDT | Trading | $41.67 | -2.2% APR -0.00197% every 8h | +9.6 bps | $984.6K | $25.8K | $76.2K | USDT | 25x | |
| Hyperliquid HIP-3 | Trade | para:IREN | Trading | $41.62 | +7.5% APR +0.00086% every 1h | +53.0 bps | $242.5K | $7.9K | $515.5K | USDC | 10x | |
 Extended | Trade | IREN/USD | Trading | $41.61 | +4.4% APR +0.00050% every 1h | +42.9 bps | $200K | $6K | $3.3K | USD | 5x | |
 Crypto.com Exchange | Trade | IREN/USD | Trading | $41.93 | +161.6% APR +0.018% every 1h | +14.4 bps | $5.8K | $2.2K | $1.3K | USD | 50x | |
 HTX | Trade | IREN/USDT | Trading | $41.68 | 0.0% APR 0.000% every 8h | +7.2 bps | $19.6K | $840.8 | $8.4K | USDT | - | |
 Vest | Trade | IREN/USDC | Trading | $41.58 | +1.3% APR +0.00014% every 1h | +26.5 bps | $213K | - | - | USDC | 10x | |
 gTrade (Gains) | Trade | IREN/USD | Trading | $41.72 | - | - | - | - | - | USD | 2x | |
 XT.com | Trade | IREN/USDT | Trading | $41.64 | 0.0% APR 0.000% every 8h | +2.4 bps | $11.8K | $5M⚠ | $23.2K | USDT | 20x | |
 BingX | Trade | IREN-USDT | Trading | $41.68 | +16.2% APR +0.015% every 8h | +7.2 bps | $562.8K | $1.7M⚠ | $3.8K | USDT | - | |
 Ourbit | Trade | IREN/USDT | Trading | $41.67 | 0.0% APR 0.000% every 8h | +2.4 bps | - | $1.2M⚠ | $182.2K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| IRENBbStocks | $41.49 | -0.46% | $1.3M | $1.3M | BNB Smart Chain (BEP20) |
| rIRENTokenized | $41.45 | -0.56% | $138k | $121k | Arbitrum |
| IRENxxStocks | $41.56 | -0.29% | $114k | $720k | Solana · Ethereum · Ink · Arbitrum |
| IRENRobinhood | $44.24 | +6.14% | $317 | $21k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | IREN/USDG ↗ | – | – | – |
| uniswapDEX · robinhood | IREN/ETH ↗ | $44.24 | $317 | $7k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 14 of 21 venues absorb $10k · Typical cost: +11.7 bps – +30.4 bps
Too thin: Hyperliquid HIP-3, KuCoin, Crypto.com Exchange
No fresh book data: Aster, Ourbit, Bitget, gTrade (Gains)
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
IRENTightest spread
IRENHighest volume
IRENFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketCompany data
Company fundamentals
Updated 23m ago
Company data
Company fundamentals
Market cap
$14.9B
Updated 23m ago
Revenue
$707M
Trailing 12 months
Revenue growth
+285%
Next fiscal year
Profit margin
-99.4%
P/E
-22.9
Peer P/E 19.7
Free cash flow
-$2B
Trailing 12 months
More metrics
Net income
-$702.6M
Trailing 12 months
P/S
21.1
Peer P/E
19.7
Similar listed perps
Revenue estimate
$2.7B
Next fiscal year
Earnings
2026-11-05
Revenue est. $230.4M · Updated 23m ago
Dividend
-
Fundamental detail
Annual + quarterlyLatest revenue$707M
Net margin-99.4%
Free cash flow-$2.2B
Net debt$1.9B
PeriodRevenueGrowthNet incomeFCF
2021$5.9M+294%-$45.3M-$4.1M
2022$59M+896%-$419.8M-$272.7M
2023$75.5M+28%-$171.8M-$110M
2024$187.2M+148%-$28.9M-$427.2M
2025$501M+168%$86.9M-$1.1B
2026$707M+41%-$702.6M-$2.2B
PeriodGross marginOperating marginNet marginROEROA
2021+71.9%-4.0%-764.6%+122.1%-44.9%
2022+87.4%+0.8%-711.0%-96.0%-73.6%
2023+28.0%-64.3%-227.6%-56.3%-51.7%
2024+43.9%-14.6%-15.4%-2.6%-2.5%
2025+68.3%+4.4%+17.4%+4.8%+3.0%
2026+68.9%-148.1%-99.4%-16.8%-4.4%
PeriodCashDebtNet debtCurrent ratio
2021$29.3M$62.9M$33.7M0.24
2022$110M$108.3M-$1.7M1.88
2023$68.9M$1.4M-$67.4M3.72
2024$404.6M$1.3M-$403.3M8.86
2025$564.5M$964.2M$399.7M4.29
2026$5.9B$7.8B$1.9B3.55
PeriodMarket capEnterprise valueP/SP/E
2021$504.4M$538M85.1-11.2
2022$137.2M$135.5M2.3-0.5
2023$255.3M$187.8M3.4-1.5
2024$1.3B$854.2M6.7-43.5
2025$3.1B$3.5B6.235.5
2026$14.5B$16.4B20.4-20.6
PeriodRevenueGrowthNet incomeFCF
Q1 2025$52.8M+53%-$51.7M-$387.3M
Q2 2025$116.1M+176%-$21.9M-$134M
Q3 2025$144.8M+168%-$16.1M-$350.7M
Q4 2025$187.3M+230%$95.5M$16.1M
Q1 2026$240.3M+355%$384.6M-$138.3M
Q2 2026$184.7M+59%-$155.4M-$765.2M
Q3 2026$144.8M0%-$247.8M-$919.7M
Q4 2026$137.2M-27%-$684M-$167.1M
PeriodGross marginOperating marginNet marginROEROA
Q1 2025+30.0%-89.2%-98.0%-4.6%-4.0%
Q2 2025+68.0%+15.5%-18.8%-1.7%-1.2%
Q3 2025+67.6%+19.1%-11.1%-1.1%-0.8%
Q4 2025+26.9%+9.0%+51.0%+5.3%+3.2%
Q1 2026+66.4%-31.8%+160.1%+13.4%+9.0%
Q2 2026+64.4%-63.0%-84.1%-6.2%-2.2%
Q3 2026+72.4%-161.3%-171.2%-9.3%-3.4%
Q4 2026+75.7%-452.2%-498.5%-16.3%-4.3%
PeriodCashDebtNet debtCurrent ratio
Q1 2025$98.6M$2.6M-$96M1.09
Q2 2025$427.3M$319.9M-$107.4M0.94
Q3 2025$184.3M$324.1M$139.7M0.46
Q4 2025$564.5M$964.2M$399.7M4.29
Q1 2026$1B$965.6M-$66.6M5.52
Q2 2026$3.3B$3.8B$582M4.96
Q3 2026$2.2B$4B$1.8B3.72
Q4 2026$5.9B$7.8B$1.9B3.55
PeriodMarket capEnterprise valueP/SP/E
Q1 2025$1.6B$1.5B30.3-7.8
Q2 2025$2.1B$2B17.8-24.6
Q3 2025$1.3B$1.5B9.2-20.6
Q4 2025$3.7B$4.1B20.05.3
Q1 2026$12.7B$12.6B52.98.3
Q2 2026$11.3B$11.8B60.9-18.2
Q3 2026$11.4B$13.2B79.0-11.6
Q4 2026$16.6B$18.5B120.7-5.8
Refreshed 23m ago
Charts: revenue, profit, cash flow & valuation
CashDebt
Gross marginOperating marginNet margin
P/EP/S
CashDebt
Gross marginOperating marginNet margin
P/EP/S
Next catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-11-05
Revenue est. $230.4M · Updated 23m ago
No unusual perp activity right now.
FMP reference data
Market context
FMP reference data
Market context
NASDAQ
After-hours reference
Bid41.85
Ask42.11
Volume26,574,672
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2027-1.85$2.7B+285%6
FY 2028-0.06$7.2B+924%4
FY 20293.41$13.2B+1,769%3
FY 20301.33$25.3B+3,481%1
Q1 20280.68$1.6B+555%1
Q2 20280.83$1.6B+761%1
Company events
62026-11-05EarningsActual - / Estimate -0.67-
2026-08-27Earnings · After market closeActual -1.89 / Estimate -0.55Miss
2026-05-07EarningsActual -0.74 / Estimate -0.22Miss
2026-02-05EarningsActual -0.52 / Estimate -0.24Miss
2025-11-06EarningsActual 1.06 / Estimate 0.15Beat
2025-08-28EarningsActual 0.65 / Estimate 0.18Beat
Peer comparison
Similar listed perpsRevenue mix
PendingSegment data is not available yet.
Analysts
PendingNo analyst data available yet.
Ownership
IREN-PERPOwnership data is being populated.
Filings
PendingNo filings available yet.
Transcripts
PendingNo transcripts available yet.
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.No articles from Reuters, WSJ, Bloomberg or FT for this company in our feed.
FMP company data
Company intelligence
Updated: Sep 22, 2026, 03:35 PM UTC
FMP company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Information Technology Services
- Chief executive
- William Roberts
- Employees
- 685
- IPO date
- Nov 17, 2021
- Country
- AU
- Exchange
- NASDAQ Global Select
Altman Z-scorei1.27
Piotroski scorei3/9
FMP ratingiD+
Owner earningsi-$478.67M-$1.32 per share
ESG risk ratingiBIndustry rank: 10 out of 14
Rating factors
- Return on equityi
- 1
- Return on assetsi
- 1
- Debt to equityi
- 1
- Price to earningsi
- 1
- Price to booki
- 2
Company press releases
IREN's 2GW Sweetwater Hub Included as Base Load in ERCOT Batch ZeroGlobeNewsWireBLUE OWL MANAGED FUNDS LEAD $2.4 BILLION AI FACTORY FINANCING FOR IRENPRNewsWireIREN Reports FY26 ResultsGlobeNewsWireIREN Delivers Horizon 1 to Microsoft and Achieves NVIDIA Exemplar Cloud Status on GB300 NVL72GlobeNewsWireIREN Completes Acquisition of MirantisGlobeNewsWireIREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bnGlobeNewsWire
Congressional disclosures
House
Dale StrongPurchase · $1,001 - $15,000Disclosed: Jan 29, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsSale (Full) · $50,001 - $100,000Disclosed: Jan 16, 2026
Market cap history
$17.10B+38.8%Jun 26 – Sep 26
Latest: $17.10B · 2026-09-21High: $17.10B · 2026-09-21Low: $7.86B · 2026-07-27
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 0.98% | 20.2M |
| NCV | 0.57% | 4.5M |
| NFJ | 0.2% | 4M |
| NIE | 0.34% | 3.6M |
| NCZ | 0.58% | 3.5M |
| ACV | 0.73% | 2.7M |
| IWR | 0.1% | 1.3M |
| FSMDX | 0.09% | 1.1M |
| DAGB.L | 6.14% | 820.9K |
| BITQ | 8.17% | 810.7K |
| BCHN.L | 3.03% | 807.7K |
| FXL | 1.17% | 743.9K |
Analyst track record
How the analysts covering IREN have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 94 | 200 |
| Analysts | 22 | 26 |
| Buy / hold / sell | 66 / 15 / 13 | 161 / 26 / 13 |
| Upgrades / downgrades / initiations | 3 / 2 / 6 | 5 / 5 / 13 |
| Price targets hit / missed | 13 / 69 (16%) | 108 / 70 (61%) |
| Avg. return after a rating (TipRanks) | -32.1% | +87.0% |
| Best / worst call | +92.3% / -66.1% | +610.0% / -66.1% |
After buy calls on this stock: median 21-day move -5.3% vs S&P 500 -4.8% (n = 150)
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.
- Mike ColonneseH.C. Wainwright100% hit rate on this stock · 12 targets measuredBuytarget $90.00Sep 1, 2026
- Reginald SmithJ.P. Morgan100% hit rate on this stock · 10 targets measuredSelltarget $39.00Feb 4, 2026
- Joseph VafiCanaccord Genuity100% hit rate on this stock · 8 targets measuredBuytarget $79.00Aug 28, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Sep 21, 2026 | Alexander HaisslRothschild & Co Redburn | HoldInitiated | $40.00 | article ↗ |
| Sep 18, 2026 | Nehal ChokshiNorthland Securities | BuyInitiated | $99.00 | article ↗ |
| Sep 18, 2026 | Nehal ChokshiNorthland Securities | BuyInitiated | $99.00 | article ↗ |
| Sep 14, 2026 | Gregory LewisBTIG | BuyReiterated | $80.00 | article ↗ |
| Sep 14, 2026 | Richard ChoeJ.P. Morgan | BuyUpgraded | $65.00 | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data via FMP · computed Sep 25, 2026 · 94 ratings
Frequently asked questions
Where can I trade IREN perpetual futures?
IREN Limited (IREN) perpetual futures trade on 21 crypto venues, including Binance, XT.com, Hyperliquid HIP-3. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade IREN around the clock?
Yes. Unlike the underlying stock, IREN perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on IREN perpetuals?
Right now the IREN perp funding rate is 0.0% annualized (venue median), ranging from -5.6% to +5.5% across 21 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the IREN perp price compare to the IREN Limited stock?
The venue-median IREN perp mark is $41.7 versus a reference stock price of $41.7, 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 IREN perpetual future?
A IREN perpetual is a derivative that tracks the price of IREN Limited with no expiry date. It lets you take long or short exposure to IREN Limited on crypto venues, around the clock.
What is IRENUSDT perpetual?
IRENUSDT is the symbol most crypto exchanges use for the IREN Limited perpetual settled in USDT (Tether). It tracks the IREN share price through an index, trades 24/7 with leverage and never expires.
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