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Equity · Technology
MicroStrategy Incorporated (MSTR) perpetual futures
MSTR perpetual futures on 32 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade MSTRUSDT.
Strategy Inc provides Bitcoin treasury services, enterprise analytics software, and AI-powered intelligence solutions for decision-making across global markets.
$157.56-0.9%NASDAQ closed
Price chart
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Collecting venue price data...
venue perp mark · Binance (MSTR/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
32/32 live markets
Trading data
Perpetual market activity
Venues
32
Live markets
32/32
24h volume
$532.3MCoverage: 27/32 marketsExchange-reported volume: $546.3M
Open interest
$239.7MCoverage: 24/32 markets
Best liquidity
$13.8M
LBank
Tightest spread
+0.1 bps
Pacifica
Highest volume
$243M
Binance
Settlement mix
USDT · 18/32
Perp/spot vol.
0.21x
Spot volume $2.5B
OI / float
+0.46%
Float $52B
Spot performance
1D-0.93%
5D-6.03%
1M+23.43%
6M+24.68%
YTD+3.42%
1Y-51.86%
Venue matrix
32 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 | MSTR/USDT | Trading | $157.59 | +20.0% APR +0.018% every 8h | +0.6 bps | - | $243M | $81.3M | USDT | - | |
 LBank | Trade | MSTR/USDT | Trading | $157.56 | +20.0% APR +0.018% every 8h | +0.6 bps | $13.8M | $58.7M | - | USDT | 50x | |
 Bitget | Trade | MSTR/USDT | Trading | $157.70 | 0.0% APR 0.000% every 8h | +0.6 bps | - | $54.2M | $29M | USDT | 25x | |
 OKX | Trade | MSTR/USDT | Trading | $157.62 | +20.1% APR +0.018% every 8h | +0.6 bps | $1.3M | $43.5M | $19.7M | USDT | 50x | |
 MEXC | Trade | MSTR/USDT | Trading | $157.57 | +20.0% APR +0.018% every 8h | +0.6 bps | $8.7M | $36.6M | $15.6M | USDT | 100x | |
 Bybit | Trade | MSTR/USDT | Trading | $157.63 | +23.3% APR +0.021% every 8h | +1.3 bps | $932.2K | $24.6M | $19.3M | USDT | 50x | |
 Deepcoin | Trade | MSTR/USDT | Trading | $157.61 | +41.0% APR +0.037% every 8h | +1.3 bps | $1.2M | $18.7M | - | USDT | 20x | |
 Bitunix | Trade | MSTR/USDT | Trading | $157.59 | +25.2% APR +0.023% every 8h | +0.6 bps | $8.7M | $17.4M | - | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:MSTR | Trading | $157.48 | +22.9% APR +0.00262% every 1h | +1.9 bps | $608.5K | $14.5M | $51.6M | USDC | 10x | |
 Gate.io | Trade | MSTR/USDT | Trading | $157.63 | 0.0% APR 0.000% every 8h | +0.6 bps | - | $7M | $3.2M | USDT | 50x | |
 Extended | Trade | MSTR/USD | Trading | $157.42 | +3.5% APR +0.00040% every 1h | +1.3 bps | $282.8K | $3M | $712K | USD | 10x | |
 KuCoin | Trade | MSTR/USDT | Trading | $157.47 | +3.7% APR +0.00340% every 8h | +1.3 bps | $75.5K | $2.6M | $2.4M | USDT | 20x | |
 HTX | Trade | MSTRX/USDT | Trading | $157.50 | - | +0.6 bps | $1.3M | $1.9M | - | USDT | - | |
 Lighter | Trade | MSTR | Trading | $157.41 | +3.5% APR +0.00040% every 1h | +3.2 bps | $1.8M | $1.5M | $3.3M | USDC | - | |
 Aster | Trade | MSTRUSDT | Trading | $157.48 | +20.8% APR +0.019% every 8h | +1.9 bps | $330.5K | $1.3M | $641.2K | USDT | - | |
 Ondo Perps | Trade | MSTR/USD | Trading | $157.35 | - | +8.3 bps | $597.5K | $1.1M | $636.3K | USDC | 10x | |
 Vest | Trade | MSTR/USDC | Trading | $157.45 | +5.0% APR +0.00057% every 1h | +11.4 bps | $48.1K | $840.7K | - | USDC | 25x | |
 BloFin | Trade | MSTR/USDT | Trading | $157.58 | +33.2% APR +0.030% every 8h | +1.3 bps | $9.4M | $724.9K | $990.4K | USDT | 20x | |
 Kraken | Trade | PF_MSTRXUSD | Trading | $157.60 | +52.8% APR +0.00603% every 1h | +14.6 bps | $324.4K | $572.9K | $1M | USD | - | |
 Coinbase International | Trade | MSTR/USDC | Trading | $157.33 | -16.6% APR -0.00190% every 1h | +11.4 bps | - | $433.6K | $670.2K | USDC | - | |
 Crypto.com Exchange | Trade | MSTR/USD | Trading | $157.28 | +4.2% APR +0.00048% every 1h | +4.4 bps | $16K | $146.4K | $16.2K | USD | 50x | |
 Helix (Injective) | Trade | MSTR/USDC | Trading | $157.37 | -4.9% APR -0.00055% every 1h | +50.8 bps | $301.7K | $60.8K | - | USDC | 30x | |
 Pacifica | Trade | MSTR/USDC | Trading | $157.51 | +11.0% APR +0.00125% every 1h | +0.1 bps | $51.8K | $41.2K | $85.1K | USDC | 10x | |
 XT.com | Trade | MSTR/USDT | Trading | $157.57 | +20.2% APR +0.018% every 8h | +31.1 bps | $528.5K | $27K | $6.5M | USDT | 20x | |
 Phemex | Trade | MSTR / USDT | Trading | $157.66 | 0.0% APR 0.000% every 4h | +12.1 bps | $5.3K | $13.5K | $2.6M | USDT | 10x | |
 Orderly Network | Trade | MSTR/USDC | Trading | $157.52 | +11.0% APR +0.010% every 8h | - | - | $650.6 | $4K | USDC | - | |
 Paradex | Trade | MSTR/USD | Trading | $157.47 | +8.6% APR +0.00786% every 8h | +14,285.8 bps | $0 | $0 | $314.9 | USDC | 5x | |
 Aevo | Trade | MSTR/USDC | Trading | $157.52 | - | +11.6 bps | $198.2K | - | - | USDC | 10x | |
 gTrade (Gains) | Trade | MSTR/USD | Trading | $157.10 | - | - | - | - | - | USD | 2x | |
 BingX | Trade | MSTR-USDT | Trading | $157.60 | +21.9% APR +0.020% every 8h | +1.9 bps | $7.9M | $8.9M⚠ | $143.6K | USDT | - | |
 Ourbit | Trade | MSTR/USDT | Trading | $157.57 | +20.0% APR +0.018% every 8h | +0.6 bps | $5.9M | $4.4M⚠ | $215.3K | USDT | 100x | |
 GRVT | Trade | MSTR/USDT | Trading | $157.58 | +3.8% APR +0.00350% every 8h | +3.2 bps | $1.5M | $669.4K⚠ | $73.3K | USDT | - |
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 |
|---|---|---|---|---|---|
| MSTRBbStocks | $157.23 | -0.21% | $40.9M | $76.6M | BNB Smart Chain (BEP20) |
| MSTRXxStocks | $157.28 | -0.18% | $11.9M | $101.0M | Solana · Arbitrum · BNB Smart Chain (BEP20) · Ink |
| MSTRTokenized | $157.41 | -0.10% | $4.7M | – | – |
| MSTRonOndo GM | $156.92 | -0.41% | $3.4M | $29.9M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| rMSTRTokenized | $156.56 | -0.64% | $1.7M | $14.2M | Arbitrum |
| MSTRRobinhood | $156.97 | -0.37% | $1.1M | $4.4M | Robinhood Chain |
| WMSTRXxStocks | $155.46 | -1.33% | $375k | $166k | X Layer · Arbitrum |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | MSTR/USDG ↗ | $156.97 | $1.1M | $1.3M |
 raydiumDEX · solana | MSTRx/SOL ↗ | $157.00 | $415k | $812k |
| gateioCEX | MSTRON/USDT ↗ | $157.28 | $336k | – |
 upDEX · robinhood | MSTR/USDG ↗ | – | – | – |
 pancakeswapDEX · bsc | MSTRB/USDT ↗ | $157.09 | $255k | $356k |
| gateioCEX | MSTRX/USDT ↗ | $157.54 | $211k | – |
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 · 24 of 32 venues absorb $10k · Typical cost: +6.1 bps – +13.3 bps
Cheapest execution: Lighter · +2.0 bps
Too thin: Crypto.com Exchange, Phemex
No fresh book data: Bitget, Gate.io, Coinbase International, Orderly Network, Paradex, gTrade (Gains)
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
MSTRTightest spread
MSTRHighest volume
MSTREpisodic Last 7d: 11% of hours above 100% APR · median 59% · 16 episodes
Funding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketCompany data
Company fundamentals
Updated 1h ago
Company data
Company fundamentals
Market cap
$52B
Updated 1h ago
Revenue
$498.3M
Trailing 12 months
Revenue growth
+5%
Next fiscal year
Profit margin
-6,103.0%
P/E
-1.6
Peer P/E 62.3
Free cash flow
-$21.7B
Trailing 12 months
More metrics
Net income
-$30.4B
Trailing 12 months
P/S
104.3
Peer P/E
62.3
Similar listed perps
Revenue estimate
$500.3M
Next fiscal year
Earnings
2026-10-29
Revenue est. $128.1M · Updated 1h ago
Dividend
-
Fundamental detail
Annual + quarterlyLatest revenue$477.2M
Net margin-806.3%
Free cash flow-$22.6B
Net debt$6B
PeriodRevenueGrowthNet incomeFCF
2020$480.7M-1%-$7.5M-$1.1B
2021$510.8M+6%-$535.5M-$2.5B
2022$499.3M-2%-$1.5B-$287.2M
2023$496.3M-1%$429.1M-$1.9B
2024$463.5M-7%-$1.2B-$22.1B
2025$477.2M+3%-$3.8B-$22.6B
PeriodGross marginOperating marginNet marginROEROA
2020+81.1%-2.8%-1.6%-1.4%-0.5%
2021+82.0%-153.6%-104.8%-54.7%-15.1%
2022+79.4%-255.5%-294.4%+383.6%-61.0%
2023+77.8%-23.2%+86.5%+19.8%+9.0%
2024+72.1%-399.8%-251.7%-6.4%-4.5%
2025+68.7%-8.6%-806.3%-7.5%-6.2%
PeriodCashDebtNet debtCurrent ratio
2020$59.7M$570.7M$511M0.95
2021$63.4M$2.2B$2.2B0.86
2022$43.8M$2.4B$2.4B0.83
2023$46.8M$2.3B$2.2B0.83
2024$38.1M$7.3B$7.2B0.71
2025$2.3B$8.3B$6B5.62
PeriodMarket capEnterprise valueP/SP/E
2020$3.8B$4.3B7.8-500.0
2021$5.5B$7.6B10.7-10.2
2022$1.6B$4B3.2-1.1
2023$8.6B$10.8B17.420.1
2024$55.8B$63B120.3-47.8
2025$44.7B$50.7B93.6-10.9
PeriodRevenueGrowthNet incomeFCF
Q3 2024$116.1M-10%-$340.2M-$1.6B
Q4 2024$120.7M-3%-$670.8M-$18.1B
Q1 2025$111.1M-4%-$4.2B-$7.7B
Q2 2025$114.5M+3%$10B-$6.8B
Q3 2025$128.7M+11%$2.8B-$5B
Q4 2025$123M+2%-$12.4B-$3.1B
Q1 2026$124.3M+12%-$12.5B-$7.2B
Q2 2026$122.4M+7%-$8.2B-$6.4B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+70.4%-372.7%-293.1%-9.0%-4.1%
Q4 2024+71.7%-842.1%-555.8%-3.7%-2.6%
Q1 2025+69.4%-13.9%-3,797.2%-12.6%-9.6%
Q2 2025+68.8%-13.6%+8,752.7%+19.9%+15.5%
Q3 2025+70.5%0.0%+2,164.1%+4.8%+3.8%
Q4 2025+66.1%-8.1%-10,112.1%-24.4%-20.2%
Q1 2026+67.1%-12.0%-10,090.6%-27.5%-23.1%
Q2 2026+66.6%-6,808.1%-6,717.1%-18.1%-15.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$46.3M$4.3B$4.2B0.65
Q4 2024$38.1M$7.3B$7.2B0.71
Q1 2025$62.3M$8.2B$8.1B0.66
Q2 2025$50.1M$8.2B$8.2B0.68
Q3 2025$54.3M$8.2B$8.2B0.66
Q4 2025$2.3B$8.3B$6B5.62
Q1 2026$2.2B$8.3B$6.1B6.05
Q2 2026$1.7B$6.8B$5.1B5.39
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$33.3B$37.5B286.6-24.5
Q4 2024$64.2B$71.4B531.8-23.9
Q1 2025$73.9B$82.1B665.7-4.4
Q2 2025$107.5B$115.7B938.92.8
Q3 2025$87.7B$95.9B681.48.7
Q4 2025$44.7B$50.7B363.2-0.9
Q1 2026$41.7B$47.7B335.3-0.8
Q2 2026$29.8B$34.9B243.9-0.9
Refreshed 1h 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
2026-10-29
Revenue est. $128.1M · Updated 1h ago
No unusual perp activity right now.
FMP reference data
Market context
FMP reference data
Market context
NASDAQ
After-hours reference
Bid156.96
Ask157.35
Volume16,368,826
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-23.45$500.3M+5%7
FY 202714.28$509.6M+7%5
FY 202822.96$526.1M+10%3
FY 2029100.57$476.4M0%1
Q1 20271.68$129M+4%1
Q1 20271.49$128.7M+4%1
Company events
62026-10-29EarningsActual - / Estimate 13.99-
2026-07-30EarningsActual -24.45 / Estimate -2.19Miss
2026-05-05EarningsActual -38.25 / Estimate -0.86Miss
2026-02-05EarningsActual -42.93 / Estimate -0.08Miss
2025-10-30EarningsActual 8.42 / Estimate -0.1Beat
2025-07-31EarningsActual 32.6 / Estimate -0.1Beat
Peer comparison
Similar listed perpsRevenue mix
PendingSegment data is not available yet.
Analysts
PendingNo analyst data available yet.
Ownership
MSTR-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 27, 2026, 01:52 PM UTC
FMP company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Phong Q. Le
- Employees
- 1,539
- IPO date
- Jun 11, 1998
- Country
- US
- Exchange
- NASDAQ
Altman Z-scorei2.67
Piotroski scorei3/9
FMP ratingiC+
Owner earningsi-$7.24B-$21.67 per share
ESG risk ratingiBIndustry rank: 233 out of 321
Rating factors
- Return on equityi
- 1
- Return on assetsi
- 1
- Debt to equityi
- 3
- Price to earningsi
- 1
- Price to booki
- 5
Company press releases
Tuttle Capital and Strive Asset Management Launch the First US Digital Credit ETF (DCAP)Newsfile CorpVerifiedX Joins Bitcoin For Corporations, the Strategy-Backed Network of Corporate Bitcoin HoldersGlobeNewsWireStrategy and Google Cloud Announce Seven-City AI Transformation Forum SeriesBusiness WireMicroCloud Hologram Inc. Announces Acquisition of 140,268 MSTR Shares Through Structured Note Investment Product, Continuing Its Strategic Investment in Bitcoin-Related AssetsGlobeNewsWireMSTR Investors Have Opportunity to Join Strategy Inc Fraud Investigation with the Schall Law FirmBusiness WireStrategy Inc. Investor News: If You Have Suffered Losses in Strategy Inc. (NASDAQ: MSTR, STRF, STRC, STRK, STRD), You Are Encouraged to Contact The Rosen Law Firm About Your RightsGlobeNewsWire
Congressional disclosures
House
Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Shri ThanedarSale (Full) · $15,001 - $50,000Disclosed: Aug 14, 2026
Market cap history
$54.45B+71.1%Jun 26 – Sep 26
Latest: $54.45B · 2026-09-25High: $57.84B · 2026-09-21Low: $31.62B · 2026-07-13
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 0.88% | 14.7M |
| VTI | 0.06% | 10.5M |
| QQQ | 0.26% | 7.5M |
| VO | 0.42% | 7.2M |
| VXF | 0.52% | 3.8M |
| ACV | 0.83% | 3.4M |
| NCV | 0.53% | 3.4M |
| VTV | 0.16% | 3.2M |
| NFJ | 0.18% | 2.9M |
| NCZ | 0.53% | 2.6M |
| NIE | 0.31% | 2.6M |
| CGGR | 1.15% | 2.2M |
Analyst track record
How the analysts covering MSTR have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 113 | 289 |
| Analysts | 20 | 22 |
| Buy / hold / sell | 106 / 5 / 2 | 275 / 6 / 8 |
| Upgrades / downgrades / initiations | 2 / 0 / 6 | 2 / 1 / 17 |
| Price targets hit / missed | 7 / 102 (6%) | 38 / 244 (13%) |
| Avg. return after a rating (TipRanks) | -42.4% | -32.6% |
| Best / worst call | +29.3% / -77.1% | +210.8% / -91.2% |
After buy calls on this stock: median 21-day move -2.6% vs S&P 500 -6.3% (n = 267)
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.
- Joseph VafiCanaccord Genuity82% hit rate on this stock · 17 targets measuredBuytarget $179Sep 8, 2026
- Andrew HarteBTIG71% hit rate on this stock · 28 targets measuredBuytarget $250Jul 30, 2026
- Ramsey El AssalCantor Fitzgerald50% hit rate on this stock · 10 targets measuredBuytarget $186Aug 7, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Sep 22, 2026 | Fedor ShabalinB. Riley Securities | BuyMaintained | $195 | article ↗ |
| Sep 22, 2026 | Fedor ShabalinB. Riley Securities | BuyMaintained | $195 | article ↗ |
| Sep 15, 2026 | Nik CremoBarclays | BuyMaintained | $160 | article ↗ |
| Sep 15, 2026 | Nik CremoBarclays | BuyMaintained | $160 | |
| Sep 8, 2026 | Joseph VafiCanaccord Genuity | BuyMaintained | $179 | 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 · 113 ratings
Frequently asked questions
Where can I trade MSTR perpetual futures?
MicroStrategy Incorporated (MSTR) perpetual futures trade on 32 crypto venues, including Binance, LBank, Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade MSTR around the clock?
Yes. Unlike the underlying stock, MSTR perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on MSTR perpetuals?
Right now the MSTR perp funding rate is +20.0% annualized (venue median), ranging from 0.0% to +23.3% across 32 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the MSTR perp price compare to the MicroStrategy Incorporated stock?
The venue-median MSTR perp mark is $157.5 versus a reference stock price of $157.6, 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 MSTR perpetual future?
A MSTR perpetual is a derivative that tracks the price of MicroStrategy Incorporated with no expiry date. It lets you take long or short exposure to MicroStrategy Incorporated on crypto venues, around the clock.
What is MSTRUSDT perpetual?
MSTRUSDT is the symbol most crypto exchanges use for the MicroStrategy Incorporated perpetual settled in USDT (Tether). It tracks the MSTR share price through an index, trades 24/7 with leverage and never expires.
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