PerpEquities

Equity · Financial services

Hyperliquid Strategies Inc Common Stock (PURR) perpetual futures

PURR perpetual futures on 10 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade PURRUSDT.

Hyperliquid Strategies, Inc. is a holding and active management firm focused on overseeing crypto assets, operating as a digital asset treasury centered on the Hyperliquid ecosystem, headquartered in New York, NY.

$12.84+8.0%NASDAQ open
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TradingView symbol NASDAQ:PURR

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Trading data

Perpetual market activity

10/10 live markets
Venues
10
Live markets
10/10
24h volume
$8.7MCoverage: 9/10 marketsExchange-reported volume: $9.9M
Open interest
$19.5MCoverage: 8/10 markets
Best liquidity
$948.6K
Bitget
Tightest spread
+7.0 bps
Hyperliquid HIP-3
Highest volume
$4.5M
Hyperliquid HIP-3
Settlement mix
USDT · 8/10
Perp/spot vol.
0.04x
Spot volume $218.6M
OI / float
+1.33%
Float $1.5B
Spot performance
1D-1.16%
5D-3.88%
1M-2.38%
6M+135.45%
YTD+233.99%
1Y+204.87%

Venue matrix

10 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
Hyperliquid HIP-3Tradexyz:PURRDATTrading$12.85+21.5% APR
+0.00245% every 1h
+7.0 bps$219.8K$4.5M$17.4MUSDC10x
BybitTradePURR/USDTTrading$12.840.0% APR
0.000% every 8h
+12.5 bps$26.3K$1.1M$561KUSDT25x
OKXTradePURR/USDTTrading$12.840.0% APR
0.000% every 8h
+23.3 bps$30.3K$839.4K$558.5KUSDT20x
BitgetTradePURR/USDTTrading$12.840.0% APR
0.000% every 8h
+14.8 bps$948.6K$340.3K$411.8KUSDT20x
HTXTradePURR/USDTTrading$12.83-+59.9 bps$472.8$142.3K-USDT-
MEXCTradePURRSTOCK/USDTTrading$12.840.0% APR
0.000% every 8h
+15.6 bps$48.4K$95.7K$273.3KUSDT20x
ExtendedTradePURR/USDTrading$12.84+21.9% APR
+0.00250% every 1h
+16.2 bps$25.2K$39K$139.6KUSD10x
Gate.ioTradePURR/USDTTrading$12.850.0% APR
0.000% every 8h
+82.5 bps-$18.7K$79KUSDT20x
BingXTradePURRUS-USDTTrading$12.85+5.5% APR
+0.00500% every 8h
+23.4 bps$35.7K$1.7M-USDT-
LBankTradePURR/USDTTrading$12.850.0% APR
0.000% every 8h
+23.4 bps$37K$1.2M⚠$17.1KUSDT50x

Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.

Tradability

Execution quality

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

Broad liquidity · 8 of 10 venues absorb $10k · Typical cost: +26.3 bps – +59.0 bps

Cheapest execution: Hyperliquid HIP-3 · +9.5 bps

Too thin: HTX

No fresh book data: Gate.io

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

Best venues for this underlying

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$1.7B
Updated 1h ago
Revenue
$9.5M
Trailing 12 months
Revenue growth
+415%
Next fiscal year
Profit margin
+3,358.6%
P/E
19.7
Peer P/E -1.2
Free cash flow
-$19.1M
Trailing 12 months
More metrics
Net income
$317.7M
Trailing 12 months
P/S
182.6
Peer P/E
-1.2
Similar listed perps
Revenue estimate
$48.8M
Next fiscal year
Earnings
2026-11-16
Revenue est. $10M · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$9.5M
Net margin+3,229.8%
Free cash flow-$19.1M
Net debt-$137.9M
2026$9.5M
PeriodRevenueGrowthNet incomeFCF
2026$9.5M-$305.5M-$19.1M
PeriodGross marginOperating marginNet marginROEROA
2026+100.0%-47.5%+3,229.8%+16.3%+14.8%
PeriodCashDebtNet debtCurrent ratio
2026$137.9M$0-$137.9M41.62
PeriodMarket capEnterprise valueP/SP/E
2026$1.6B$1.4B166.86.1
Q4 2025$0
Q1 2026$500K
Q2 2026$2.6M
Q3 2026$6.3M
PeriodRevenueGrowthNet incomeFCF
Q4 2025$0--$1.2M$0
Q1 2026$500K--$304.5M-$8.3M
Q2 2026$2.6M-$152.5M-$7M
Q3 2026$6.3M-$470.9M-$3.8M
PeriodGross marginOperating marginNet marginROEROA
Q4 20250.0%0.0%0.0%+100.0%0.0%
Q1 2026+100.0%-593.0%-60,892.6%-51.6%-49.4%
Q2 2026+100.0%-176.0%+5,807.7%+20.5%+18.8%
Q3 2026+100.0%+49.1%+7,434.4%+25.1%+22.9%
PeriodCashDebtNet debtCurrent ratio
Q4 2025$0$0$00.00
Q1 2026$281.9M$0-$281.9M31.62
Q2 2026$113.1M$0-$113.1M18.22
Q3 2026$137.9M$0-$137.9M41.62
PeriodMarket capEnterprise valueP/SP/E
Q4 2025$495.4M$495.4M0.0-102.6
Q1 2026$441.8M$159.8M883.5-0.4
Q2 2026$631.3M$518.3M240.41.3
Q3 2026$1.6B$1.4B249.20.9

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$6.3MQ3 2026
$1.6M$3.2M$4.8M$6.3MQ4 2025: $0Q1 2026: $500KQ2 2026: $2.6MQ3 2026: $6.3MQ4 2025Q3 2026
Net income$470.9MQ3 2026
-$110.6M$83.2M$277.1M$470.9MQ4 2025: -$1.2MQ1 2026: -$304.5MQ2 2026: $152.5MQ3 2026: $470.9MQ4 2025Q3 2026
EBITDA$3.1MQ3 2026
-$2.7M-$754K$1.2M$3.1MQ4 2025: -$1.2MQ1 2026: -$3MQ2 2026: -$4.6MQ3 2026: $3.1MQ4 2025Q3 2026
Free cash flow-$3.8MQ3 2026
-$6.2M-$4.2M-$2.1MQ4 2025: $0Q1 2026: -$8.3MQ2 2026: -$7MQ3 2026: -$3.8MQ4 2025Q3 2026
EPS$2.1Q3 2026
-$1.31-$0.17$0.96$2.1Q4 2025: -$0.01Q1 2026: -$2.45Q2 2026: $1.01Q3 2026: $2.1Q4 2025Q3 2026
Cash / Debt$137.9MQ3 2026
$70.5M$141M$211.4M$281.9MQ4 2025 · Cash: $0Q4 2025 · Debt: $0Q1 2026 · Cash: $281.9MQ1 2026 · Debt: $0Q2 2026 · Cash: $113.1MQ2 2026 · Debt: $0Q3 2026 · Cash: $137.9MQ3 2026 · Debt: $0Q4 2025Q3 2026
CashDebt
Profitability+100.0%Q3 2026
-43,810.9%-26,729.1%-9,647.4%+7,434.4%Q4 2025 · Gross margin: 0.0%Q1 2026 · Gross margin: +100.0%Q2 2026 · Gross margin: +100.0%Q3 2026 · Gross margin: +100.0%Q4 2025 · Operating margin: 0.0%Q1 2026 · Operating margin: -593.0%Q2 2026 · Operating margin: -176.0%Q3 2026 · Operating margin: +49.1%Q4 2025 · Net margin: 0.0%Q1 2026 · Net margin: -60,892.6%Q2 2026 · Net margin: +5,807.7%Q3 2026 · Net margin: +7,434.4%Q4 2025Q3 2026
Gross marginOperating marginNet margin
Shares outstanding200.6MQ3 2026
50.1M100.3M150.4M200.6MQ4 2025: 127MQ1 2026: 124.1MQ2 2026: 124MQ3 2026: 200.6MQ4 2025Q3 2026
Valuation0.9Q3 2026
143.9390.5637.0883.5Q4 2025 · P/E: -102.6Q1 2026 · P/E: -0.4Q2 2026 · P/E: 1.3Q3 2026 · P/E: 0.9Q4 2025 · P/S: 0.0Q1 2026 · P/S: 883.5Q2 2026 · P/S: 240.4Q3 2026 · P/S: 249.2Q4 2025Q3 2026
P/EP/S
Revenue$9.5M2026
$2.4M$4.7M$7.1M$9.5M2026: $9.5M2026
Net income$305.5M2026
$76.4M$152.8M$229.2M$305.5M2026: $305.5M2026
EBITDA-$4.5M2026
-$3.4M-$2.2M-$1.1M2026: -$4.5M2026
Free cash flow-$19.1M2026
-$14.4M-$9.6M-$4.8M2026: -$19.1M2026
EPS$1.282026
$0.32$0.64$0.96$1.282026: $1.282026
Cash / Debt$137.9M2026
$34.5M$69M$103.4M$137.9M2026 · Cash: $137.9M2026 · Debt: $02026
CashDebt
Profitability+100.0%2026
+771.9%+1,591.2%+2,410.5%+3,229.8%2026 · Gross margin: +100.0%2026 · Operating margin: -47.5%2026 · Net margin: +3,229.8%2026
Gross marginOperating marginNet margin
Shares outstanding200.6M2026
50.1M100.3M150.4M200.6M2026: 200.6M2026
Valuation6.12026
41.783.4125.1166.82026 · P/E: 6.12026 · P/S: 166.82026
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-16
Revenue est. $10M · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20274.21$48.8M+415%1
Q3 20270.13$15.5M+145%1
Q4 20270.14$16.3M-1
Q1 20280.14$17.1M+3,312%1
Q2 20280.15$17.9M+580%1
Q3 20280.25$14.6M+130%1

Company events

6
2026-11-16EarningsActual - / Estimate 0.18-
2026-08-27Earnings · Before market openActual 2.8 / Estimate -0.02Beat
2026-08-19EarningsActual - / Estimate -0.02-
2026-08-12EarningsActual - / Estimate -0.02-
2026-05-07EarningsActual 1.01 / Estimate -0.67Beat
2026-02-11EarningsActual -0.13 / Estimate -2.67Beat

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Sep 18, 2026, 12:05 AM UTC

Company profile

Sector
Financial Services
Industry
Financial - Capital Markets
Chief executive
David Ira Schamis
Employees
9
IPO date
Dec 2, 2025
Country
US
Exchange
NASDAQ Capital Market
Website
FMP ratingiB

Rating factors

Return on equityi
4
Return on assetsi
5
Debt to equityi
1
Price to earningsi
2
Price to booki
3
Market cap history
$2.54B+108.8%Jun 26 – Sep 26
$786.39M$1.66B$2.54BLow: $786.39M · 2026-07-27Latest: $2.54B · 2026-09-17Jun 26Jul 26Aug 26Sep 26
Latest: $2.54B · 2026-09-17High: $2.54B · 2026-09-17Low: $786.39M · 2026-07-27
Largest fund holders
FundWeightShares held
XBI0.72%6.5M
BCHN.L4.9%4.9M
IWM0.05%3.4M
XSU.TO0.05%3.4M
IWN0.09%1.2M
FSSNX0.03%937.6K
VTWO0.05%722.7K
BLOK0.68%628.1K
IWC0.33%422.8K
FSMAX0.01%361.9K
LABU0.55%242.1K
R2SC.L0.05%240K

Analyst track record

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

12 months3 years
Ratings1313
Analysts44
Buy / hold / sell13 / 0 / 013 / 0 / 0
Upgrades / downgrades / initiations0 / 0 / 40 / 0 / 4
Price targets hit / missed7 / 6 (54%)7 / 6 (54%)
Avg. return after a rating (TipRanks)+12.1%+12.1%
Best / worst call+140.6% / -64.8%+140.6% / -64.8%

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

Latest ratings

DateAnalystCallTarget
Sep 14, 2026Ed EngelCompass PointBuyInitiated$18.00
Sep 14, 2026Ed EngelCompass PointBuyInitiated$18.00
Sep 10, 2026Brett KnoblauchCantor FitzgeraldBuyMaintained$34.20
Aug 28, 2026Matthew GalinkoMaxim GroupBuyReiterated$20.00
Aug 28, 2026James McIlreeChardan CapitalBuyMaintained$17.00
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$5.00$10.00$15.00$20.00Nov 25 · Buy 0 · Hold 0 · Sell 0Nov 25Dec 25 · Buy 2 · Hold 0 · Sell 0Jan 26 · Buy 2 · Hold 0 · Sell 0Jan 26Feb 26 · Buy 2 · Hold 0 · Sell 0Mar 26 · Buy 2 · Hold 0 · Sell 0Mar 26Apr 26 · Buy 3 · Hold 0 · Sell 0May 26 · Buy 3 · Hold 0 · Sell 0May 26Jun 26 · Buy 3 · Hold 0 · Sell 0Jul 26 · Buy 3 · Hold 0 · Sell 0Jul 26Aug 26 · Buy 3 · Hold 0 · Sell 0Sep 26 · Buy 4 · Hold 0 · Sell 0Sep 26Oct 26 · Buy 4 · Hold 0 · Sell 0Dec 25 · avg. target $6.58Jan 26 · avg. target $6.58Feb 26 · avg. target $7.23Mar 26 · avg. target $7.23Apr 26 · avg. target $8.15May 26 · avg. target $9.15Jun 26 · avg. target $9.15Jul 26 · avg. target $9.15Aug 26 · avg. target $19.87Sep 26 · avg. target $22.30Oct 26 · avg. target $22.30Dec 25 · month-end close $3.56Jan 26 · month-end close $4.54Feb 26 · month-end close $4.08Mar 26 · month-end close $5.09Apr 26 · month-end close $6.02May 26 · month-end close $9.99Jun 26 · month-end close $7.87Jul 26 · month-end close $6.21Aug 26 · month-end close $12.25Sep 26 · month-end close $12.27Oct 26 · month-end close $11.89

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 2, 2026 · 13 ratings

Frequently asked questions

Where can I trade PURR perpetual futures?

Hyperliquid Strategies Inc Common Stock (PURR) perpetual futures trade on 10 crypto venues, including Hyperliquid HIP-3, BingX, LBank. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade PURR around the clock?

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

What is the funding rate on PURR perpetuals?

Right now the PURR perp funding rate is +21.5% annualized (venue median), ranging from +21.5% to +21.5% across 10 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the PURR perp price compare to the Hyperliquid Strategies Inc Common Stock stock?

The venue-median PURR perp mark is $12.8 versus a reference stock price of $12.8, 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 PURR perpetual future?

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

What is PURRUSDT perpetual?

PURRUSDT is the symbol most crypto exchanges use for the Hyperliquid Strategies Inc Common Stock perpetual settled in USDT (Tether). It tracks the PURR share price through an index, trades 24/7 with leverage and never expires.

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Analysts who hit 70%+ of their targets on the perps we track, congress buys over $500k, 13F positions over $5M, funding spreads that have paid for days. Every post shows the evidence. Free, no sign-up.

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