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Equity

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (XNDU) perpetual futures

XNDU perpetual futures on 1 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade XNDUUSDT.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares tracked across crypto venues with normalized contract specifications.

$5.40-7.8%NASDAQ closed
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Price chart

 

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Collecting venue price data...
venue perp mark · Bitget (XNDU/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$151.4K
Open interest
$137.4K
Best liquidity
-
Tightest spread
+9.3 bps
Bitget
Highest volume
$151.4K
Bitget
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $95.3M
OI / float
+0.61%
Float $22.7M
Spot performance
1D-7.79%
5D-30.78%
1M-51.32%
6M-33.46%
YTD-37.73%
1Y-37.73%

Venue matrix

1 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
BitgetTradeXNDU/USDTTrading$5.40+1.8% APR
+0.00160% every 8h
+9.3 bps-$151.4K$137.4KUSDT20x

Tradability

Execution quality

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

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

No fresh book data: Bitget

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

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

XNDU

Highest volume

XNDU

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$120.3M
Updated 1h ago
Revenue
$5.6M
Trailing 12 months
Revenue growth
+84%
Next fiscal year
Profit margin
-1,577.3%
P/E
-1.8
Peer P/E -0.2
Free cash flow
-$53.7M
Trailing 12 months
More metrics
Net income
-$88M
Trailing 12 months
P/S
21.6
Peer P/E
-0.2
Similar listed perps
Revenue estimate
$6M
Next fiscal year
Earnings
2026-08-05
Revenue $1.5M · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$3.3M
Net margin-1,530.6%
Free cash flow-$1.9M
Net debt-$261.4K
2023$1.8M
2024$1.1M
2025$3.3M
PeriodRevenueGrowthNet incomeFCF
2023$1.8M--$25.3M-$28.4M
2024$1.1M-36%-$32.7M-$34.4M
2025$3.3M+191%-$50.3M-$1.9M
PeriodGross marginOperating marginNet marginROEROA
2023+75.6%-1,682.0%-1,435.7%-27.0%-23.6%
2024+70.7%-3,184.1%-2,892.9%-52.5%-39.4%
2025+92.2%-1,501.5%-1,530.6%-23.8%-22.7%
PeriodCashDebtNet debtCurrent ratio
2023$83.6M$12.1M-$71.5M39.93
2024$55.2M$17.7M-$37.5M16.78
2025$261.4K$0-$261.4K0.27
PeriodMarket capEnterprise valueP/SP/E
2023$2.4B$2.3B1,362.3-94.4
2024$2.6B$2.6B2,308.6-82.1
2025$250.5M$250.2M76.3-5.0
Q3 2024$343K
Q4 2024$505.9K
Q2 2025$0
Q3 2025$702.3K
Q4 2025$1.3M
Q1 2026$2M
Q2 2026$1.5M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$343K--$7.4M-$11.4M
Q4 2024$505.9K--$7.7M-$10.2M
Q2 2025$0-$867.7K-$429.3K
Q3 2025$702.3K+105%-$14.4M-$16.8M
Q4 2025$1.3M+164%-$16.4M-$980.9K
Q1 2026$2M--$14.7M-$5.4M
Q2 2026$1.5M--$42.5M-$30.6M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+91.3%-2,384.0%-2,165.1%0.0%0.0%
Q4 2024+42.8%-1,650.6%-1,526.0%-12.4%-9.3%
Q2 20250.0%0.0%0.0%+0.4%+0.4%
Q3 2025+94.7%-2,096.9%-2,056.5%-46.8%-23.2%
Q4 2025+89.4%-1,084.7%-1,227.9%-7.8%-7.4%
Q1 2026+96.0%-821.6%-727.5%-7.9%-6.5%
Q2 2026+91.5%-1,984.8%-2,783.0%-13.4%-11.0%
PeriodCashDebtNet debtCurrent ratio
Q3 2024---0.00
Q4 2024$55.2M$17.7M-$37.5M16.78
Q2 2025$1.1M$0-$1.1M7.10
Q3 2025$25.7M$24.4M-$1.3M5.34
Q4 2025$261.4K$0-$261.4K0.27
Q1 2026$193.9M$27M-$166.9M14.35
Q2 2026$316.3M$59.8M-$256.5M25.54
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$2.5B$07,157.4-82.7
Q4 2024$2.6B$2.6B5,159.4-84.5
Q2 2025$248.3M$247.2M0.052.3
Q3 2025$254.1M$252.8M361.8-4.4
Q4 2025$250.5M$250.2M187.8-3.8
Q1 2026$227.3M$60.4M112.8-3.9
Q2 2026$366.6M$110.2M240.0-2.2

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$1.5MQ2 2026
$503.8K$1M$1.5M$2MQ3 2024: $343KQ4 2024: $505.9KQ2 2025: $0Q3 2025: $702.3KQ4 2025: $1.3MQ1 2026: $2MQ2 2026: $1.5MQ3 2024Q2 2026
Net income-$42.5MQ2 2026
-$31.7M-$20.8M-$10M$867.7KQ3 2024: -$7.4MQ4 2024: -$7.7MQ2 2025: $867.7KQ3 2025: -$14.4MQ4 2025: -$16.4MQ1 2026: -$14.7MQ2 2026: -$42.5MQ3 2024Q2 2026
EBITDA-$28.3MQ2 2026
-$21M-$13.7M-$6.4M$867.7KQ3 2024: -$6.5MQ4 2024: -$6.7MQ2 2025: $867.7KQ3 2025: -$13.2MQ4 2025: -$15.1MQ1 2026: -$13.4MQ2 2026: -$28.3MQ3 2024Q2 2026
Free cash flow-$30.6MQ2 2026
-$22.9M-$15.3M-$7.6MQ3 2024: -$11.4MQ4 2024: -$10.2MQ2 2025: -$429.3KQ3 2025: -$16.8MQ4 2025: -$980.9KQ1 2026: -$5.4MQ2 2026: -$30.6MQ3 2024Q2 2026
EPS-$1.42Q2 2026
-$1.05-$0.69-$0.32$0.04Q3 2024: -$0.02Q4 2024: $0Q2 2025: $0.04Q3 2025: -$0.48Q4 2025: -$0.55Q1 2026: -$0.49Q2 2026: -$1.42Q3 2024Q2 2026
Cash / Debt$316.3MQ2 2026
$79.1M$158.1M$237.2M$316.3MQ4 2024 · Cash: $55.2MQ4 2024 · Debt: $17.7MQ2 2025 · Cash: $1.1MQ2 2025 · Debt: $0Q3 2025 · Cash: $25.7MQ3 2025 · Debt: $24.4MQ4 2025 · Cash: $261.4KQ4 2025 · Debt: $0Q1 2026 · Cash: $193.9MQ1 2026 · Debt: $27MQ2 2026 · Cash: $316.3MQ2 2026 · Debt: $59.8MQ3 2024Q2 2026
CashDebt
Profitability+91.5%Q2 2026
-2,063.2%-1,343.5%-623.7%+96.0%Q3 2024 · Gross margin: +91.3%Q4 2024 · Gross margin: +42.8%Q2 2025 · Gross margin: 0.0%Q3 2025 · Gross margin: +94.7%Q4 2025 · Gross margin: +89.4%Q1 2026 · Gross margin: +96.0%Q2 2026 · Gross margin: +91.5%Q3 2024 · Operating margin: -2,384.0%Q4 2024 · Operating margin: -1,650.6%Q2 2025 · Operating margin: 0.0%Q3 2025 · Operating margin: -2,096.9%Q4 2025 · Operating margin: -1,084.7%Q1 2026 · Operating margin: -821.6%Q2 2026 · Operating margin: -1,984.8%Q3 2024 · Net margin: -2,165.1%Q4 2024 · Net margin: -1,526.0%Q2 2025 · Net margin: 0.0%Q3 2025 · Net margin: -2,056.5%Q4 2025 · Net margin: -1,227.9%Q1 2026 · Net margin: -727.5%Q2 2026 · Net margin: -2,783.0%Q3 2024Q2 2026
Gross marginOperating marginNet margin
Revenue growth+163.7%Q4 2025
+40.9%+81.9%+122.8%+163.7%Q3 2025: +104.8%Q4 2025: +163.7%Q3 2024Q2 2026
Shares outstanding30MQ2 2026
74.5M149M223.5M298MQ3 2024: 298MQ4 2024: 298MQ2 2025: 30MQ3 2025: 30MQ4 2025: 30MQ1 2026: 30MQ2 2026: 30MQ3 2024Q2 2026
Valuation-2.2Q2 2026
1,726.03,536.45,346.97,157.4Q3 2024 · P/E: -82.7Q4 2024 · P/E: -84.5Q2 2025 · P/E: 52.3Q3 2025 · P/E: -4.4Q4 2025 · P/E: -3.8Q1 2026 · P/E: -3.9Q2 2026 · P/E: -2.2Q3 2024 · P/S: 7,157.4Q4 2024 · P/S: 5,159.4Q2 2025 · P/S: 0.0Q3 2025 · P/S: 361.8Q4 2025 · P/S: 187.8Q1 2026 · P/S: 112.8Q2 2026 · P/S: 240.0Q3 2024Q2 2026
P/EP/S
Revenue$3.3M2025
$821.3K$1.6M$2.5M$3.3M2023: $1.8M2024: $1.1M2025: $3.3M20232025
Net income-$50.3M2025
-$37.7M-$25.1M-$12.6M2023: -$25.3M2024: -$32.7M2025: -$50.3M20232025
EBITDA-$45.5M2025
-$34.1M-$22.7M-$11.4M2023: -$22.1M2024: -$28.7M2025: -$45.5M20232025
Free cash flow-$1.9M2025
-$25.8M-$17.2M-$8.6M2023: -$28.4M2024: -$34.4M2025: -$1.9M20232025
EPS-$1.682025
-$1.26-$0.84-$0.422023: -$0.092024: -$0.112025: -$1.6820232025
Cash / Debt$261.4K2025
$20.9M$41.8M$62.7M$83.6M2023 · Cash: $83.6M2023 · Debt: $12.1M2024 · Cash: $55.2M2024 · Debt: $17.7M2025 · Cash: $261.4K2025 · Debt: $020232025
CashDebt
Profitability+92.2%2025
-2,365.1%-1,546.0%-726.9%+92.2%2023 · Gross margin: +75.6%2024 · Gross margin: +70.7%2025 · Gross margin: +92.2%2023 · Operating margin: -1,682.0%2024 · Operating margin: -3,184.1%2025 · Operating margin: -1,501.5%2023 · Net margin: -1,435.7%2024 · Net margin: -2,892.9%2025 · Net margin: -1,530.6%20232025
Gross marginOperating marginNet margin
Revenue growth+190.6%2025
+20.7%+77.3%+133.9%+190.6%2024: -35.9%2025: +190.6%20232025
Shares outstanding30M2025
74.5M149M223.5M298M2023: 298M2024: 298M2025: 30M20232025
Valuation-5.02025
506.31,107.11,707.82,308.62023 · P/E: -94.42024 · P/E: -82.12025 · P/E: -5.02023 · P/S: 1,362.32024 · P/S: 2,308.62025 · P/S: 76.320232025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-08-05
Revenue $1.5M · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.56$6M+84%1
FY 2027-0.42$6.4M+96%1
FY 2028-0.47$9.7M+197%1
FY 2029-0.66$36.6M+1,013%1
FY 2030-0.49$105.9M+3,124%1
Q1 2027-0.16$2.1M+6%1

Company events

3
2026-08-05EarningsActual -0.14 / Estimate -0.37Beat
2026-05-14EarningsActual -0.28 / Estimate -0.08Miss
2026-02-06EarningsActual -0.39 / Estimate --

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings99
Analysts33
Buy / hold / sell9 / 0 / 09 / 0 / 0
Upgrades / downgrades / initiations0 / 0 / 30 / 0 / 3
Price targets hit / missed0 / 9 (0%)0 / 9 (0%)
Avg. return after a rating (TipRanks)-84.4%-84.4%
Best / worst call-75.8% / -88.2%-75.8% / -88.2%

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

Latest ratings

DateAnalystCallTarget
Sep 2, 2026Todd CouplandCIBCBuyMaintained$22.00
Sep 1, 2026Nehal ChokshiNorthland SecuritiesBuyReiterated$43.00
Sep 1, 2026Kingsley CraneCanaccord GenuityBuyMaintained$34.00
Aug 12, 2026Kingsley CraneCanaccord GenuityBuyMaintained$34.00
Jul 29, 2026Todd CouplandCIBCBuyInitiated$22.00

TipRanks data via FMP · computed Sep 23, 2026 · 9 ratings

Frequently asked questions

Where can I trade XNDU perpetual futures?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (XNDU) perpetual futures trade on 1 crypto venues, including Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade XNDU around the clock?

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

What is the funding rate on XNDU perpetuals?

Right now the XNDU perp funding rate is +1.8% annualized (venue median), ranging from +1.8% to +1.8% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the XNDU perp price compare to the Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock?

The venue-median XNDU perp mark is $5.4 versus a reference stock price of $5.4, 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 XNDU perpetual future?

A XNDU perpetual is a derivative that tracks the price of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares with no expiry date. It lets you take long or short exposure to Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares on crypto venues, around the clock.

What is XNDUUSDT perpetual?

XNDUUSDT is the symbol most crypto exchanges use for the Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares perpetual settled in USDT (Tether). It tracks the XNDU share price through an index, trades 24/7 with leverage and never expires.

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