PerpEquities

Equity

XP Inc. (XP) perpetual futures

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

XP Inc. provides investment products, brokerage and wealth management services to retail and institutional clients in Brazil through its open XP Platform and omni-channel network.

$29.31+4.0%NASDAQ open
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Price chart

Interactive TradingView chart

TradingView symbol NASDAQ:XP

Loads TradingView's third-party widget (about 1 MB) on demand.

Auto: underlying reference priceOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$680.2
Open interest
$163.5
Best liquidity
-
Tightest spread
+2.0 bps
Bitget
Highest volume
$680.2
Bitget
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $213.1M
OI / float
0.00%
Float $12.1B
Spot performance
1D+3.66%
5D+39.55%
1M+46.93%
6M+54.07%
YTD+78.25%
1Y+70.44%

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
BitgetTradeXP/USDTTrading$29.310.0% APR
0.000% every 8h
+2.0 bps-$680.2$163.5USDT20x

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

XP

Highest volume

XP

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$15.3B
Updated 1h ago
Revenue
$3.8B
Trailing 12 months
Revenue growth
+10%
Next fiscal year
Profit margin
+27.6%
P/E
14.2
Peer P/E 6.9
Free cash flow
$4.3B
Trailing 12 months
More metrics
Net income
$1.1B
Trailing 12 months
P/S
4.0
Peer P/E
6.9
Similar listed perps
Revenue estimate
$4B
Next fiscal year
Earnings
2026-11-16
Revenue est. $980.6M · Updated 1h ago
Dividend
$0.2
2026-06-10

Fundamental detail

Annual + quarterly
Latest revenue$3.6B
Net margin+27.8%
Free cash flow$2.4B
Net debt$14.9B
2020$1.7B
2021$2.6B
2022$2.8B
2023$3B
2024$4B
2025$3.6B
PeriodRevenueGrowthNet incomeFCF
2020$1.7B+66%$417.2M$243M
2021$2.6B+51%$743.6M-$871.7M
2022$2.8B+9%$739M$334.2M
2023$3B+4%$764.7M$1.6B
2024$4B+34%$1B$2.2B
2025$3.6B-8%$1B$2.4B
PeriodGross marginOperating marginNet marginROEROA
2020+65.6%+30.1%+24.3%+19.2%+2.2%
2021+68.8%+32.0%+28.8%+25.9%+2.7%
2022+68.7%+28.6%+26.1%+21.8%+1.9%
2023+67.4%+30.7%+25.9%+19.7%+1.5%
2024+67.7%+33.2%+26.1%+25.8%+1.5%
2025+67.4%+32.4%+27.8%+21.5%+1.3%
PeriodCashDebtNet debtCurrent ratio
2020$389.6M$6.4B$6B0.57
2021$495.4M$5.6B$5.1B0.83
2022$708.2M$7.1B$6.4B0.72
2023$786M$13.7B$12.9B0.96
2024$1.1B$22.9B$21.8B0.81
2025$2.1B$17B$14.9B0.56
PeriodMarket capEnterprise valueP/SP/E
2020$22.7B$28.7B13.254.8
2021$17.8B$23B6.924.9
2022$9B$15.3B3.212.6
2023$13.7B$26.6B4.617.7
2024$8B$29.9B2.08.9
2025$9.4B$24.4B2.69.1
Q3 2024$867.9M
Q4 2024$947.3M
Q1 2025$860.9M
Q2 2025$873.4M
Q3 2025$915.4M
Q4 2025$1B
Q1 2026$920M
Q2 2026$995.5M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$867.9M+1%$231.6M$910.6M
Q4 2024$947.3M+16%$249.2M$756M
Q1 2025$860.9M+3%$242.5M-$529M
Q2 2025$873.4M-6%$254.1M$926.8M
Q3 2025$915.4M+5%$257.5M$2.4B
Q4 2025$1B+7%$262.2M-$486.6M
Q1 2026$920M+7%$256.2M$138.4M
Q2 2026$995.5M+14%$283.7M$2.2B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+66.8%+31.7%+26.7%+5.4%+0.4%
Q4 2024+68.9%+33.5%+26.3%+6.2%+0.4%
Q1 2025+67.4%+32.9%+28.2%+5.8%+0.3%
Q2 2025+67.5%+32.7%+29.1%+5.7%+0.3%
Q3 2025+67.1%+31.0%+28.1%+5.5%+0.3%
Q4 2025+67.4%+33.0%+26.0%+5.6%+0.3%
Q1 2026+65.8%+30.6%+27.8%+5.3%+0.3%
Q2 2026+66.4%+32.6%+28.5%+5.7%+0.3%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$922M$10.2B$9.3B0.93
Q4 2024$1.1B$22.9B$21.8B0.81
Q1 2025$1.6B$12.2B$10.6B0.79
Q2 2025$2.4B$14.8B$12.4B0.79
Q3 2025$2.5B$14.5B$12B0.82
Q4 2025$2.1B$17B$14.9B0.56
Q1 2026$1.7B$17.8B$16.1B0.49
Q2 2026$1.6B$18.5B$16.9B0.50
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$10.7B$19.9B12.311.3
Q4 2024$7.9B$29.7B8.48.4
Q1 2025$8.5B$19.1B9.98.5
Q2 2025$11.5B$23.9B13.211.0
Q3 2025$10.5B$22.5B11.410.0
Q4 2025$9.3B$24.2B9.29.0
Q1 2026$10.2B$26.3B11.19.9
Q2 2026$8.6B$25.5B8.67.5

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$995.5MQ2 2026
$252.3M$504.5M$756.8M$1BQ3 2023: $856.8MQ4 2023: $813.7MQ1 2024: $833.7MQ2 2024: $929.3MQ3 2024: $867.9MQ4 2024: $947.3MQ1 2025: $860.9MQ2 2025: $873.4MQ3 2025: $915.4MQ4 2025: $1BQ1 2026: $920MQ2 2026: $995.5MQ3 2023Q2 2026
Net income$283.7MQ2 2026
$70.9M$141.9M$212.8M$283.7MQ3 2023: $223.2MQ4 2023: $206MQ1 2024: $209.6MQ2 2024: $238.7MQ3 2024: $231.6MQ4 2024: $249.2MQ1 2025: $242.5MQ2 2025: $254.1MQ3 2025: $257.5MQ4 2025: $262.2MQ1 2026: $256.2MQ2 2026: $283.7MQ3 2023Q2 2026
EBITDA$353.4MQ2 2026
$88.4M$176.7M$265.1M$353.4MQ3 2023: $280.2MQ4 2023: $246MQ1 2024: $272.2MQ2 2024: $353.2MQ3 2024: $289.6MQ4 2024: $328.6MQ1 2025: $297.1MQ2 2025: $302.5MQ3 2025: $302.2MQ4 2025: $353.2MQ1 2026: $299.2MQ2 2026: $353.4MQ3 2023Q2 2026
Free cash flow$2.2BQ2 2026
$98M$872.4M$1.6B$2.4BQ3 2023: -$282.9MQ4 2023: $833.7MQ1 2024: -$676.3MQ2 2024: $1.2BQ3 2024: $910.6MQ4 2024: $756MQ1 2025: -$529MQ2 2025: $926.8MQ3 2025: $2.4BQ4 2025: -$486.6MQ1 2026: $138.4MQ2 2026: $2.2BQ3 2023Q2 2026
EPS$0.55Q2 2026
$0.14$0.27$0.41$0.55Q3 2023: $0.39Q4 2023: $0.37Q1 2024: $0.37Q2 2024: $0.4Q3 2024: $0.43Q4 2024: $0.43Q1 2025: $0.46Q2 2025: $0.49Q3 2025: $0.49Q4 2025: $0.5Q1 2026: $0.48Q2 2026: $0.55Q3 2023Q2 2026
Cash / Debt$1.6BQ2 2026
$5.7B$11.5B$17.2B$22.9BQ3 2023 · Cash: $761.7MQ3 2023 · Debt: $8.4BQ4 2023 · Cash: $786MQ4 2023 · Debt: $13.7BQ1 2024 · Cash: $785MQ1 2024 · Debt: $10.2BQ2 2024 · Cash: $1.1BQ2 2024 · Debt: $11.2BQ3 2024 · Cash: $922MQ3 2024 · Debt: $10.2BQ4 2024 · Cash: $1.1BQ4 2024 · Debt: $22.9BQ1 2025 · Cash: $1.6BQ1 2025 · Debt: $12.2BQ2 2025 · Cash: $2.4BQ2 2025 · Debt: $14.8BQ3 2025 · Cash: $2.5BQ3 2025 · Debt: $14.5BQ4 2025 · Cash: $2.1BQ4 2025 · Debt: $17BQ1 2026 · Cash: $1.7BQ1 2026 · Debt: $17.8BQ2 2026 · Cash: $1.6BQ2 2026 · Debt: $18.5BQ3 2023Q2 2026
CashDebt
Profitability+66.4%Q2 2026
+17.4%+34.8%+52.3%+69.7%Q3 2023 · Gross margin: +69.7%Q4 2023 · Gross margin: +67.6%Q1 2024 · Gross margin: +66.9%Q2 2024 · Gross margin: +68.5%Q3 2024 · Gross margin: +66.8%Q4 2024 · Gross margin: +68.9%Q1 2025 · Gross margin: +67.4%Q2 2025 · Gross margin: +67.5%Q3 2025 · Gross margin: +67.1%Q4 2025 · Gross margin: +67.4%Q1 2026 · Gross margin: +65.8%Q2 2026 · Gross margin: +66.4%Q3 2023 · Operating margin: +30.9%Q4 2023 · Operating margin: +30.0%Q1 2024 · Operating margin: +31.3%Q2 2024 · Operating margin: +35.6%Q3 2024 · Operating margin: +31.7%Q4 2024 · Operating margin: +33.5%Q1 2025 · Operating margin: +32.9%Q2 2025 · Operating margin: +32.7%Q3 2025 · Operating margin: +31.0%Q4 2025 · Operating margin: +33.0%Q1 2026 · Operating margin: +30.6%Q2 2026 · Operating margin: +32.6%Q3 2023 · Net margin: +26.0%Q4 2023 · Net margin: +25.3%Q1 2024 · Net margin: +25.1%Q2 2024 · Net margin: +25.7%Q3 2024 · Net margin: +26.7%Q4 2024 · Net margin: +26.3%Q1 2025 · Net margin: +28.2%Q2 2025 · Net margin: +29.1%Q3 2025 · Net margin: +28.1%Q4 2025 · Net margin: +26.0%Q1 2026 · Net margin: +27.8%Q2 2026 · Net margin: +28.5%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+14.0%Q2 2026
-0.4%+5.2%+10.8%+16.4%Q3 2024: +1.3%Q4 2024: +16.4%Q1 2025: +3.3%Q2 2025: -6.0%Q3 2025: +5.5%Q4 2025: +6.5%Q1 2026: +6.9%Q2 2026: +14.0%Q3 2023Q2 2026
Shares outstanding520.5MQ2 2026
138.4M276.8M415.2M553.6MQ3 2023: 553.6MQ4 2023: 553.6MQ1 2024: 548.4MQ2 2024: 551.5MQ3 2024: 545.9MQ4 2024: 540.4MQ1 2025: 539.5MQ2 2025: 535.8MQ3 2025: 534.9MQ4 2025: 520.2MQ1 2026: 525.4MQ2 2026: 520.5MQ3 2023Q2 2026
Valuation7.5Q2 2026
4.38.512.817.0Q3 2023 · P/E: 14.5Q4 2023 · P/E: 16.6Q1 2024 · P/E: 17.0Q2 2024 · P/E: 11.7Q3 2024 · P/E: 11.3Q4 2024 · P/E: 8.4Q1 2025 · P/E: 8.5Q2 2025 · P/E: 11.0Q3 2025 · P/E: 10.0Q4 2025 · P/E: 9.0Q1 2026 · P/E: 9.9Q2 2026 · P/E: 7.5Q3 2023 · P/S: 14.7Q4 2023 · P/S: 17.0Q1 2024 · P/S: 16.8Q2 2024 · P/S: 11.3Q3 2024 · P/S: 12.3Q4 2024 · P/S: 8.4Q1 2025 · P/S: 9.9Q2 2025 · P/S: 13.2Q3 2025 · P/S: 11.4Q4 2025 · P/S: 9.2Q1 2026 · P/S: 11.1Q2 2026 · P/S: 8.6Q3 2023Q2 2026
P/EP/S
Revenue$3.6B2025
$990.1M$2B$3B$4B2018: $629.3M2019: $1B2020: $1.7B2021: $2.6B2022: $2.8B2023: $3B2024: $4B2025: $3.6B20182025
Net income$1B2025
$258M$516M$774M$1B2018: $97.6M2019: $208.9M2020: $417.2M2021: $743.6M2022: $739M2023: $764.7M2024: $1B2025: $1B20182025
EBITDA$1.2B2025
$344.7M$689.5M$1B$1.4B2018: $161.9M2019: $332.5M2020: $525.9M2021: $866.5M2022: $836.8M2023: $942.7M2024: $1.4B2025: $1.2B20182025
Free cash flow$2.4B2025
-$64M$743.7M$1.6B$2.4B2018: -$118.3M2019: -$792.4M2020: $243M2021: -$871.7M2022: $334.2M2023: $1.6B2024: $2.2B2025: $2.4B20182025
EPS$1.942025
$0.48$0.97$1.45$1.942018: $0.172019: $0.422020: $0.742021: $1.252022: $1.252023: $1.432024: $1.642025: $1.9420182025
Cash / Debt$2.1B2025
$5.7B$11.5B$17.2B$22.9B2018 · Cash: $13.6M2018 · Debt: $1.5B2019 · Cash: $21.9M2019 · Debt: $3.4B2020 · Cash: $389.6M2020 · Debt: $6.4B2021 · Cash: $495.4M2021 · Debt: $5.6B2022 · Cash: $708.2M2022 · Debt: $7.1B2023 · Cash: $786M2023 · Debt: $13.7B2024 · Cash: $1.1B2024 · Debt: $22.9B2025 · Cash: $2.1B2025 · Debt: $17B20182025
CashDebt
Profitability+67.4%2025
+17.2%+34.4%+51.6%+68.8%2018 · Gross margin: +64.8%2019 · Gross margin: +66.4%2020 · Gross margin: +65.6%2021 · Gross margin: +68.8%2022 · Gross margin: +68.7%2023 · Gross margin: +67.4%2024 · Gross margin: +67.7%2025 · Gross margin: +67.4%2018 · Operating margin: +25.5%2019 · Operating margin: +31.1%2020 · Operating margin: +30.1%2021 · Operating margin: +32.0%2022 · Operating margin: +28.6%2023 · Operating margin: +30.7%2024 · Operating margin: +33.2%2025 · Operating margin: +32.4%2018 · Net margin: +15.5%2019 · Net margin: +20.3%2020 · Net margin: +24.3%2021 · Net margin: +28.8%2022 · Net margin: +26.1%2023 · Net margin: +25.9%2024 · Net margin: +26.1%2025 · Net margin: +27.8%20182025
Gross marginOperating marginNet margin
Revenue growth-8.2%2025
+10.4%+29.1%+47.7%+66.4%2019: +63.7%2020: +66.4%2021: +50.9%2022: +9.3%2023: +4.5%2024: +34.1%2025: -8.2%20182025
Shares outstanding531.9M2025
143.4M286.7M430.1M573.5M2018: 551.8M2019: 511.7M2020: 559.1M2021: 573.5M2022: 573M2023: 544.2M2024: 548.3M2025: 531.9M20182025
Valuation9.12025
39.879.6119.3159.12018 · P/E: 159.12019 · P/E: 73.12020 · P/E: 54.82021 · P/E: 24.92022 · P/E: 12.62023 · P/E: 17.72024 · P/E: 8.92025 · P/E: 9.12018 · P/S: 23.42019 · P/S: 15.32020 · P/S: 13.22021 · P/S: 6.92022 · P/S: 3.22023 · P/S: 4.62024 · P/S: 2.02025 · P/S: 2.620182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-16
Revenue est. $980.6M · Updated 1h ago
Dividend
$0.2
2026-06-10

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202610.59$4B+10%4
FY 202712.04$4.5B+24%4
FY 202813.38$5B+38%4
FY 202916.56$5.8B+59%1
FY 20300.00$6.1B+69%1
Q1 20272.97$1.1B+15%1

Company events

6
2026-11-16EarningsActual - / Estimate 0.53-
2026-08-17EarningsActual 0.53 / Estimate 0.5Beat
2026-06-10Dividend$0.2-
2026-05-18EarningsActual 0.47 / Estimate 0.49Miss
2026-02-12EarningsActual 0.46 / Estimate 0.45Beat
2025-12-10Dividend$0.18-

Peer comparison

Similar listed perps

Analyst track record

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

12 months3 years
Ratings2084
Analysts812
Buy / hold / sell15 / 5 / 058 / 26 / 0
Upgrades / downgrades / initiations2 / 0 / 18 / 6 / 2
Price targets hit / missed19 / 1 (95%)70 / 13 (84%)
Avg. return after a rating (TipRanks)+21.3%+24.0%
Best / worst call+46.4% / -23.0%+125.2% / -23.0%

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

Latest ratings

DateAnalystCallTarget
Oct 6, 2026Yuri FernandesJ.P. MorganBuyMaintained$38.00
Oct 5, 2026Pedro LeducItau UnibancoBuyUpgraded$27.00
Sep 28, 2026Gustavo SchrodenCitiBuyMaintained$25.00
Aug 31, 2026Pedro LeducItau UnibancoBuyUpgraded$22.00
Aug 17, 2026Tito LabartaGoldman SachsBuyMaintained$20.00

TipRanks data via FMP · computed Oct 6, 2026 · 20 ratings

Frequently asked questions

Where can I trade XP perpetual futures?

XP Inc. (XP) perpetual futures trade on 1 crypto venues, including Bitget. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade XP around the clock?

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

What is the funding rate on XP perpetuals?

Right now the XP 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 XP perp price compare to the XP Inc. stock?

The venue-median XP perp mark is $29.3 versus a reference stock price of $29.3, 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 XP perpetual future?

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

What is XPUSDT perpetual?

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

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