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- Oct 19, 2026 · The day following Chung Yeung Festival
Equity · Technology
Z.ai (Zhipu AI) (ZHIPU) perpetual futures
ZHIPU perpetual futures on 19 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ZHIPUUSDT.
Zhipu AI provides large model-related services through on-premise deployment and cloud-based subscription offerings to institutional and individual customers in China.
$92.24+7.1%
Price chart
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Collecting venue price data...
venue perp mark · Binance (ZHIPU/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
19/19 live markets
Trading data
Perpetual market activity
Venues
19
Live markets
19/19
24h volume
$74.4MCoverage: 14/19 marketsExchange-reported volume: $101.6M
Open interest
$87.1MCoverage: 17/19 markets
Best liquidity
$3M
LBank
Tightest spread
+1.1 bps
Binance
Highest volume
$39.9M
Binance
Settlement mix
USDT · 14/19
Perp/spot vol.
0.50x
Spot volume $148.7M
OI / float
+0.80%
Float $10.8B
Spot performance
1D+6.39%
5D+12.66%
1M-34.19%
6M-18.54%
YTD+438.02%
1Y+438.02%
Venue matrix
19 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 | ZHIPU/USDT | Trading | $92.15 | 0.0% APR 0.000% every 4h | +1.1 bps | $520.1K | $39.9M | $25.2M | USDT | - | |
 OKX | Trade | ZHIPU/USDT | Trading | $92.19 | 0.0% APR 0.000% every 8h | +4.3 bps | $170.9K | $12M | $5.6M | USDT | 25x | |
 Bitget | Trade | ZHIPU/USDT | Trading | $92.27 | 0.0% APR 0.000% every 8h | +7.6 bps | - | $7.5M | $5.1M | USDT | 20x | |
 Gate.io | Trade | ZHIPU/USDT | Trading | $92.21 | 0.0% APR 0.000% every 8h | +3.3 bps | - | $3.5M | $4.4M | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:ZHIPU | Trading | $92.23 | +8.2% APR +0.00094% every 1h | +7.6 bps | $112.6K | $3.2M | $26.5M | USDC | 10x | |
 MEXC | Trade | ZHIPU/USDT | Trading | $92.19 | 0.0% APR 0.000% every 4h | +3.3 bps | $342.4K | $3.2M | $4.3M | USDT | 20x | |
 Bybit | Trade | ZHIPU/USDT | Trading | $92.17 | 0.0% APR 0.000% every 8h | +7.6 bps | $83.4K | $3M | $1.7M | USDT | 25x | |
 Bitunix | Trade | ZHIPU/USDT | Trading | $92.11 | +8.0% APR +0.00363% every 4h | +4.3 bps | $2.7M | $1.2M | $348.3K | USDT | 25x | |
 HTX | Trade | ZHIPU/USDT | Trading | $92.28 | - | +32.5 bps | $546.7K | $353.3K | - | USDT | - | |
 XT.com | Trade | ZHIPU/USDT | Trading | $92.27 | 0.0% APR 0.000% every 4h | +11.9 bps | $81.1K | $234.7K | $13.4M | USDT | 25x | |
 Aster | Trade | ZHIPUUSDT | Trading | $92.18 | 0.0% APR 0.000% every 8h | +7.6 bps | $88.9K | $103.6K | $55.6K | USDT | - | |
 Ondo Perps | Trade | ZHIPU/USD | Trading | $92.18 | - | +10.8 bps | $525.9K | $94.2K | $34.2K | USDC | 5x | |
 Orderly Network | Trade | ZHIPU/USDC | Trading | $92.10 | +11.0% APR +0.010% every 8h | - | - | $4.7K | $375.7 | USDC | - | |
 Crypto.com Exchange | Trade | ZHIPU/USD | Trading | $85.13 | +1.2% APR +0.00013% every 1h | +7.6 bps | $6.2K | $1.3K | $937.3 | USD | 50x | |
 Aevo | Trade | ZHIPU/USDC | Trading | $92.15 | - | +17.9 bps | $194.4K | - | - | USDC | 10x | |
 Deepcoin | Trade | ZHIPU/USDT | Trading | $92.16 | +21.9% APR +0.010% every 4h | +2.2 bps | $110.5K | $15.7M⚠ | $9.1K | USDT | 25x | |
 Ourbit | Trade | ZHIPU/USDT | Trading | $92.22 | 0.0% APR 0.000% every 4h | +1.1 bps | $497.5K | $9.1M⚠ | $134.6K | USDT | 20x | |
 KuCoin | Trade | ZHIPU/USDT | Trading | $92.18 | 0.0% APR 0.000% every 4h | +19.5 bps | $31.6K | $1.7M⚠ | $153.8K | USDT | 20x | |
 LBank | Trade | ZHIPU/USDT | Trading | $92.24 | 0.0% APR 0.000% every 4h | +2.2 bps | $3M | $677.3K⚠ | $120.5K | USDT | 50x |
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
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 15 of 19 venues absorb $10k · Typical cost: +8.7 bps – +20.9 bps
Too thin: Crypto.com Exchange
No fresh book data: Bitget, Gate.io, Orderly Network
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
ZHIPUTightest spread
ZHIPUHighest volume
ZHIPUEpisodic Last 7d: 10% of hours above 100% APR · median 11% · 11 episodes
Funding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketCompany data
Company fundamentals
Updated 5h ago
Company data
Company fundamentals
Market cap
$37.8B
Updated 5h ago
Revenue
$329.2M
Trailing 12 months
Revenue growth
-
Next fiscal year
Profit margin
-297.0%
P/E
-37.4
Peer P/E 53.9
Free cash flow
-$208.8M
Trailing 12 months
More metrics
Net income
-$977.6M
Trailing 12 months
P/S
114.8
Peer P/E
53.9
Similar listed perps
Revenue estimate
$1.1B
Next fiscal year
Earnings
2027-03-03
Revenue est. $861.6M · Updated 5h ago
Dividend
-
Fundamental detail
Annual + quarterlyLatest revenue-$22.2M
Net margin+3,072.7%
Free cash flow-$334.6M
Net debt$1.3B
PeriodRevenueGrowthNet incomeFCF
2022$8.6M--$21.4M-$14.9M
2023$18.6M+117%-$117.4M-$172.4M
2024$46.6M+151%-$440.8M-$354.3M
2025-$22.2M-148%-$682M-$334.6M
PeriodGross marginOperating marginNet marginROEROA
2022+54.6%-172.0%-250.2%+79.2%-39.7%
2023+64.6%-502.4%-632.7%+80.2%-27.5%
2024+56.3%-812.5%-946.8%+74.8%-67.6%
2025+379.7%+2,459.8%+3,072.7%+56.5%-94.2%
PeriodCashDebtNet debtCurrent ratio
2022$32.6M$1.9M-$30.7M0.56
2023$186.2M$40.4M-$145.8M0.52
2024$338.2M$140.2M-$198M0.38
2025$336.8M$1.7B$1.3B0.29
PeriodMarket capEnterprise valueP/SP/E
2022$7.6B$7.6B890.4-351.9
2023$7.8B$7.7B421.2-66.6
2024$8.1B$7.9B174.0-18.1
2025$7.7B$9.1B-349.1-11.4
PeriodRevenueGrowthNet incomeFCF
Q3 2024$19.9M--$128.2M-$95.2M
Q4 2024$19.9M--$128.2M-$95.2M
Q1 2025$14.2M+325%-$175.2M$0
Q2 2025$27.9M+313%-$343.5M-$195.3M
Q3 2025$39.7M+99%-$174.9M-$68.4M
Q4 2025$78.2M+292%-$343.9M-$140.4M
Q1 2026$71.1M+400%-$154.3M$0
Q2 2026$140.2M+403%-$304.4M$0
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+57.4%-564.0%-643.3%+21.7%-19.7%
Q4 2024+57.4%-564.0%-643.3%+21.7%-19.7%
Q1 2025+50.0%-995.0%-1,231.8%+19.1%-23.0%
Q2 2025-556.7%-991.7%-1,231.8%+37.5%-45.2%
Q3 2025+37.5%-353.8%-440.0%+14.5%-24.2%
Q4 2025+37.7%-351.5%-440.0%+28.5%-47.5%
Q1 2026+26.4%-225.0%-217.1%-23.4%-10.7%
Q2 2026+26.4%-229.4%-217.1%-46.3%-21.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$338.2M$140.2M-$198M0.38
Q4 2024$338.2M$140.2M-$198M0.38
Q1 2025$380.9M$109.8M-$271.1M0.35
Q2 2025$380.9M$109.8M-$271.1M0.35
Q3 2025$336.7M$184M-$152.7M0.29
Q4 2025$336.8M$1.7B$1.3B0.29
Q1 2026$595.2M$388.1M-$207.1M2.06
Q2 2026$595M$388.1M-$207M2.06
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$6B$5.8B302.0-11.7
Q4 2024$6.3B$6.1B314.3-12.2
Q1 2025$6.9B$6.6B485.1-9.9
Q2 2025$7.9B$7.6B282.2-5.7
Q3 2025$7.3B$7.1B182.4-10.4
Q4 2025$7.7B$9.1B99.1-5.6
Q1 2026$40.3B$40.1B566.7-65.2
Q2 2026$117.4B$117.2B837.2-96.5
Refreshed 5h 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
2027-03-03
Revenue est. $861.6M · Updated 5h ago
No unusual perp activity right now.
FMP reference data
Market context
FMP reference data
Market context
Hong Kong Stock Exchange
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
5DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-11.92$1.1B-12
FY 2027-10.53$3.3B-12
FY 2028-1.73$7B-9
FY 202911.79$10.6B-3
FY 203042.08$16.7B-3
Company events
32027-03-03EarningsActual - / Estimate -6.44-
2026-08-31EarningsActual -0.69 / Estimate -0.67Miss
2026-03-31EarningsActual -1.3 / Estimate -Beat
Peer comparison
Similar listed perpsAnalysts
PendingNo analyst data available yet.
Ownership
ZHIPU-PERPOwnership data is being populated.
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, 02:28 PM UTC
FMP company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Peng Zhang
- Employees
- 981
- IPO date
- Jan 8, 2026
- Country
- CN
- Exchange
- Hong Kong Stock Exchange
Altman Z-scorei31.12
Piotroski scorei5/9
FMP ratingiC-
Owner earningsiCN¥2.60BCN¥6.01 per share
Rating factors
- Return on equityi
- 1
- Return on assetsi
- 1
- Debt to equityi
- 3
- Price to earningsi
- 1
- Price to booki
- 1
Market cap history
HK$325.78B-69.3%Jun 26 – Sep 26
Latest: HK$325.78B · 2026-09-22High: HK$1.06T · 2026-06-22Low: HK$311.73B · 2026-09-14
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| IEMG | 0.03% | 582.8K |
| CHAT | 2.11% | 407.5K |
| FEMKX | 0.28% | 326.4K |
| 3033.HK | 0.38% | 324.1K |
| KWEB | 0.61% | 313.4K |
| AIQ | 0.17% | 197.8K |
| EIMI.L | 0.03% | 173.7K |
| EEM | 0.04% | 126.6K |
| MCHI | 0.18% | 125.6K |
| FCNKX | 0.01% | 102.4K |
| SPDW | 0.02% | 76.8K |
| IXUS | 0.01% | 71K |
Analyst track record
How the analysts covering ZHIPU have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 0 | 0 |
| Analysts | 0 | 0 |
| Buy / hold / sell | – | – |
| Upgrades / downgrades / initiations | 0 / 0 / 0 | 0 / 0 / 0 |
| Price targets hit / missed | – | – |
| Avg. return after a rating (TipRanks) | – | – |
| Best / worst call | – / – | – / – |
After buy calls on this stock: not enough measured cases yet
TipRanks data via FMP · computed Oct 2, 2026 · 0 ratings
Frequently asked questions
Where can I trade ZHIPU perpetual futures?
Z.ai (Zhipu AI) (ZHIPU) perpetual futures trade on 19 crypto venues, including Binance, Deepcoin, OKX. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade ZHIPU around the clock?
Yes. Unlike the underlying stock, ZHIPU perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on ZHIPU perpetuals?
Right now the ZHIPU perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to +8.2% across 19 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the ZHIPU perp price compare to the Z.ai (Zhipu AI) stock?
The venue-median ZHIPU perp mark is $92.2 versus a reference stock price of $92.2, a basis of -0.1%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a ZHIPU perpetual future?
A ZHIPU perpetual is a derivative that tracks the price of Z.ai (Zhipu AI) with no expiry date. It lets you take long or short exposure to Z.ai (Zhipu AI) on crypto venues, around the clock.
What is ZHIPUUSDT perpetual?
ZHIPUUSDT is the symbol most crypto exchanges use for the Z.ai (Zhipu AI) perpetual settled in USDT (Tether). It tracks the ZHIPU share price through an index, trades 24/7 with leverage and never expires.
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