NOW perps: where to trade ServiceNow perpetual futures
10 tracked venues list NOW perps.
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The cheapest place to trade NOW perps right now is Lighter (NOW): 11.96 bps all-in for a $10,000 market buy at the standard taker fee, measured 12:17 UTC on 2026-10-24.
The next two venues are trade.xyz 15.73 bps and Bybit 15.90 bps. 7 of 10 NOW markets gave a measured cost.
NOW perps list on 10 tracked venues: 6 centralized exchanges, 1 Hyperliquid HIP-3 deployment, 3 other decentralized venues. Avantis (NOW/USD) fills at an oracle price, with no public NOW book to measure.
Maximum NOW leverage runs from 5x on Lighter (NOW) to 50x on MEXC (NOWSTOCK_USDT).
Measured NOW cost for a $10,000 buy
- Lighter11.96
- trade.xyz15.73
- Bybit15.90
- Binance18.33
- OKX19.21
- Bitget34.32
- Aster197.86
NOW funding and open interest
Funding now runs from -72.3% a year on trade.xyz to 3.5% on Lighter, across 9 NOW markets. A positive rate means that longs pay shorts.
9 NOW markets report open interest, $8.0 million in total. Binance holds 27% of it ($2.1 million).
Where to trade ServiceNow perpetual futures
| Venue | Market | Max leverage | Funding now | Annual rate now | 7-day mean, annual | Open interest | Book cost (bps) | Taker fee | All-in (bps) | Promo rate, eligible accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| Lighter | NOW | 5x | +0.0004% / 1 h | +3.5% | — | $8,001 | 11.96 | 0.000% (API) | 11.96 | — |
| trade.xyz | xyz:NOW | 10x | −0.0082% / 1 h | −72.3% | +0.5% | $1.7M | 14.83 | 0.0090% (API, live) | 15.73 | — |
| Bybit | NOWUSDT | 25x | 0.0000% / 8 h | 0.0% | +2.6% | $1.5M | 13.15 | 0.028% (docs, promotion for all accounts) | 15.90 | — |
| Binance | NOWUSDT | 20x | 0.0000% / 8 h | 0.0% | +6.6% | $2.1M | 14.33 | 0.040% (docs, promotion for all accounts) | 18.33 | — |
| OKX | NOW-USDT-SWAP | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $483K | 14.21 | 0.050% (docs) | 19.21 | — |
| Bitget | NOWUSDT | 20x | 0.0000% / 8 h | 0.0% | +2.2% | $858K | 28.32 | 0.060% (API) | 34.32 | — |
| Aster | NOWUSDT | 20x | 0.0000% / 8 h | 0.0% | 0.0% | $16K | 196.61 | 0.013% (docs) | 197.86 | — |
| MEXC | NOWSTOCK_USDT | 50x | 0.0000% / 8 h | 0.0% | +6.6% | $1.1M | 12.18 | Not stated for all accounts | — | 0.000% = 12.18 bps (eligible accounts, source, 2026-09-25) |
| Gate | NOW_USDT | 20x | 0.0000% / 8 h | 0.0% | −2.5% | $160K | — | 0.075% (API) | — | — |
| Avantis | NOW/USD | 25x | — | — | — | — | No NOW book | Oracle model | — | — |
Method: a $10,000 NOW market buy fills against each public NOW book.
The NOW book cost is that fill price against the mid, in bps. The NOW all-in cost adds the standard taker fee that every new account gets.
A NOW promo rate that only eligible accounts get is shown in its own column and is never ranked.
A NOW book price does not prove that the venue accepts NOW orders at that time, so check the NOW hours table.
Annual NOW funding is the rate per hour times 8,760, with no compounding. The NOW markets come from venue APIs read on 2026-09-25.
NOW trading hours and price source by venue
| Venue | Market | Hours | Price source |
|---|---|---|---|
| Aster | NOWUSDT | 24/7, 5% band off-hours | Several, with Pyth |
| Avantis | NOW/USD | 23/5 or 9:30–16:00 ET | Pyth Pro, Chainlink |
| Binance | NOWUSDT | 24/7, book EWMA weekends | Unnamed data vendors |
| Bitget | NOWUSDT | 24/7, book EMA off-hours | Pyth, dxFeed, Massive, Intrinio |
| Bybit | NOWUSDT | 24/7 | Index with Pyth |
| Gate | NOW_USDT | Index holds last close | Paid feeds, crypto venues |
| Lighter | NOW | 24/7 | Pyth Pro (NVDA, TSLA) |
| MEXC | NOWSTOCK_USDT | Varies, no trades closed | Not named in docs |
| OKX | NOW-USDT-SWAP | 24/7 book, anchored weekends | Several providers |
| trade.xyz | xyz:NOW | 24/7, bounded off-hours | Relayer, Blue Ocean ATS |
Find your liquidation price with the liquidation price calculator for NOW. Compare all tickers on the stock perps hub. Read how trade.xyz lists NOW on Hyperliquid.
Where to Trade ServiceNow (NOW) Perpetual Futures
Fees and leverage limits apply venue-wide; check NOW terms with the venue.
ServiceNow (NOW) market overview
Premium Valuation, Premium Volatility
ServiceNow is one of the highest-multiple large-cap software companies in the world. Its enterprise workflow-automation platform commands that premium because of durable customer retention, a large total addressable market in IT service management and enterprise AI automation, and limited direct competition at scale.
The equity trades as a bellwether for enterprise software demand. When NOW reports strong remaining performance obligation growth, the whole sector often re-rates upward, and the reverse holds in softer quarters.
That premium multiple creates asymmetric perp risk. A stock trading at a high forward-earnings multiple is sensitive to discount rate changes. Rising US Treasury yields compress the multiple mechanically, even without any change in ServiceNow's underlying business.
This makes the NOW perp correlated to macro rate moves in a way that a lower-multiple industrial stock would not be, and traders need to factor Fed policy expectations into their positioning thesis.
Hyperliquid Venue Dynamics
On Hyperliquid, the NOW perp is a single-venue instrument. Liquidity concentrates among traders following enterprise SaaS sentiment rather than systematic equity market participants. Open interest tends to build ahead of earnings, with funding rates often turning positive as momentum longs build exposure in the weeks following a strong quarter.
That crowded long positioning creates vulnerability: if NOW guides conservatively on billings or RPO growth, the flush of leveraged longs can overshoot to the downside relative to what the equity itself does in normal market hours.
The synthetic nature of this perp removes any proxy hedge for genuine equity holders. It functions as a pure directional and sentiment instrument.
Key catalysts are quarterly earnings with emphasis on subscription revenue growth and operating margin expansion, any announcements around ServiceNow's AI product suite and enterprise adoption rates, and broader enterprise IT spending surveys that frame the demand environment.
Position sizing should account for the gap risk around quarterly reports and the sensitivity of the valuation multiple to macro rate shifts.
Frequently Asked Questions — ServiceNow (NOW)
What open interest data is available for NOW?
2 venues report positive NOW open interest in this read.
The NOW total leaves out venues outside the read.
How does a ServiceNow perpetual futures contract differ from the underlying asset?
A ServiceNow perpetual tracks the ServiceNow price, with no expiry date and no ownership of ServiceNow.
Check each venue for ServiceNow trading hours and the price source.
Category: Stocks