Anthropic Pre-IPO Futures Begin Trading on Hyperliquid With Up to 10x Leverage
Summary
- Hyperliquid has begun trading perpetual futures and leveraged derivatives tied to Anthropic ahead of its IPO.
- trade.xyz’s ANT offers up to 10x leverage, meaning traders can lose their entire margin if the price moves just 10% against them.
- The products do not provide actual shares or shareholder rights and instead use a USDC-collateralized structure with cash-equivalent settlement, while a listing delay could lead to settlement based on an average price and raises concerns about price volatility and forced liquidations.
Forecast Trend Report by Period
Leveraged derivatives tied to artificial intelligence company Anthropic’s stock valuation have begun trading on a decentralized exchange ahead of the company’s initial public offering.
CoinDesk reported on Oct. 31 that decentralized crypto exchange Hyperliquid is offering perpetual futures contracts tied to Anthropic’s pre-listing valuation and share price. The main examples are Entropy’s ANTH and trade.xyz’s ANT.
ANTH is priced based on Anthropic’s valuation. Under the contract structure, a $1 contract price represents a $1 billion valuation. That means a price of $1,880 would imply Anthropic is valued at about $1.88 trillion. ANT is priced based on one Class A share of Anthropic.
ANT in particular offers up to 10x leverage. If the price moves 10% against an investor’s position, the entire margin can be wiped out. ANT fell to around $110 within three hours of starting trading from about $138. At the time, trading volume was $8.7 million and open interest stood at $2.2 million.
The products do not provide actual Anthropic shares or shareholder rights. Instead, investors use the stablecoin USDC as collateral to trade on price moves, and profits and losses are settled in cash-equivalent assets. Anthropic has also said in an official notice that investors should be cautious about products claiming to sell its shares to the public through forward contracts or tokenized securities.
trade.xyz has set Anthropic’s expected listing date as Nov. 20. If the company does go public, ANT will convert into a standard perpetual futures contract tied to the stock price. That date, however, is the platform operator’s own estimate and has not been officially confirmed by Anthropic.
If the listing is delayed, a 60-day grace period will apply through Jan. 19, 2027. If Anthropic still has not gone public by then, the contract will be settled based on the average price since trading began. The exchange said it may use a different settlement benchmark if it determines that method would not be fair.
Pre-IPO derivatives trading also carries risks. Concentrated leveraged trading in a thin market can amplify price swings and forced liquidations. In May, a SpaceX-linked futures product on Hyperliquid plunged about 45% in 30 minutes, triggering forced liquidations for 405 investors.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.