Anthropic Pre-IPO Futures Start Trading on Hyperliquid With Up to 10x Leverage
Summary
- Hyperliquid is trading perpetual futures products, ANTH and ANT, that track Anthropic’s pre-IPO valuation and share price.
- ANT offers up to 10x leverage, meaning investors can lose their full margin if the price moves 10% against them, and it in fact plunged from $138 to $110.
- The products do not provide actual shares or shareholder rights and instead let investors bet only on price moves using USDC collateral, with the pre-IPO derivatives structure carrying elevated risks from thin liquidity and forced liquidations.
Forecast Trend Report by Period
Leveraged derivatives that let traders wager on artificial intelligence company Anthropic’s valuation and share price ahead of its initial public offering have begun trading on a decentralized exchange.
CoinDesk reported on October 31 that perpetual futures tracking Anthropic’s pre-listing valuation and share price are trading on decentralized crypto exchange Hyperliquid. The main products are Entropy’s ANTH and trade.xyz’s ANT.
ANTH is priced based on Anthropic’s valuation. Under that structure, a contract price of $1 represents a $1 billion valuation, meaning a price of about $1,880 implies Anthropic is being valued at roughly $1.88 trillion. ANT is priced based on one Class A share of Anthropic.
ANT in particular offers leverage of up to 10 times. If the price moves 10% against an investor’s position, the entire margin can be wiped out. ANT in fact fell to about $110 within three hours of launch from roughly $138. Trading volume reached $8.7 million at the time, while open interest stood at $2.2 million.
The products do not provide actual Anthropic shares or shareholder rights. Investors post the stablecoin USDC as collateral to bet 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 set Anthropic’s expected listing date at November 20. If the company goes public, ANT will convert into a standard perpetual futures contract tracking the stock price. The date is the trading platform’s own estimate and has not been confirmed by Anthropic.
If the listing is delayed, a 60-day grace period will apply through January 19 next year. 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 method if it determines that approach is not fair.
The risks tied to pre-IPO derivatives trading are also drawing attention. 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 liquidations for 405 investors.
