Traders use Hyperliquid perpetual swaps to bet on Anthropic IPO valuation
Two contracts on the decentralized exchange reference Anthropic’s expected listing at up to $1.9 trillion implied valuation.
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Traders on Hyperliquid, a decentralized exchange that settles on its own public blockchain, are taking positions on Anthropic’s expected initial public offering through two perpetual swap contracts, CoinDesk reported on October 31, 2026.
ANTH, from Entropy, is priced by company valuation, with each $1 of price representing $1 billion of value. A reading near 1,880 implied about $1.9 trillion. ANT, from trade.xyz, references one share of Anthropic Class A stock, settles in USDC, and allows up to 10 times the exposure. Perpetual swaps have no expiry. A funding rate paid between longs and shorts keeps the price near its reference. For pre-IPO markets, trade.xyz reduces that rate and limits price moves with “discovery bounds.”
ANT opened near $138 at 9 a.m. ET and fell to about $110 by around 11:50 a.m. on $8.7 million of volume.
Neither contract is backed by Anthropic shares. Holders have no claim on the company, and winning positions are paid by losing ones. Anthropic has not commented on the contracts. The company’s help page warns that offers to sell its shares through forward contracts or tokenized securities are likely worthless.
According to trade.xyz, ANT converts to a standard perpetual on listing day, which it estimates as November 20. Anthropic has not confirmed a date. If Anthropic has not listed by January 19, 2027, ANT settles in cash at its average traded price.
The Financial Times reported that investors expect a valuation of $1.5 trillion to $1.75 trillion. Anthropic’s private round in May valued it at $965 billion post-money. U.S. traders are restricted; trade.xyz says it geoblocks and screens wallets.