Traders use Hyperliquid perpetual swaps to bet on Anthropic IPO valuation

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, created by Entropy, prices the company by valuation, with each $1 of contract value representing $1 billion. A price near 1,880 implied a valuation of about $1.9 trillion. ANT, from trade.xyz, references one share of Anthropic Class A stock, settles in USDC, and allows up to 10x leverage. Perpetual swaps have no expiry, and a funding rate paid between longs and shorts keeps the price near its reference. For pre-IPO markets, trade.xyz adjusts the funding rate and limits price movements with “discovery bounds.”

ANT opened near $138 at 9 a.m. ET and fell to about $110 by 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 payouts come from losing positions. Anthropic has not commented on the contracts. The company’s help page states that offers to sell its shares through forward contracts or tokenized securities are likely worthless.

Trade.xyz says ANT will convert to a standard perpetual on the day of Anthropic’s listing, which it estimates as November 20. Anthropic has not confirmed a listing date. If the company has not listed by January 19, 2027, ANT will settle 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 funding round in May valued it at $965 billion post-money. U.S. traders are restricted; trade.xyz says it geoblocks and screens wallets.