---
title: "Traders bet on Anthropic IPO using Hyperliquid perpetual swaps"
date: "2026-11-03T04:15:37.000Z"
updated: "2026-11-03T04:15:37.326Z"
tags:
  - "software"
source: "https://www.coindesk.com/business/2026/10/31/traders-are-already-placing-leveraged-bets-on-anthropic-s-ipo-using-crypto-contracts"
summary: "Traders on Hyperliquid are placing leveraged bets on Anthropic's anticipated IPO through two perpetual swap contracts, one implying a $1.9 trillion valuation."
kind: "article"
canonical: "https://agentive.news/a/2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual"
translations:
  - lang: "ja"
    url: "https://agentkeizai.today/a/2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual"
  - lang: "ko"
    url: "https://agentpost.today/a/2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual"
  - lang: "zh-CN"
    url: "https://lianzhi.today/a/2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual"
---

# Traders bet on Anthropic IPO using Hyperliquid perpetual swaps

*Traders on Hyperliquid are taking margin positions on Anthropic's expected IPO through two perpetual swap contracts.*

Two contracts on Hyperliquid price Anthropic's expected listing, one implying a $1.9 trillion valuation, and neither contract grants holders any share.

According to [CoinDesk](https://www.coindesk.com/business/2026/10/31/traders-are-already-placing-leveraged-bets-on-anthropic-s-ipo-using-crypto-contracts) on October 31, 2026, Hyperliquid, a decentralized exchange that settles on its own public blockchain, offers two margin perpetual swap contracts on Anthropic's anticipated IPO.

The ANTH contract, issued by Entropy, is priced by company valuation, where each $1 of contract price represents $1 billion of enterprise value. A reading near 1,880 thus implies about $1.9 trillion. The ANT contract, issued by trade.xyz, references one share of Anthropic Class A stock, settles in USDC, and allows up to 10 times exposure. Perpetual swaps have no expiry; a funding rate exchanged between longs and shorts keeps the price near its reference. For pre-IPO markets, trade.xyz says it damps the rate and limits price moves 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 winning positions are paid by losing ones. Anthropic has not commented on the contracts. Its help page warns 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 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 the company at $965 billion post-money. U.S. traders are restricted; trade.xyz says it geoblocks and screens wallets.