---
title: "Traders use two Hyperliquid perpetual swaps to bet on Anthropic's IPO"
date: "2026-11-03T04:00:47.000Z"
updated: "2026-11-03T04:00:47.442Z"
tags:
  - "crypto"
  - "defi"
  - "finance"
source: "https://www.coindesk.com/business/2026/10/31/traders-are-already-placing-leveraged-bets-on-anthropic-s-ipo-using-crypto-contracts"
summary: "One contract implies an Anthropic valuation near $1.9 trillion, while another references Class A stock but is not backed by company shares."
kind: "article"
canonical: "https://algorithmictimes.today/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 use two Hyperliquid perpetual swaps to bet on Anthropic's IPO

*One contract implies an Anthropic valuation near $1.9 trillion, while another references Class A stock but is not backed by company shares.*

Traders on Hyperliquid, a decentralized exchange that settles on its own public blockchain, are taking positions with leverage on Anthropic's expected initial public offering through two perpetual swap contracts, [CoinDesk reported](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.

ANTH, from Entropy, is priced by company valuation, with each $1 of price standing for $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, is cash-settled in USDC and allows up to 10x leverage. 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 damps 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. Its help page warns that offers to sell its shares through forward contracts or tokenized securities are likely worthless.

trade.xyz says 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.