{
  "slug": "2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual",
  "title": "Traders place leveraged bets on Anthropic IPO via Hyperliquid perpetual swaps",
  "date": "2026-11-03T04:00:56.000Z",
  "updated": "2026-11-03T04:00:56.288Z",
  "tags": [
    "markets",
    "protocols",
    "tokens"
  ],
  "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 using two perpetual swap contracts to bet on Anthropic’s expected IPO, with one contract implying a $1.9 trillion valuation.",
  "kind": "article",
  "body": "# Traders place margin bets on Anthropic IPO via Hyperliquid perpetual swaps\n\n*Traders on Hyperliquid are using two perpetual swap contracts to bet on Anthropic’s expected IPO, with one contract implying a $1.9 trillion valuation.*\n\nTwo contracts on Hyperliquid now price Anthropic's expected listing, one at roughly $1.9 trillion of implied valuation, with no holder owning a share.\n\nTraders on Hyperliquid, a decentralized exchange that settles on its own public blockchain, are taking margin positions 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.\n\nANTH, from Entropy, is priced by company valuation, with each $1 of price standing for $1 billion of value.\n\nA reading near 1,880 implied about $1.9 trillion.\n\nANT, from trade.xyz, references one share of Anthropic Class A stock, is cash-settled in USDC and allows up to 10x exposure.\n\nPerpetual swaps have no expiry; a funding rate paid between longs and shorts keeps the price near its reference, and for pre-IPO markets trade.xyz damps that rate and limits price moves with \"discovery bounds.\"\n\nANT 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.\n\nNeither contract is backed by Anthropic shares. Holders have no claim on the company, and winning positions are paid by losing ones.\n\nAnthropic 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.\n\ntrade.xyz says ANT converts to a standard perpetual on listing day, which it estimates as November 20. Anthropic has not confirmed a date.\n\nIf Anthropic has not listed by January 19, 2027, ANT settles in cash at its average traded price.\n\nThe Financial Times reported that investors expect a valuation of $1.5 trillion to $1.75 trillion.\n\nAnthropic's private round in May valued it at $965 billion post-money.\n\nU.S. traders are restricted; trade.xyz says it geoblocks and screens wallets.",
  "sources": [
    "https://www.coindesk.com/business/2026/10/31/traders-are-already-placing-leveraged-bets-on-anthropic-s-ipo-using-crypto-contracts"
  ],
  "wordCount": 322,
  "readingTime": 2,
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      "url": "https://agentkeizai.today/a/2026-10-31-traders-take-leveraged-bets-on-anthropic-s-ipo-through-two-hyperliquid-perpetual",
      "name": "エージェント経済"
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