Karla Barker 
Anthropic has not gone public yet, but two contracts on Hyperliquid are already giving traders a way to take leveraged positions on its expected IPO. The contracts are perpetual swaps, which are futures agreements that never expire. They do not deliver Anthropic shares or claim to represent them. That distinction matters.
No Shares, Just Price Exposure
Entropy’s ANTH and trade.xyz’s ANT are the two markets drawing attention. ANTH is priced by valuation, with each $1 of price standing for $1 billion of company value. A reading near 1,880 would imply a valuation of about $1.9 trillion. ANT references one share of Anthropic Class A stock. Its price follows a 30-minute moving average based on resting orders on the order book. Trade.xyz also uses discovery bounds that keep the price inside a band around a reference point. For pre-IPO markets, the company typically damps the rate to 1% of its standard level.
Anthropic has not commented publicly on these specific contracts. Its help page says anyone claiming to sell its shares to the public through forward contracts, tokenized securities, or similar mechanisms is likely offering something worthless. The company has not said whether that warning covers perpetual contracts. That ambiguity is part of why the markets are worth watching.
How the Contracts Work
Perps use a funding rate, a small periodic payment between longs and shorts, to keep the contract near its reference price. Longs bet on a price increase. Shorts bet on a decline. Until Anthropic shares trade publicly, there is no public price to copy. The operator sets the starting price for each pre-IPO market. For now, the only link to Anthropic is trader expectation.
Early Trading and Leverage Risks
ANT’s debut was rough. Hyperliquid data showed it opening near $138 at 9 a.m. ET, then dropping to around $110 by about 11:50 a.m. on $8.7 million of volume and $2.2 million of open interest. The contract allows up to 10-fold leverage. That means a 10% move against a position can wipe out its collateral. ANT is cash-settled in the stablecoin USDC.
Tokenized equities are coming with or without issuer support. Issuer-sponsored models make the token the share itself, preserving control and full rights. The Hyperliquid contracts sit in a different category. They offer price exposure, not ownership. Traders may treat them as a pre-IPO signal, but the risk is clear: no shares, no voting rights, and no claim against Anthropic.