A leveraged ANT contract that does not provide shares in the company began trading on Hyperliquid ahead of Anthropic’s IPO and lost about 20% in its first hours.
Before Anthropic shares began trading on the stock market, investors brought their expectations for the company’s future price to the crypto derivatives market. According to CoinDesk, two perpetual futures contracts are trading on Hyperliquid: Entropy’s ANTH and trade.xyz’s ANT.
With these products, investors take positions on whether the price will rise or fall rather than acquiring an ownership stake in the company. The contracts do not provide share delivery, IPO allocations, or voting rights. Since there is no publicly traded share price yet, the market operator sets the initial price; investor expectations then shape pricing.
ANT fell from $138 to $110 in its first hours
According to Hyperliquid data cited in the report, ANT opened at around $138 at 09:00 Eastern Time on the day it began trading and fell to $110 around 11:50. During the roughly 20% decline, trading volume reached $8.7 million, while open interest stood at $2.2 million.
ANT allows leverage of up to 10x. At that level, a 10% move against a position could result in a loss equal to the entire margin; liquidation may occur even earlier because of maintenance margin requirements.
ANT, which references Anthropic’s Class A shares, settles in cash using USDC. Its pricing tracks a 30-minute moving average derived from resting orders in the order book; the operator also imposes limits on the range in which the price can move.
The two contracts’ prices do not represent the same thing
Entropy’s ANTH contract, by contrast, is scaled to the company’s valuation. Here, each $1 in the contract price represents a $1 billion company valuation. Therefore, a price of around 1,880 corresponds to an expected valuation of approximately $1.9 trillion.
This figure is not an IPO valuation set by Anthropic, but a result derived from the derivatives market’s pricing scale. Anthropic’s IPO price will be set by the company and its banks, independently of these markets.
What happens to the contract if the IPO is delayed?
trade.xyz uses November 20 as the expected listing date; this is the platform’s estimate, not a timeline confirmed by Anthropic. If the shares begin trading, ANT is expected to convert into a standard perpetual futures contract that tracks the share price during the first regular trading session.
If there is a delay, there is a 60-day extension through January 19, 2027. If the listing has not taken place by then, ANT will be cash-settled at its average trading price since launch. The platform says it may use a different calculation method if that average would not produce a fair outcome.
Limited liquidity could intensify price moves
Few orders in pre-IPO markets can lead to sharp price movements and make it difficult to exit positions. A separate SpaceX contract mentioned in the report fell about 45% in roughly 30 minutes on Hyperliquid in May, causing 405 users to be liquidated.
Anthropic has not made any public comment on the two contracts in question. The company’s help page warns against claims that it sells shares to the public through forward contracts or tokenized securities; it has not clarified whether this warning applies to perpetual contracts that do not deliver shares.
Not investment advice.