Trade Anthropic (pre-IPO) on Hyperliquid

Three Anthropic markets, two different units

Market	Deployer	Quoted as	Margin	Price limits (before listing)
xyz:ANT	trade.xyz	Expected price of 1 Anthropic Class A share (expected Nasdaq: ANT)	Cross	±50% per band, 3 re-anchors per direction, from a $125 start
io:ANTH	Entropy	Fully diluted valuation, $1 = $1 billion	Isolated	Mark and oracle clipped to 300–4,200 ($300B–$4.2T)
para:ANTH	Paragon	Expected value of 1 Anthropic share	Isolated	±10% per band, 15 re-anchors per direction, from a $110 start

The live cards above show each market’s price, volume and funding. Don’t compare io:ANTH with the other two directly: on November 4, 2026 the per-share markets sat near $115 while io:ANTH sat near 1,800 ($1.8 trillion), and those can describe broadly the same view of the company, depending on the share count you assume. Entropy chose valuation units because private-round share counts are often undisclosed, and private valuations are reported in dollars, not per share.

How a pre-IPO perp is priced

There’s no public share price to copy, so each deployer uses its own method:

• trade.xyz (xyz:ANT) starts from a discretionary reference price ($125) that it says is “not a forecast”. After that, the oracle is a 30-minute moving average driven by the order book’s impact prices, the same internal mechanism its stock perps use on weekends. Funding is damped to 1% of the normal calculation (a 0.005 multiplier), so the perp can trade far from its oracle without punishing funding.
• Entropy (io:ANTH) blends an internal price (a 5-minute moving average of the order-book mid) with an external aggregate of private-market sources such as other derivatives, private marks, funding rounds and secondary trades. The deeper the two-sided book, the more weight goes to the internal price.
• Paragon (para:ANTH) runs an internal pre-listing oracle driven by the order book, from a $110 launch reference, with a configurable discovery time constant that can shorten as the listing approaches.

In all three, the price is mostly what traders on Hyperliquid are willing to pay. It can sit far from the eventual IPO price, from analyst estimates or from Anthropic’s last private round.

What happens at the IPO

trade.xyz’s spec lists an anticipated listing date of November 20, 2026, for reference only, with a grace period to January 19, 2027. At listing:

• xyz:ANT converts to a standard trade.xyz stock perp on the listed shares, typically from the first regular session, with normal external pricing and funding. That’s what happened to SpaceX.
• io:ANTH switches at the first official opening trade to share price × fully diluted share count ÷ 1 billion. Entropy fixes the share count once, from the final prospectus (or the last amended S-1), and never updates it, so its implied market cap may differ from what data providers show.
• para:ANTH moves from Pre-Listing to Listed and adopts external pricing.

The switch from internal to external pricing can move the mark in one step. If you’re near your liquidation price, that step can liquidate you.

If the IPO slips or never happens

trade.xyz can trigger “alternative settlement” after the grace period; by default it settles to the market’s time-weighted average price over its whole life, and an acquisition or other transaction can set a different price. Entropy settles io:ANTH to a 6-month TWAP if Anthropic hasn’t listed by August 18, 2028, or to a 30-day TWAP if it issues an early-settlement notice. Either way, your exit price is decided by a rule, not by you.

The extra risks

Beyond the usual leverage and liquidation risk: thin books (especially para:ANTH), wide spreads, mark prices that small orders can move, discretionary deployer decisions at settlement, and, for Entropy, a long restricted-jurisdiction list that includes the US, Canada, the UK, Australia, Singapore and most of the EU. Ventuals, an earlier deployer, ran an Anthropic market (vntl:ANTHROPIC) that is now delisted; ignore its published price.