trade.xyz lists an Anthropic pre-IPO perp on Hyperliquid

What happened

trade.xyz, the largest HIP-3 deployer on Hyperliquid, said on X on 26 October that its pre-IPO market for Anthropic was live. Its pre-IPO specification index lists ANT with cross margin, a 10x leverage cap and an anticipated listing date of 20 November 2026, with a listing grace period of up to 60 days, to 19 January 2027. Hyperliquid’s API shows growth mode switched on for xyz:ANT, which cuts all-in trading fees on the market by 90% or more.

Hyperliquid’s daily data shows ANT opening at $138 on its first day. It is now one of the busiest HIP-3 markets, with about $18M of volume in the 24 hours to 07:30 UTC on 4 November (Hyperliquid API).

How a pre-IPO perp works

Anthropic shares do not trade publicly, so there is no outside price to follow. ANT is priced by trading on its own order book, within discovery bounds that limit how far the mark price can move from its reference price. If Anthropic lists, trade.xyz expects ANT to convert into a standard perp that tracks the listed stock. CoinDesk reports that if no listing happens by the end of the grace period, the contract settles in cash.

The contract gives no claim on Anthropic shares, and Anthropic is not involved. A separate Anthropic contract on Hyperliquid, EntropyIO’s io:ANTH, tracks company valuation rather than a share price.

What can go wrong

Pre-IPO prices can move sharply on rumours and thin trading, and leverage magnifies that. trade.xyz’s terms list residents of the United States, Canada and the United Kingdom as restricted, and its ICE plan for US access still needs approval. Live numbers are on our Anthropic market page and the market board.