Anthropic Pre-IPO Perpetual Contract Expands to Hyperliquid, Implied Valuation Nears 1.96 Trillion Dollars
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DefiLlama said that Hyperliquid’s ANTH pre-IPO perpetual contract has recorded approximately 24.01 million dollars in trading volume since launching on August 24; the 18 platforms it tracks show an average implied Anthropic...
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Key points
The rise of HIP-3 pre-IPO markets, and how to price them Credit: DefiLlama Research · © RedStone Hyperliquid has become the de facto venue for onchain perpetual futures, clearing roughly $220B in perp volume a month with over $13B in open interest. Thanks to the HIP-3 framework, anyone can launch a perpetual market for almost any asset, from crypto to equities to commodities, with the deployer taking on the oracle. This setup has drawn several teams building real-world-asset and equity markets t
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DefiLlama said that Hyperliquid’s ANTH pre-IPO perpetual contract has recorded approximately 24.01 million dollars in trading volume since launching on August 24; the 18 platforms it tracks show an average implied Anthropic valuation of approximately 1.96 trillion dollars.
Why it matters to readers
The material comes from a professional research article and includes specific dates, trading-volume data, and open-interest data, but it does not provide independently verifiable trading records or regulatory filings, and it contains RedStone branded promotional content. The event relates to pre-IPO perpetual businesses on platforms such as Binance, but its primary impact remains concentrated in emerging markets with relatively small scale, limited liquidity, and weak pricing mechanisms.
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Risks and unknowns
- Whether Anthropic has publicly filed offering documents and confirmed a listing timeline
- Whether differences in ANTH contract trading volume, open interest, and quoted prices across platforms continue to widen
- How Hyperliquid and other platforms will determine the settlement price and timing after Anthropic’s listing
- Whether the CFTC will issue formal documents concerning Hyperliquid’s compliant access in the United States
- Whether the oracle’s handling of corporate actions such as stock splits, financing, and share dilution has undergone independent verification
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