United StatesTraders are betting at 10-fold leverage on Anthropic’s initial public offering.

Neither Hyperliquid contract holds Anthropic shares, so holders have no claim on the company.

Entropy’s ANTH near 1,880 implies a $1.9 trillion valuation, while Anthropic’s May round valued it at $965 billion.

In May a SpaceX contract on Hyperliquid fell about 45% in 30 minutes, liquidating 405 users.

Trade.xyz expects Anthropic to list on 20 November, a date Anthropic has not confirmed.

How each outlet framed it
CoinDesk
stresses that pre-IPO perpetuals create a price where none has traded, quoting a researcher that the contracts convey no shares or claim

Sources: CoinDesk