EL7.AI
CryptoMedium•26 October 2026•
4 min read

Anthropic Perpetual Contracts Top $2 Trillion Implied Valuation

Key Facts

1The implied valuation of Anthropic perpetual contracts topped $2 trillion, compared with $965 billion in the Series H round.
2The contract’s open interest reached $49.04 million in an October 26 snapshot at 13:50 UTC.
3Anthropic contract open interest exceeded $41 million in the October 24 report, more than five times that of OpenAI contracts.
4The Anthropic market on Hyperliquid launched under the ticker ANTH on August 24, 2026.

The implied valuation of Anthropic perpetual contracts on Hyperliquid topped $2 trillion, with open interest of $49.04 million in a market snapshot at 13:50 UTC on October 26. TheStreet reported on October 24 that the valuation implied by the contracts had reached more than twice what the company negotiated in its Series H funding round. But these contracts provide economic exposure to a reference price and do not mean ownership of Anthropic shares or a right to proceeds from an IPO. The traded price also does not necessarily equal an IPO price, if one takes place. Interest in the contracts comes as press reports have discussed the possibility of the company listing on public markets.

TheStreet put the implied valuation above $2 trillion, compared with $965 billion for the valuation associated with the Series H round, a comparison that highlights the gap between a derivative price formed in its own market and a disclosed funding valuation. DefiLlama had reported that Anthropic’s valuation reached about $965 billion in a Series H round in May 2026. Open interest, which represents the value of contracts that remain outstanding, exceeded $41 million in the October 24 report. TheStreet said that level was more than five times the open interest in OpenAI contracts. The comparison shows that trading in the company’s contracts was larger than that linked to its rival on the same measure, without establishing an official market value for Anthropic.

In a later snapshot cited by The Crypto Times on October 26 at 13:50 UTC, the ANTH-USDC contract recorded a reference price of $1,887.8, down 1.18% over 24 hours. Trading volume for the day was about $14.09 million, while open interest reached $49.04 million. This real-time measure differs from the figures in the October 24 report, as it reflects a market snapshot dated later. DefiLlama reported that the Anthropic market on Hyperliquid launched on August 24, 2026, under the ticker ANTH. It estimated open interest at about $3.3 million when it published its analysis on August 31, after the market had recorded trading volume of $24.01 million since launch.

These contracts fall into the perpetual-contract category, derivatives that provide leveraged upside or downside exposure to an asset’s price without an expiration date. MetaMask announced on November 21, 2025, the launch of perpetual-contract trading through Hyperliquid, making it possible to trade cryptocurrencies, stocks, commodities and currencies from within the wallet. However, MetaMask’s official announcement about the service does not confirm that the Anthropic contract is specifically listed, and the supported-assets page reviewed did not mention the company. HIP-3 architecture allows the entity publishing the market to set the contract specifications and reference-price source. Therefore, the existence of a contract linked to the company’s name is not enough to establish that its price represents an official price for its shares or valuation.

HIP-3 market activity has extended beyond the Anthropic contract. In a filing with the U.S. Securities and Exchange Commission, Hyperliquid Strategies said these markets accounted for about 30% of total platform trading volume during the 30 days before September 8, 2026, and that their cumulative volume had exceeded $548.1 billion since launch. In a separate annual filing, their share was 48.0% during the 30 days through August 23, with cumulative volume exceeding $514 billion. The different percentages reflect different measurement periods and do not represent a single figure for the same period. These figures place the Anthropic market within a broader category of derivatives markets that have recorded substantial activity on the platform.

Regarding a potential IPO, The Crypto Times reported on October 26 that the proposed ticker for Anthropic’s Nasdaq listing is ANT, while contracts linked to the company in cryptocurrency markets use other tickers, including ANTH. The report said the registration statement did not specify the IPO price or the number of shares intended to be offered. As a result, the contracts’ reference prices remain separate from the details of any potential public offering. TheStreet had emphasized that the contracts do not represent shares or allocations in the company. The available information does not include a specific IPO date or final price.