Anthropic ANT Perp Falls From $138 to $109 on Hyperliquid Debut
gmu gmu, Hyperliquid. On Monday 26 October 2026, a contract on a single Anthropic share opened at $138 and dropped to $109.05 on day one, weeks before the stock itself is expected to list.
Anthropic filed to go public on Monday 26 October 2026, and just over an hour later crypto already had a market for it. At 10:09 a.m. New York time, trade.xyz, a venue on the Hyperliquid blockchain, switched on ANT, a perpetual contract tied to one Anthropic Class A share. Up to 10x leverage, a $125 starting reference, and a stock that has never traded.
The first hourly candle opened at $138. By the end of day one the price had briefly touched $109.05, then settled around $114.06, with long positions outnumbering shorts six to one, according to data relayed by Huo Xing Finance. That is more than a fifth off the open for anyone who bought the first print, and with leverage on top, the arithmetic gets rough. OOOOOFU.
Here is the part worth reading twice: nobody holding ANT owns a share. The contract is cash settled and tracks a price, nothing more. Trade.xyz told the SEC that its markets are unavailable to U.S. persons, which it enforces with geoblocking and wallet screening. The IPO price range is still blank in the filing, and the November 20 listing date is the venue's own estimate, not a timetable confirmed by the company.
Crypto has form here, honestlu. Forbes notes that SpaceX perps sat near $173 the day before that listing, slid to about $158, and the stock then opened at $150 and closed at $160.95. Unchained counted seven 2026 listings and found the contracts missed the opening trade by about 25% on average, though whenever a contract sat above the IPO price, the stock closed above it too. GLUWGU.
The crowd keeps coming anyway. NEAR opened its own ANT market on Tuesday 27 October with positions hidden from public view, and Polymarket Perps launched an Anthropic contract on Thursday 29 October, pegged to the Hyperliquid price. Across venues, crypto traders were pricing the company at nearly $1.9 trillion within hours of the filing.
Would youluwu bet on the price of a share before the share exists? Somewhere in that order book, the Spirit has pulled up a chair beside a wheel that has no ticker on the Nasdaq yet.
The house always sets the price, they say. In about three weeks, if the listing lands as expected, the Nasdaq gets to tell the house whether it was right.
Will Anthropic close its first trading day above its IPO price?
Settles on 20 January 2027. Yes if Anthropic's Class A shares close their first Nasdaq trading day above the IPO price, No if they close at or below it or have not started trading, according to Nasdaq closing data and the company's IPO pricing announcement on 2027-01-20.
