The pre-listing perpetual futures trading volume for Anthropic, based on Hyperliquid's HIP-3, recorded $2.94 million in the last 24 hours. The expectation of value for the unlisted AI company is expanding into the flow of on-chain derivative prices. ANTH traded at $1,965.4, up 2.9% over 24 hours, with an open interest of $2.06 million. The price of ANTH is unrelated to Anthropic's official valuation and reflects market expectations of the future value of the unlisted company through synthetic derivatives. Hyperliquid's HIP-3 structure allows external distributors to open perpetual futures markets. This ANTH market was presented based on HIP-3 distributed by Entropy. The price volatility of unlisted companies may vary depending on oracle design, liquidity, and open interest limits. Hyperliquid's Policy Center and Trade.xyz submitted a separate regulatory framework proposal to the U.S. Securities and Exchange Commission regarding stock-linked perpetual contracts before listing. This case broadens the intersection between traditional finance and on-chain derivatives, as the expected value of unlisted companies is traded in the form of perpetual futures.
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