Trading Anthropic (pANTHRO) on Hyperliquid

Anthropic was founded in 2021 by former OpenAI researchers, including Dario and Daniela Amodei, with a focus on AI safety and building reliable, interpretable AI systems. The company's Claude model family — most recently Claude Opus 4.6, released in February 2026 — has become a leading frontier AI model, with particular strength in coding, long-context reasoning, agentic workflows, and enterprise deployments. Anthropic's annualized revenue hit approximately $19 billion in March 2026, up from $9 billion at the end of 2025.

In February 2026, Anthropic closed a $30 billion Series G — the second-largest venture funding deal of all time — led by D. E. Shaw Ventures, Dragoneer, and Founders Fund, at a $380 billion post-money valuation. The investor list includes BlackRock, Goldman Sachs, Fidelity, Sequoia, and dozens more institutional names. Strategic backing from Amazon ($8 billion total) and Google ($2 billion) deepens Claude's integration into AWS Bedrock and Google Cloud. The pANTHRO perpetual contract on Hyperliquid lets traders express views on whether this valuation will grow as Claude adoption accelerates or compress if competition intensifies.

pANTHRO is deployed by Ventuals as a HIP-3 perpetual contract on Hyperliquid mainnet. Pricing uses the standard Ventuals hybrid oracle: 1/3 Notice Price plus 2/3 of a 2-hour on-chain EMA. Maximum leverage is 3x, collateral is USDH, and funding settles hourly. The contract trades 24/7.

Anthropic's revenue trajectory is the single most important driver. Annualized revenue roughly doubled from $9 billion to $19 billion in just three months (December 2025 to March 2026). If this pace continues, Anthropic could be generating $30+ billion annualized by mid-2026, which would narrow the valuation gap with OpenAI and potentially trigger another funding round at a higher notice price.

Model capability releases are major catalysts. The February 2026 release of Claude Opus 4.6 — which introduced agent teams and was widely described as the world's best model for coding and enterprise work — triggered a stock-market selloff in software companies. Each new Claude release that closes or widens the gap with competitors directly affects Anthropic's perceived valuation multiple.

The Amazon and Google relationships are particularly significant — deeper integration of Claude into AWS Bedrock and Google Cloud creates both revenue upside and strategic moat. Amazon has committed $8 billion total, making it the largest strategic backer.

AI safety regulation could be a double-edged catalyst. Stricter regulation might benefit Anthropic's positioning as a safety-focused company (creating competitive advantages) or could constrain the entire industry (limiting growth for all players). The net effect depends on the specifics of any regulation.

One interesting strategy enabled by having both pANTHRO and pOPENAI on Hyperliquid is a relative value or pairs trade. If you believe Anthropic will gain market share relative to OpenAI, you could go long pANTHRO and short pOPENAI (or vice versa). This reduces your exposure to overall AI sector sentiment and isolates your bet to the relative performance of the two companies.

The valuation gap has been narrowing. At $380 billion, Anthropic trades at roughly half of OpenAI's $730 billion, but Anthropic's revenue growth rate is faster and its latest model release caused more market disruption. If you believe this trend continues, the pairs trade captures the convergence while hedging overall AI sector risk.

Be aware that liquidity differences between the two contracts can make execution and management of a pairs trade more complex. pOPENAI typically has somewhat higher volume than pANTHRO, so the latter may have wider spreads and more slippage.

To trade pANTHRO, you need a funded Hyperliquid account. If you are new to Hyperliquid, sign up at app.hyperliquid.xyz/join/HIPERWIRE to get a 4% discount on all trading fees for your first $25 million in volume. Deposit USDC via the Arbitrum bridge or use fiat onramping through the deposit modal.

Once your account is funded, search for "pANTHRO" in the Hyperliquid trading interface or go directly to the pANTHRO market. Set your leverage (up to 3x), choose your position size, and place a limit or market order. Because liquidity is thinner than on major crypto perpetuals, limit orders are strongly recommended — especially for positions larger than a few thousand dollars.