Anthropic on Hyperliquid: the Entropy ANTH market
Current io:ANTH contract identity, valuation units, strict isolated margin, and the difference from the closed Ventuals market.
Use ANTH on Entropy, not the closed Ventuals contract
As checked on September 25, 2026, the active Entropy contract is io:ANTH. The former vntl:ANTHROPIC market is delisted; its historical prices and instructions belong to that closed market. See the Ventuals settlement notice.
ANTH references Anthropic’s implied market capitalization. It is not a share, an allocation in a financing round, or a claim to receive stock at an IPO. Entropy’s pre-IPO product description defines one price point as $1 billion of market cap. A hypothetical quote of 1,500 means $1.5 trillion, not $1,500 per share.
The September 25 contract check
Hyperliquid metadata reported USDC collateral, 6x maximum leverage and strictIsolated margin for ANTH. In this mode, margin can be added to an open position but cannot be removed. Read the margin-mode definition before assuming that cash allocated to a position remains freely withdrawable.
The Entropy asset directory lists ANTH’s pre-listing bounds at 300–4,200 and its scheduled no-IPO resolution date as August 18, 2028. Bounds apply to published mark/oracle values; they are not guarantees for fill prices or protection against liquidation.
Compare companies and contracts separately
Anthropic and OpenAI are different businesses, but the contracts also have different margin settings, liquidity and funding. A long position in one and a short in the other is not automatically a balanced hedge. Equal contract quantities do not imply equal cash exposure when the quotes differ.
Compare the current order books and the notional exposure in USDC. The OpenAI OAI guide explains the shared Entropy mark/oracle framework and two unresolved documentation mismatches in funding multipliers and no-IPO settlement windows. Those mismatches also matter for ANTH.
Listing and settlement are distinct risks
Entropy says its valuation-based contracts retain market-cap units after a public listing. Do not assume ANTH will convert into a one-share stock quote. If no listing occurs, settlement depends on the contract’s resolution rules and any later operator notice. Review the resolution specification close to the event rather than treating this dated guide as a binding term sheet.
Use the ANTH trading checklist for practical screen checks. Funding, slippage and liquidation remain relevant even when a company’s long-term prospects are your main reason for following it.
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