How to Trade ANTH (Anthropic) on Hyperliquid

What the ANTH Contract Actually Tracks

ANTH — io:ANTH in full — is a cash-settled perpetual future on Hyperliquid that references the private-market value of Anthropic, the AI company behind Claude. You are not buying stock. There is no share, no cap table entry, no claim on anything. You are trading a derivative whose price is set by an orderbook and anchored to an oracle that the market's deployer, EntropyIO, publishes.

That distinction carries more weight here than it would on a BTC perp. Anthropic has warned investors that it does not authorize third parties to sell exposure to its equity, naming Hiive, Forge, and Open Door Partners, and it treats share transfers into special purpose vehicles as void under its transfer restrictions. Tokenized "pre-IPO share" products built on those SPVs fell close to 40% when that warning landed. A HIP-3 perp sidesteps the entire argument by never claiming to convey equity. The flip side is that your position is exposure to a price feed, not to a company.

The quote convention is per-share-style. EntropyIO's other live market, io:SNDK, marks within a few percent of SanDisk's actual Nasdaq print, so read the ANTH number the same way. On the roughly one-billion-share basis that reporting applied to the earlier Ventuals contract — which priced $1,471.00 as a ~$1.48 trillion implied valuation — today's $1,803.00 pencils out near $1.8 trillion, about 87% above Anthropic's $965 billion Series H mark. One caveat, stated plainly: EntropyIO has not published an on-chain annotation for this market, so the reference basis is not formally documented anywhere. Treat the valuation math as inference, not spec.

Why Anthropic Is Worth Pricing Right Now

This contract exists in August 2026 rather than August 2025 because Anthropic's numbers stopped being speculative.

The company closed a $65 billion Series H on May 28, 2026 at a $965 billion post-money valuation, then filed confidentially for an IPO four days later, on June 1. Reporting points to an October 2026 Nasdaq listing with Goldman Sachs, JPMorgan, and Morgan Stanley leading a raise expected to clear $60 billion. None of that is locked — no share price, no share count, and no listing date have been set publicly.

Then on August 17, Bloomberg reported the annualized revenue run rate had topped $65 billion as of late July. Follow the sequence: roughly $9 billion at the end of 2025, past $30 billion in April, $47 billion in May, $65 billion in July. Preliminary second-quarter revenue came in above $11.5 billion against $787 million a year earlier. Investors reportedly expect the year to close somewhere between $100 billion and $120 billion.

That is the trade in one line. At the $965 billion Series H mark against a $65 billion run rate, Anthropic prices at roughly 15x annualized revenue. At the $1.8 trillion the perp currently implies, it is closer to 28x. The market has about two months to decide which of those October is worth, and ANTH is where that argument gets settled with money instead of opinions. The market opened two days after the $65 billion headline.

Inside the EntropyIO HIP-3 Market

HIP-3 lets anyone deploy a perpetual market on Hyperliquid's core exchange by staking 500,000 HYPE, locked for at least 183 days after deployment. The deployer chooses the oracle, the leverage limits, and the contract terms; Hyperliquid supplies the matching engine, the margin system, and the settlement rails. Validators can slash that stake by up to 100% for invalid operation or prolonged downtime. The framework has processed more than $120 billion in cumulative volume since launch.

EntropyIO — io on-chain — is one of ten HIP-3 deployers currently registered, and one of the newest. It runs exactly two active markets: ANTH and io:SNDK on SanDisk. Its OpenAI ticker, io:OAI, is registered but delisted.

Three parameters matter before you size a position:

• 3x maximum leverage, isolated margin only. The market is configured strictIsolated, so an ANTH position cannot draw on cross-margin collateral. Losses are ring-fenced to that position's margin — and so is your ability to defend it.
• $3 million streaming open-interest cap. Total open interest across the market is capped. Roughly $120,000 is currently open against that ceiling, which is a polite way of saying almost nobody is in this trade yet.
• Funding is effectively switched off. EntropyIO set ANTH's funding multiplier to 0.00125, against 0.5 on its SanDisk market — a 400x difference. Observed hourly funding runs on the order of 0.00002%.

That last point is the one most traders will miss. On a standard perp, an 87% premium to any reasonable fair value would generate punishing funding for longs. Here it does not. The premium is permitted to persist, which makes ANTH a directional expression rather than a carry trade — and removes the mechanism that would normally drag the price back toward the oracle.

The Risks That Are Specific to This Contract

Deployer risk is not theoretical. On June 15, 2026, Ventuals — the original HIP-3 deployer of Anthropic and OpenAI perps — announced it was winding down and halted both markets the same day. Positions were force-settled at trailing 24-hour time-weighted average prices: $1,618.90 for ANTHROPIC and $1,341.80 for OPENAI. That was not a hack or a liquidation cascade. The operator decided to stop, and HIP-3's halt action cancelled every order and settled every position at mark. EntropyIO holds the same power over ANTH. Your thesis can be correct and your position can still be closed at a price you did not choose. For reference, today's $1,803.00 sits about 11% above where the Ventuals contract was settled two months ago.

Liquidity is early-stage. Roughly $351,000 in 24-hour volume. Top of book is tight, often under a basis point, but the depth behind it is thin and impact prices sit about 95 basis points apart. TradeXYZ's SpaceX market, by comparison, turns over north of $200 million a day. Use limit orders and assume you move the book.

Oracle risk has no external check. Anthropic is private. There is no exchange print to arbitrate against, so the reference is whatever EntropyIO's oracle updater publishes. HIP-3 asks deployers to choose an underlying that is difficult to manipulate, and validator slashing is the backstop, but there is no second venue to cross-reference in real time.

The IPO is the event risk. If Anthropic lists on Nasdaq in October, this contract's reference has to change — converging to a listed price, or settling outright. Neither path is documented publicly for this market. That is a known unknown on a roughly two-month fuse, and it is the single thing worth getting clarity on before carrying size into the fourth quarter.