Anthropic’s ANT pre-IPO perpetual was marked at $103.93 on Trade.xyz on Hyperliquid at 09:25 UTC on November 11. That put the derivative about 33.2% above the $78 upper end of the AI company’s proposed IPO price range.
The $25.93 premium compares the contract’s mark with Anthropic’s proposed $70–$78 offering range, which the company announced on November 10. Its IPO terms cover 825 million shares, with an application to list on Nasdaq under ANT. The final offering price has not been set.
Trade.xyz’s contract specification defines ANT as exposure to the anticipated price of one Anthropic Class A share, quoted in dollars. The perpetual settles in USDC and provides no shares, voting rights or IPO allocation. Its price is formed in a separate derivatives market before the underlying stock starts public trading.
The same market snapshot showed approximately $109 million of trading volume over the previous 24 hours and $105.6 million in open interest. The interface listed leverage of up to 10x. Those activity figures refer specifically to the xyz:ANT contract.
Under Trade.xyz’s conversion rules, the contract is expected to become a standard equity perpetual after Anthropic begins regular share trading and sufficient external price data becomes available. It would remain a derivative. The current premium therefore does not establish the final IPO price or where the shares will open on Nasdaq.
