Hyperliquid's ANTH perpetual gives traders exposure to a valuation signal for Anthropic, while its contract terms confer no ownership rights or claim on the company's shares.
ANTH's scale assigns $1 billion of implied market capitalization to each $1 in the quoted price. That valuation belongs to ANTH's pricing system; it is not a public share quotation and does not show that Anthropic stock traded at that level.
ANTH's reference price draws on its local order book and a composite of private-market data. More executable orders on both sides increase the book's influence on the calculation. Possible outside inputs include derivatives, private-market valuations, funding rounds and secondary transactions. The calculation assigns an available external quote at least 5% of the weighting, while Entropy keeps its remaining formula proprietary.
USD Coin (USDC) serves as collateral, and ANTH positions settle in cash. Holders have no ownership claim, voting or dividend rights, access to company information, or IPO allocation. Trading volume tracks activity in ANTH positions; it does not track Anthropic share transactions.
Entropy operates ANTH using Hyperliquid's HIP-3 framework, whose rules put deployers in charge of market definitions, oracles, leverage limits and settlement. ANTH's maximum leverage is six times. The listed no-IPO resolution date is Aug. 18, 2028.
