Anthropic-Linked ANTH Perpetual Maps Each Dollar to $1 Billion in Implied Value

An Anthropic-linked ANTH perpetual operated by Entropy on Hyperliquid lets traders take positions on the company’s implied value. Each $1 in the quoted price represents $1 billion in implied market capitalization, giving the contract a valuation-like figure without trading Anthropic shares or granting ownership rights.

The contract settles in cash using USD Coin (USDC) collateral. A position conveys no voting rights, dividends, information rights, IPO allocation or claim on Anthropic. Its trading activity measures transactions in the derivative, not shares changing hands.

ANTH’s reference price combines a value derived from its local order book with an aggregate of private-market data. The local order book carries more weight when executable buy and sell depth is greater. When an external price is available, it retains at least 5% weight. The scoring and aggregation process is internal.

External inputs may include other derivatives, private-market marks, funding rounds and secondary transactions. As a result, the reference can reflect both trading in ANTH and private-market estimates. A quoted implied market capitalization is a figure within the contract’s pricing system, not a public share price or confirmation that Anthropic equity changed hands at that value.

Entropy operates ANTH under Hyperliquid’s HIP-3 framework. Market deployers define their contracts and oracles and handle operating terms such as leverage limits and settlement. Hyperliquid provides the trading infrastructure, while the deployer sets those market-specific terms.

ANTH has maximum leverage of six times. Its listed no-IPO resolution date is Aug. 18, 2028. The contract’s operating terms and reference-price method describe how the derivative works; they do not give holders rights in Anthropic itself.

An earlier market snapshot of ANTH covered its price and trading activity.