Trade.xyz Launches ANT Perpetual Tied to Anthropic Share Expectations

Trade.xyz launched its dollar-denominated ANT perpetual on Monday, giving traders exposure to market expectations for the value of one share in Anthropic PBC before the company’s stock lists.

The contract references one Class A common share and is priced in U.S. dollars. Its current price reflects market expectations for that share’s value; ANT is a perpetual contract rather than the stock itself.

After the underlying shares list, ANT is set to convert into a standard XYZ perpetual. Before then, trade.xyz warned that volatility in the pre-IPO market may push the contract’s mark price to either edge of its price-discovery range more often. Those bounds may temporarily restrict how far the mark can move from its reference price.

Nasdaq: ANT is the code identified for the underlying share. The launch provides traders with a venue to express expectations in dollars for Anthropic’s share value during the pre-IPO period, without trading publicly listed stock.