Pre-IPO perps: Anthropic and OpenAI, priced in valuation points

It is the same instrument as a BTC or a Tesla perp: a contract with no expiry that pays out on the movement of a reference price, margined in USDC and kept near that reference by a funding rate between longs and shorts. What changes is the reference. A listed share has a price printed on an exchange all day. A private company has no such print, so the contract tracks an implied valuation instead, and the venue that lists it has to construct that reference rather than read it.

• No shares, no cap-table position, no information rights, no vote
• Long and short are symmetric: there is nothing to borrow to be short a private company
• Margin, profit and loss are all in USDC, whatever the company
• Trades 24 hours a day, seven days a week, because there is no underlying session to close

Both names are quoted in valuation points: one point on the ticket is one billion dollars of implied company valuation. A mark of 1,000 reads as one trillion dollars; a move of ten points is ten billion dollars of implied value, up or down. EntropyIO quotes io:ANTH and io:OAI on Hyperliquid this way, and Lighter and AsterDex mark both names on the same scale, which is what makes the three books comparable on this page. Position size is in points, so the notional of one contract in dollars is the mark itself, and the margin the venue asks for is that notional divided by the leverage you choose.

A private company has no share price to oracle, so the reference is built rather than observed. On Hyperliquid the deployer of the market acts as its oracle; Lighter and AsterDex each run their own reference. In every case the anchor is the last priced funding round plus whatever secondary marks and news the venue chooses to weigh, and the perp trades around it. The consequence that catches traders coming from crypto: nobody can buy or short the actual shares to arbitrage the gap, so a premium or discount to the last round can persist for months instead of mean-reverting in minutes. Funding pulls the perp toward the venue reference, not toward a real share price, because there is none.

Pre-IPO perps trade around the clock, weekends included. Leverage is low by crypto standards: Hyperliquid's io markets are isolated-margin only with a 6x cap on both names as of 9 September 2026, and the app clamps the ticket to whatever the venue you picked allows. Treat the cap as information rather than a target. A market whose reference is a valuation opinion can reprice in one print on a funding-round headline, and a position sized for crypto-style leverage does not survive that.

• Hyperliquid io:ANTH and io:OAI: isolated margin only, 6x maximum
• Lighter and AsterDex: caps set per venue and shown on the ticket before you sign
• No closing session, so a stop can be run at 3 a.m. on a Sunday

Anthropic and OpenAI each trade on Hyperliquid, Lighter and AsterDex, and the marks are not the same. Each venue builds its own reference, has its own participants and its own funding, so the same name can be ten or twenty points apart across books at the same second, with funding leaning different ways. That spread is the practical argument for choosing the venue per order rather than per account: you hold one USDC balance, the app shows the three marks side by side, and the order goes to the book you picked. Nothing is netted across venues and the position lives on the venue that filled it.

Anthropic and OpenAI each have a page of their own here: where an order in that name is routed, what the position actually is, when the market is open and who holds the keys. The board on this page carries the live marks; these pages carry the explanation.

• Anthropic perps
• OpenAI perps

Three names traded here as pre-IPO perps until they went public: SpaceX, listed on Nasdaq as SPCX on 12 June 2026; Unitree Robotics, on Shanghai's STAR Market on 19 August 2026; and Shein, in Hong Kong on 1 September 2026. Their perps did not close. The reference switched to the listed share price, quoted per share rather than in valuation points, and the markets now sit under Stocks in the app, where that reference moves with the listing exchange's session and can gap across its close. The Pre-IPO tab holds only the names that are still private, which today means Anthropic and OpenAI.

Everything that applies to a leveraged perp applies here, plus a set that does not exist on BTC. The reference is a construction, so a change in how a venue builds it moves your mark without any news about the company. The premium to the last round can collapse the day a real price appears, whether that is a new round, a tender or the IPO itself. Markets can be delisted or relaunched at the deployer's discretion: EntropyIO's first OpenAI contract on Hyperliquid was delisted before it traded and later relisted. Depth is a fraction of a major crypto book, so size moves the price. And none of it gives you a claim on the company if it does list.

• Oracle and methodology risk: the reference is chosen, not observed
• Repricing risk on a funding round, a tender, or the IPO pricing itself
• Listing and delisting risk at the venue or deployer level
• Thin depth relative to the headline valuation

Open the markets list, pick the Pre-IPO tab, and each name shows every venue that carries it with its mark, funding and leverage cap. The ticket is the one you use for every other market: choose the venue, the side, the size in points and the leverage, then sign from your own wallet. Our fee is 0.05% of notional on venues that support an integrator fee, published on the fees page, on top of whatever the venue charges. If you have never traded one, the app starts you with a $1,000 paper balance on the same screens, so the first Anthropic order you place can be one that cannot lose money.