Hypercall to Launch Anthropic Pre-IPO Options on Hyperliquid

Options Trading Moves Pre-IPO Betting to HyperliquidHYPE-3.81%

Decentralized options platform Hypercall announced on Friday that it will launch pre-IPO options for artificial intelligence startup Anthropic on Monday, November 9. The new contracts will go live at 8 a.m. EST.

Unlike traditional Wall Street markets that close overnight and on weekends, these contracts will trade around the clock. This gives traders 24/7 exposure to one of Silicon Valley's most anticipated public debuts.

Traders can take flexible positions by purchasing call options, buying put options, or building multi-leg option spreads. All contracts on the venue are synthetic derivatives that settle directly in cash.

Hypercall operates as a Synapse product built on top of the Hyperliquid network. The platform logged $536 million in options notional volume in September alone, expanding beyond crypto assets like Bitcoin (BTCBTC-0.17%) and EthereumETH-3.18% (ETH) into private company markets like SpaceX, as well as the S&P 500 index and major U.S. equities.

Past performance of digital asset platforms or markets is not a reliable indicator of future results. Market participants can review underlying crypto market dynamics via bitkub.com/th/market/HYPE.

How Synthetic Settlement and HIP-3 Contracts Work

To understand how these options function, it helps to look at the underlying price feed. Hypercall does not trade physical shares of Anthropic. Instead, it relies on pre-IPO perpetual futures contracts that already trade across the Hyperliquid ecosystem.

These underlying markets run on HIP-3, a native Hyperliquid feature that permits independent developers to deploy custom perpetual futures contracts. As of Friday, four separate entities had listed Anthropic perpetual contracts on Hyperliquid:

• Trade[XYZ]
• Ventuals
• Paragon
• EntropyIO

According to official documentation, Hypercall options use a European-style structure. This means the contracts can only be exercised or paid out at their exact expiration time, rather than anytime beforehand.

Final cash settlement occurs in USDCUSDC+0.18% stablecoins. Settlement payouts are calculated using a 30-minute moving average of the oracle price from the corresponding Hyperliquid perpetual market.

For traditional stocks and benchmark indices, Hypercall typically references Trade[XYZ] perpetual feeds. However, Trade[XYZ]'s underlying list, which was last updated on November 3, had not officially integrated an Anthropic perpetual feed at that time.

Managing Risks: Oracles and Position Protection

Trading synthetic pre-IPO assets carries distinct operational and market risks that participants must keep in mind. Price feeds for unlisted companies rely heavily on external oracle data, which can occasionally experience technical distress.

For example, in May, Ventuals' pre-IPO perpetual contract for SpaceX plunged approximately 45% following erroneous price data from an external oracle provider. That single event triggered liquidations totaling over $1.5 million in long positions.

Hypercall noted that buyers of fully paid option contracts face a fixed risk profile where they cannot lose more than the initial premium paid, avoiding automatic liquidation before expiration.

On the other side of the trade, market makers who sell options can manage their exposure by hedging on Hyperliquid's perpetual markets, which remain active long after traditional stock exchanges close their doors.

Wall Street Investors Raise Doubts Over Anthropic IPO Timing

The crypto options launch comes against a backdrop of uncertainty surrounding Anthropic's official public listing. Anthropic publicly filed its initial public offering (IPO) paperwork on October 26, selecting Nasdaq under the ticker symbol ANT.

The company submitted an amended prospectus on November 2, but left the target share price range blank. Bloomberg previously reported that Anthropic could launch its investor roadshow during the week of November 9, paving the way for a stock debut before Thanksgiving on November 26.

However, news agency Reuters reported on Friday that institutional investors harbor growing doubts about whether that roadshow can proceed on schedule next week.

Four sources familiar with the discussions told Reuters that potential investors are actively negotiating for a lower valuation. While a massive $1.5 trillion valuation tag had been discussed in industry circles, institutional buyers reportedly view that figure as the absolute ceiling of market expectations.

If investors successfully push for a valuation adjustment or delay the roadshow, prices across pre-IPO perpetuals and secondary options could experience sharp fluctuations. Past performance of digital assets or speculative pre-IPO tokens does not guarantee future market outcomes.