In September (through Sept. 21), pre-IPO perpetual contracts linked to Anthropic generated $643 million in trading across 12 crypto venues, already exceeding the $590 million recorded throughout August. Anthropic-linked open interest stood at roughly $80 million in early September, with a 88% surge over 30 days on Binance alone, rising from $16.6 million to $31.2 million. Anthropic’s IPO will force the crypto market to align its synthetic valuation with the actual stock price, creating a repricing risk for existing positions. The SpaceX precedent, where average daily perpetual volume surged to $1.6 billion on Binance after listing, shows that pre-IPO contracts can survive the arrival of a public price. Combined open interest in Anthropic and OpenAI pre-IPO perpetuals now exceeds $160 million, up from just $1 million in April.
Source: Read the original article
