Hypercall, an onchain options platform built on Hyperliquid, expects trading in options tied to Anthropic to begin on Monday, 9 November, its founder Jake Sylvestre and growth and marketing head Dan Edlebeck told The Block. The Block reported that the contracts will trade around the clock but will not be available to US customers.
The Anthropic-linked pre-IPO perpetual future that references one Anthropic share, trade.xyz’s xyz:ANT, was marked at $101.68 at 14:02 UTC on 6 November, according to Hyperliquid’s public market data. That is 11.8% below its previous-day price of $115.32, by our arithmetic. The options are synthetic, cash-settled derivatives, and The Block reported that traders will not own actual Anthropic shares.
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The key insight: As we read it, an options market on Anthropic is set to open before any Anthropic share trades: Hypercall expects trading to begin on 9 November for customers outside the US, The Block reported, while the pre-IPO perpetual that references one share was marked at $101.68, 11.8% below its previous-day price by our arithmetic.
The Block reported that payouts “will be calculated on a contract’s strike price and reference price at expiry”, and that traders will not “receive any voting rights when a contract expires”. Sylvestre told The Block the platform supports basic calls and puts, which he called “vanillas”, as well as spreads and other strategies: “It’s a fully featured options platform”.
Hypercall’s own post on X at 13:53 UTC says “Anthropic-linked options arrive on Hypercall Monday, November 9” and lists “Calls, puts, spreads, and volatility strategies”. The Block reported that the existing Anthropic-linked perpetuals on Hyperliquid give market makers a way to hedge the risk of selling the options before Anthropic’s shares trade publicly.
According to The Block, Hypercall already offers options tied to SpaceX and the S&P 500 as well as bitcoin and ether, and Sylvestre previously reported that Hypercall handled $536 million in options notional trading volume for September. The Block’s report does not include a comment from Anthropic, and nothing we read indicates Anthropic is involved in the products.
trade.xyz’s xyz:ANT, a synthetic pre-IPO perpetual that references one Anthropic share, marked at $101.68 at 14:02 UTC on 6 November 2026 against a previous-day price of $115.32, from Hyperliquid’s public market data. The 11.8% decline is our arithmetic. The contract is not Anthropic stock.
What the Perpetual Markets Show
trade.xyz describes its contract as follows: “ANT references 1 share of Anthropic, PBC Class A common stock (expected Nasdaq: ANT), quoted in USD”. At 14:02 UTC it carried open interest of about 596,663 contracts, roughly $60.7 million at the mark price, and about $31.4 million of trading volume over the previous day, by our arithmetic from the exchange data.
A second Anthropic market on Hyperliquid, io:ANTH, listed by the EntropyIO exchange, was marked at 1,655.6 against a previous-day price of 1,821.3, a decline of 9.1% by our arithmetic. Our earlier piece compared the perpetual with Bitget’s $103 IPO estimate; today’s $101.68 mark is 1.3% below that figure.
The Odds of a November Listing
The Block reported that on Polymarket the chance of a November IPO “fell from roughly 88% Tuesday to as low as 51% by Thursday”, and that a Kalshi market put the chances of an IPO before 1 December at 60%, down from around 88%. Sylvestre told The Block the market backdrop had changed his concern from a post-IPO rally to a potential slump: “How fast it drops matters as much as how much it drops”.
As we read The Block’s report, the options depend on the existing perpetuals: they give market makers a way to hedge before Anthropic’s shares trade publicly.
As we read the market data, two signals moved the same way this week: the perpetual mark fell 11.8% in a day, by our arithmetic, and Polymarket’s odds of a November listing fell from roughly 88% to as low as 51%, per The Block.
As we read the two sources together, nothing we read indicates Anthropic is involved: The Block describes synthetic contracts that pay in cash and carry no shares or votes.
Hypercall on X, 6 November 2026
“Anthropic has a pre-IPO price. Now comes the rest of the trade.”
Three Implications
FOR TRADERS OUTSIDE THE US The Block reported that payouts are set by the strike price and a reference price at expiry, with no shares or voting rights.
FOR ANTHROPIC The Block’s report includes no comment from the company, and the contracts are not its securities.
FOR THE IPO CALENDAR The Block reported that Kalshi put the chance of an IPO before 1 December at 60%, down from around 88%.
The analysis says: “Conflating these clocks produces the most common analytical errors of the moment.”
As we read it, a pre-IPO perpetual and options on it run on the shortest clock of all: a price that moves around the clock on one company that has not yet listed. The analysis does not discuss Anthropic’s IPO or these contracts.
What Is Not Established
Strikes, expiries and fees for the Hypercall options were not given in what we read. trade.xyz does not publish a share count with its contract. So we do not convert the $101.68 mark into a company valuation or compare it with the $1.2 trillion to $1.3 trillion range investors are said to be discussing. The 11.8%, 9.1%, 1.3% and $60.7 million figures are our arithmetic. We did not contact Anthropic or Hypercall.
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The Block reported that Hypercall expects options linked to Anthropic to start trading on Monday, 9 November, for customers outside the US. The pre-IPO perpetual future that references one Anthropic share was marked at $101.68 at 14:02 UTC, 11.8% below its previous-day price by our arithmetic. The products are synthetic and carry no shares or voting rights.
A note on sourcing. The launch details are from The Block’s report of 6 November 2026 and Hypercall’s own posts on X. The perpetual-future prices are from Hyperliquid’s public market data queried at 14:02 UTC on 6 November 2026. These contracts are synthetic derivatives, not Anthropic shares. The percentage changes and the open-interest value are our arithmetic. We did not contact Anthropic or Hypercall.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
