Anthropic-Linked ANTH Perpetual Maps Each Dollar to $1 Billion in Implied Value

An Anthropic-linked ANTH perpetual operated by Entropy on Hyperliquid lets traders take positions on the company’s implied value. Each $1 in the quoted price represents $1 billion in implied market capitalization, giving the contract a valuation-like figure without trading Anthropic shares or granting ownership rights. The contract settles in cash using USD Coin (USDC) collateral. A position conveys no voting rights, dividends, information rights, IPO allocation or claim on Anthropic. Its trading activity measures transactions in the derivative, not shares changing hands. ANTH’s reference price combines a value derived from its local order book with an aggregate of private-market data. The local order book carries more weight when executable buy and sell depth is greater. When an external price is available, it retains at least 5% weight.

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