The short version
- Anthropic options open on Hypercall, an exchange built on Hyperliquid, at 13:00 UTC on Monday, November 9 (8:00 a.m. in New York), with calls and puts at 21 strikes from $75 to $125 and six expiries.
- They are synthetic and cash-settled on trade.xyz’s ANT perp, now near $100 and down 28% from its first trade, and closed to traders in the US, Canada, Australia, the UK and the EU.
- Before the open, Hypercall’s model priced them at 47% to 50% volatility, roughly half of what the perp has actually moved.
- Next: Anthropic’s price range in a new SEC filing; Polymarket gives a listing by November 20 a 68% chance.
Anthropic hasn’t sold a single share to the public yet, and you can already buy options on it. Hypercall, an options exchange built on Hyperliquid, opens Anthropic options at 13:00 UTC on Monday, November 9 (8:00 a.m. in New York). The board is loaded: calls and puts at 21 strikes from $75 to $125, across six expiry dates.
They price off an Anthropic pre-IPO perp that has had a rough two weeks. Trade.xyz’s ANT contract trades at $99.25 at the time of writing, down 28% from its first print of $138 on October 26.
So what exactly are you buying, and who is allowed to buy it?
Hypercall announced the launch on Friday:
Anthropic has a pre-IPO price. Now comes the rest of the trade.
Anthropic-linked options arrive on Hypercall Monday, November 9.
Calls, puts, spreads, and volatility strategies. Trading 24/7, before the IPO.
A price tells only half the story.
How Do Hypercall’s Anthropic Options Work?
They are European-style, cash-settled contracts on one Anthropic Class A share, paid out in USDC. European means they can only be exercised at expiry, and cash-settled means nobody gets a share: the contract pays the difference between the strike and the final price, or nothing.
That final price comes from trade.xyz’s ANT oracle, the same feed behind the perp. Hypercall’s settlement rules take a trimmed average of that price over the last 30 minutes before expiry, so one wild print can’t decide the payout.
The six expiries Hypercall has listed are November 9, 10, 13, 20 and 27, plus December 25, each at 21:00 UTC (4:00 p.m. in New York).
The chain works like this:
- Anthropic lists on the Nasdaq as ANT.
- Trade.xyz’s ANT perp, which tracks one Class A share, turns into a normal stock perp that follows the listed price.
- Options still open at that point settle on a price that follows real trading in the stock.
Polymarket’s most likely listing day is November 20, at 26%, and that is also one of the expiries.
Two limits matter. The options are synthetic: no share, no IPO allocation, no vote. And Hypercall’s terms shut out anyone in the US, Canada, Australia, the UK, the European Economic Area, the Cayman Islands or Panama. Most traders reading this from those places can watch the board but not use it.
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Why Do the Options Look Cheap Next to the Perp?
Because the opening prices assume a much calmer stock than the perp has been. Before the open, Hypercall’s own model priced the options at about 47% to 50% implied volatility, the yearly swing the price of an option bakes in.
The perp has swung about twice that. Over its 13 full days, ANT moved about 4% a day on average, up or down, which works out to a volatility of roughly 104% a year. It lost 8.1% on Thursday, November 5, when chip stocks crashed, then another 12.6% on Friday, even as the chip index bounced 4%. The low was $93.06. Hypercall’s own research note on Saturday put last week’s swing at about 101% a year.
So a $100 call to November 20 costs $3.64 a share on the model, and the put $3.18. That is less than the perp has moved on an average day. Market makers set the real prices from 13:00 UTC and hedge on the same perp, so check the live quotes before trusting these.
Hypercall did $536 million of options volume in September across SpaceX, the S&P 500, big tech stocks and crypto, according to its launch release. “Anthropic already has a price. Now it has an options market,” said Jake Sylvestre, Hypercall’s founder.
SIDE TRAIL: Anthropic IPO Valuation Target Is $1.5T as a Whale’s Short Hits $46M
Anthropic IPO Odds Are Back Near 80%
The listing date drives all of this. On Polymarket, the chance of an Anthropic IPO in November fell from 87% on November 4 to about 53% on November 6, as tech stocks sold off. It is back at 80% after the Financial Times reported late on Friday that Anthropic will press ahead before Thanksgiving.
Traders now give a listing by November 20 a 68% chance. No price range has been filed yet: the latest S-1/A, from November 2, still leaves it blank.
For Anthropic options, the area to watch is $100. ANT sits right on the middle strike, so a price range in the next filing that points above or below it moves every contract on the board.
TRAIL MAP: Futures and Leverage Explained: Perps, Margin and How Liquidation Really Works
The perps have their own number. Entropy’s ANTH contract, quoted in billions of dollars of valuation, puts Anthropic at about $1.62 trillion, a little above the $1.5 trillion the company is reportedly aiming for.
Teddy has been trading crypto since 2016. The focus is altcoins and EMA setups: finding coins sitting on key levels, waiting for support to hold or a range to be reclaimed, and trading the move from there. Bitcoin sets the tone, but the opportunities are usually in the alts.
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