Hypercall Launches World’s First 24/7 Anthropic-Linked Options Market Ahead of IPO

Hypercall has launched the first 24/7 options market linked to Anthropic, allowing traders to hedge and speculate on the AI firm’s valuation ahead of its initial public offering. By integrating with Hyperliquid’s perpetual futures, the platform provides a sophisticated toolset for managing risk in the pre-IPO market, marking a significant evolution in how private tech giants are traded onchain.

What was announced

Hypercall is introducing synthetic, cash-settled options for Anthropic (NASDAQ: ANT), the artificial intelligence firm responsible for the Claude model. The market is scheduled to go live at 8 a.m. EST on Monday, November 9, providing a 24/7 venue for traders to engage with the company’s valuation following its October 26 IPO filing. While pre-IPO perpetual futures were already available on Hyperliquid, Hypercall’s new offering introduces calls, puts, and multi-leg spreads, allowing for more complex volatility strategies and downside protection.

The contracts are designed to offer fractional sizing, meaning traders can enter positions of virtually any size. Because these are long options, buyers face defined risk, where potential losses are limited to the premium paid without the threat of liquidation before expiration. The platform utilizes a unified USDC-margined account system, enabling market makers and retail traders to hedge their exposures directly against Hyperliquid’s perpetual futures. This integration is critical for maintaining liquidity outside of traditional exchange hours, as market makers can manage their risk even when traditional financial markets are closed.

The launch comes as Hypercall reports significant momentum, having reached $536 million in options notional trading volume during September 2026. The platform’s existing catalog includes fractional options on SpaceX, the S&P 500, major publicly traded equities, and various cryptocurrencies. These Anthropic-linked contracts do not represent actual shares, IPO allocations, or ownership rights in the company.

The companies involved

Hypercall is an onchain options trading platform built on the Hyperliquid infrastructure. It specializes in bringing sophisticated financial derivatives to the decentralized finance (DeFi) space, focusing on assets that are often restricted to institutional players in traditional markets. Hyperliquid, the underlying protocol, is a prominent decentralized exchange known for its perpetual futures markets and high-speed execution. It has become a central hub for pre-IPO speculation, providing the liquidity and price discovery necessary for derivative platforms like Hypercall to function effectively.

Anthropic is a leading artificial intelligence safety and research company. Founded by former OpenAI executives, it has become one of the most valuable private tech firms in the world, primarily known for its Claude family of large language models. The company’s move toward a public listing has made it a focal point for both traditional and crypto-native investors. As a major competitor in the generative AI sector, Anthropic’s valuation serves as a bellwether for the broader AI industry, making the availability of sophisticated trading instruments like options a significant milestone for market participants tracking the sector's growth.

What FF News has reported before

FF News has closely tracked the intersection of Anthropic’s AI technology and the financial services sector. Recently, BingX Launches Anthropic Pre-IPO Trading and 500,000 USDT Prize Pool highlighted the growing appetite for early access to the company’s equity. In the insurance space, Amwins Scales AI Strategy with Anthropic's Claude Integration Across 8,000 Employees and Verisk Integrates Insurance Intelligence with Amazon Q, Microsoft Copilot, and Claude demonstrate the rapid enterprise adoption of Anthropic’s tools. Additionally, the broader trend of AI in trading was covered in Tria Unveils Agentic Trading: AI-Powered Crypto Execution with Self-Custodial Security, reflecting a market-wide shift toward automated, intelligent execution.

What this means

This launch signals a maturation of the onchain derivative market, moving beyond simple directional bets into the realm of professional-grade risk management. By offering 24/7 options on a pre-IPO asset like Anthropic, Hypercall is challenging the exclusivity and rigid schedules of traditional investment banks and private equity secondary markets. This puts pressure on traditional brokers who cannot offer similar round-the-clock liquidity or fractional access. However, the synthetic nature of these contracts raises questions about how closely they will track actual IPO pricing and whether the lack of underlying share delivery will deter institutional-grade hedgers. It remains to be seen if this decentralized approach to pre-IPO discovery will eventually force traditional exchanges to reconsider their operating hours.