Kraken opens ANTHROPICx pre-IPO perpetual futures with up to 10x leverage, long or short, no expiry (geo restrictions apply)

What Kraken announced

Kraken said on its official X account on 26 October 2026, at 20:37 UTC, that ANTHROPICx pre-IPO perpetual futures are live with up to 10x leverage. The post highlights two features: you can go long or short, and the contract has no expiry. It closes with two warnings: geo restrictions apply, and leverage magnifies gains and losses.

The post quoted Anthropic's own announcement from earlier that day that the company has filed an S-1 registration statement with the U.S. SEC for a proposed IPO. Kraken did not say whether the higher leverage applies to every account or only to some margin tiers.

A derivative, not Anthropic shares

Kraken first listed the contract, PF_ANTHROPICXUSD, in June 2026 alongside an OpenAI equivalent. Its launch post describes a cash-settled perpetual settled in US dollars and margined with multi-collateral (flex) margin. It is a contract on price, not Anthropic stock: you take a leveraged long or short position and profits and losses are paid in cash.

Because Anthropic has no public share price, Kraken prices the contract with its own Kraken PreMarket Synthetic index, built from the contract's market, smoothed, and with the mark price held within ±0.25% of the index. At launch the maximum was 5x, stepping down for larger positions, so the 26 October post doubles the headline figure.

Kraken also said that if Anthropic completes an IPO, it intends to switch pricing to an Anthropic xStocks tokenized-equity index, and that margin, position limits and funding are expected to change then.

Who can trade it

The new post only says geo restrictions apply, so availability depends on your jurisdiction and account. At the June launch Kraken excluded the US, the EEA, Canada, Australia and New Zealand, and limited the UK to professional clients. Kraken has not published an updated country list with the 10x post, so check the market in your own account before trading.

Our take

Kraken is now the fourth platform we have covered offering Anthropic pre-IPO perps with leverage this week. At 10x, a 10% move against you can wipe out the margin on a position, and the price comes from a thin, synthetic market rather than a listed stock. Start small, if at all.