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At a glance
- What changed
- A USDC-settled Anthropic pre-IPO perpetual, ANT-USD.P, with up to 3x leverage on Ondo Perps.
- Who it affects
- Eligible Ondo Perps traders outside the restricted jurisdictions.
- When
- Live since 12 November 2026.
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What Ondo Perps launched
Ondo Perps has added Anthropic to its pre-IPO perpetuals. In a post on its official X account on 12 November 2026, the venue said Anthropic pre-IPO perps are live and that traders can go leveraged long or short on the AI lab behind Claude. The market trades as ANT-USD.P.
It is the second pre-IPO market on Ondo Perps after OpenAI, and the two share the same core rules: USDC settlement, cross margin and a maximum leverage of 3x.
Contract terms
Ondo Perps' markets documentation says one ANT contract tracks one Anthropic share. That differs from the OpenAI market, which uses a fixed reference count of one billion shares. A position is still only a USDC-settled derivative and does not give you any Anthropic shares.
The market started from a seed price of $74. Before a public share price exists, the price is discovered on Ondo Perps itself, within a band of 20% either side of the reference price that can reset up to four times.
Open interest across the whole market is capped at 128,378 contracts, which Ondo Perps puts at about $9.5 million at the seed price. The dollar value of that cap moves with the market price.
Funding, the IPO switch and who can trade
Funding is paid every hour and can be positive or negative. According to Ondo Perps' funding documentation, ANT uses a multiplier of 0.005, against 0.5 for standard equity perpetuals, with a cap of 1% per hour in either direction. The lower multiplier is meant to keep funding small while there is no public share price.
A listing is not guaranteed. If Anthropic does list, Ondo Perps says the move to public-market pricing is not automatic and can cause a sudden mark move and liquidations.
Ondo Perps says the platform is not available to persons in Panama, the US, the EU, the UK or Canada, or to sanctioned persons.
Our take
ANT-USD.P is a tightly fenced market: 3x leverage, a roughly $9.5 million open-interest cap and a price band that moves in steps. That limits how far it can run, but it also means the price may lag what other venues show. The biggest risk is the switch to Nasdaq pricing after a listing, when Ondo Perps itself warns of sudden mark moves and liquidations.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- Ondo Perps launches the ANT-USD.P Anthropic pre-IPO perpetualDate passed
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Conditions
New users who sign up in the Phantom mobile app with this code get 10% of their own eligible trading fees back for three months from signup. Codes apply only at mobile-app signup and cannot be added later. Rebates are paid in CASH to the Phantom Cash balance after a $1 minimum; ID verification may be required. Perps and prediction markets are not available in every region; program terms apply and Phantom may change rates or end the program. Perps are unavailable in the US, UK and US-sanctioned jurisdictions; prediction markets are unavailable in the US, UK, Germany and sanctioned jurisdictions. Program eligibility depends on jurisdiction under the referral terms.
The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.
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