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At a glance
- What changed
- A new pre-IPO perpetual futures market referencing Anthropic, tradable long or short with up to 10x leverage inside Phantom.
- Who it affects
- Phantom perps traders outside the US and the other excluded jurisdictions who understand leveraged derivatives.
- When
- Announced on 26 October 2026; Phantom gave no end date, and the market depends on a listing that may be delayed or never happen.
What Phantom launched
Phantom said on its official X account on 26 October 2026 that a new pre-IPO perpetuals market for Anthropic, the AI company behind the Claude models, is now open in the wallet. Users can go long or short with up to 10x leverage. The post quotes an announcement from trade.xyz, the market venue Phantom credited alongside Hyperliquid when it reported its perps milestone earlier this month, saying the Anthropic pre-IPO perpetual (IPOP) market is live.
A perpetual future, or perp, is a contract with no expiry date that tracks a price and lets traders bet on it rising or falling, usually with borrowed exposure. A pre-IPO perp applies that idea to a company that is not yet listed on a stock exchange, so there is no public share price for it to follow.
This is a derivative, not Anthropic stock
Phantom attached its own warning in a reply to the announcement: these contracts carry significant risk, including total loss of funds, prices are speculative, and the companies they reference are not affiliated with the markets. Anthropic has no role in this product.
The product disclosures Phantom links to go further. They describe the contracts as synthetic derivatives only. Buying one does not give you shares, an IPO allocation or any right to acquire Anthropic securities, and it carries no ownership, voting or dividend rights. Prices come from trading on the order book and public information, not an official valuation, and can end up far from any eventual IPO price or private funding round.
What can go wrong
The disclosures list risks that ordinary perps do not have. A listing may be delayed, cancelled or restructured. If no listing happens or no reliable reference price appears, trading may be halted and positions settled at a price very different from where you entered. Phantom also warns of higher volatility, thin liquidity and wider spreads than standard perps, so closing at the price you want may not be possible, and the switch to a new mark price at listing can trigger immediate liquidations.
Leverage multiplies all of this. At 10x, a move of about 10% against a position is enough to wipe out the margin behind it, before fees and funding.
Who can use it
Phantom says the market is not available in the US and other jurisdictions, without naming the rest in the announcement; the app is the place to check. Phantom did not publish fees, position limits or an end date for this market.
Our take
Pre-IPO perps let people express a view on a famous private company, but they behave more like a bet on market sentiment than an investment in the business. If you trade one, size it as money you can afford to lose entirely, use low leverage, and read Phantom's disclosures before opening a position.
PhantomPartner offer
10% of trading fees back for 3 months
Phantom referral code: findcodes — sign up with this code to get 10% of trading fees back for 3 months.
Affiliate link. We may earn a commission, at no extra cost to you.
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.
