What’s Anthropic actually worth?

Three routes. Three different claims.

Before comparing two markets

1. Normalize the contract scale. A $190 mark can imply the same valuation as a $1,900 mark.
2. Compare observations from the same time. This board labels snapshots rather than pretending every row is live.
3. Check funding intervals, not just the headline percentage. Eight-hour equivalent is a comparison unit, not necessarily the actual payment schedule.
4. Check the IPO rule: rebasing, conversion, expiry or cash settlement can make two exposures behave differently.
5. Review regional access and issuer consent. A listing in this directory does not establish availability.

Venue-by-venue mechanics

What this tracker does—and what it cannot tell you.

Coverage

This is a best-effort directory of publicly discovered Anthropic pre-IPO contracts, token issuers and secondary venues as of 27 October 2026. It is not an exhaustive registry. New, private, region-specific or discontinued products may be missing. Ventuals is archived following its official wind-down announcement. LeverUp references the io:ANTH exposure and is not an independent underlying price; aggregated open interest is intentionally not summed.

Refresh and freshness

On load, every 60 seconds while this page is visible, and on manual refresh, the site requests supported public feeds through its own server-side data fetcher: Binance, Aster (USDT and USD1), Bybit and Entropy/Hyperliquid. Venue restrictions, rate limits or missing contracts can block a request. A failed refresh preserves the last observation and marks it as a snapshot. The data fetcher uses an explicit public-market API allowlist. No background update job is configured. Additional adapters refresh Bitget, MEXC and OKX quotes and observed spreads. Lighter’s public orderBookDetails and funding-rates feeds now refresh its price, single-sided OI, volume and funding. The funding comparison feed is filtered to exchange=lighter and normalized from its eight-hour rate; actual payments are hourly. Other venues remain research snapshots until a supported adapter is added. Retrieval time is used where an API provides no upstream timestamp.

Funding normalization

Native rate (%) × 24 ÷ interval hours × 365 = simple APR (%). Eight-hour equivalent = APR ÷ 1,095. An aggregator APR can be converted to eight-hour equivalent without assuming the native interval. Binance and Aster native funding is not annualized unless their fundingInfo endpoint supplies the interval. Historical snapshots retain source-reported annualization. Zero is distinct from unavailable. APR is extrapolation, not a forecast or promised return.

Valuation normalization

Implied valuation = derivative quote × contract scale. OKX’s cited launch specification uses $10B per quote unit; most directory derivatives use an aggregator-implied $1B scale. Those scales are indicative and may change at IPO. Bybit’s official listing specifies a $1B scale per quote unit before rebase. Tokens and secondary venues have no inferred valuation here. The median and bar chart exclude unscaled and non-derivative rows. A financing valuation is not comparable to a synthetic quote without qualifications.

Source hierarchy

Direct exchange APIs take precedence for supported live fields; official contract documentation explains mechanics. Broader directory observations come from aggregators. Quotes carry their own source and timestamp. The primary financing reference uses Anthropic’s own announcement: $65B raised at $965B post-money on 28 May 2026. This avoids confusing a database sub-round entry with the complete financing.

Open-interest-weighted chart

The bold line weights normalized 15-minute closes by current verified USD open interest, held fixed across the day. It is not a reconstruction using historical OI. Fresh OI (10 minutes), recent candles (one hour), and at least two eligible venues are required. Points require complete basket coverage and are not interpolated across missing observations. The headline and daily change come from this same series. Toggling a venue changes visibility only. Feed coverage and weights appear with the chart.

Ratings: evidence, not endorsement

Liquidity (L) is a 24-hour traded-volume activity proxy, not executable depth: 5/5 at $10M+, 4/5 at $1M+, 3/5 at $100K+, 2/5 at $10K+, 1/5 above zero. Spreads (S) use (ask − bid) / midpoint × 10,000: 5/5 ≤1 bp, 4/5 ≤3 bps, 3/5 ≤10 bps, 2/5 ≤30 bps, 1/5 above 30 bps. A single top-of-book observation does not establish fill size or sustained tightness.

Transparency (T) scores reviewed documentation coverage across five items: public contract data, exact valuation scale, oracle/mark mechanism, named inputs and weighting, and IPO settlement rules. Only evidenced items earn a point; unverified does not mean absent. Unreviewed venues are unrated. Click any rating to inspect the evidence, measurements and limitations. Non-derivative products are not scored with the derivatives liquidity/spread rubric.

No executable offers

This site is independent research, not a trading venue or investment recommendation. No trades or wallet connections are supported. Prices may be delayed. Confirm contract terms, issuer authorization, eligibility and executable liquidity directly with the venue.