Entropy raises $14 million and relaunches an Anthropic market on Hyperliquid

Entropy is launching an Anthropic perpetual on Hyperliquid with no shares held or delivered, an implied valuation, and up to 3x leverage.

Entropy wants to make traditionally hard-to-access assets tradable around the clock. It is starting with Anthropic, but the product launched on Hyperliquid is neither stock, a tokenized security, nor an indirect stake in the company behind Claude. It is a cash-settled derivative whose price represents an estimate of Anthropic’s valuation.

Entropy says it has raised $14 million in a round led by Ribbit Capital. The company has not disclosed its valuation, the names of other participants, or the financial terms of the deal. It describes its team as including former researchers and traders from Citadel Securities, Optiver, Polymarket, and Millennium, but has not yet publicly detailed its leadership.

A second figure appears in the announcement: a $40 million stake in HYPE, Hyperliquid’s native token. This is not an additional $40 million paid to Entropy. Hyperion DeFi has made 500,000 HYPE available to the project through its HAUS service. Its dollar value therefore depends on the token’s price at the time of calculation.

The 500,000 HYPE corresponds to the bond required from operators using HIP-3, Hyperliquid’s framework for deploying perpetual futures markets. The stake must remain locked for at least 183 days. Validators can slash it if the operator’s actions threaten the protocol, but slashed funds are burned rather than used to compensate traders directly.

HIP-3 places significant responsibility in the hands of the operator. Entropy defines its contracts, constructs their reference prices, sets leverage and open-interest limits, and can suspend or settle a market. Hyperliquid provides the order book, margin system, liquidations, and settlement infrastructure.

The first product is listed under the symbol `ANTH`. According to Entropy’s market specifications, each point in the contract represents $1 billion in Anthropic market capitalization. A price of 1,000 therefore implies a valuation of $1 trillion. It is not the price of a share and is not based on a fixed number of shares.

For comparison, Anthropic’s latest announced primary-market valuation is $965 billion, following a $65 billion funding round completed in May 2026. That figure does not constrain Entropy’s market. Buyers and sellers can assign the company a higher or lower value based on their expectations for growth, a potential IPO, and broader market conditions.

The contract is collateralized in USDC, with maximum leverage of 3x, isolated margin, and an initial open-interest cap of $3 million. Its published value is bounded between 300 and 4,200, representing a theoretical valuation range of $300 billion to $4.2 trillion. Entropy notes that these bounds, like the position cap, may be changed by the operator.

The reference price combines two inputs. The first aggregates external information that may include funding rounds, secondary transactions, private-market valuations, and other derivatives. The second is calculated from the local order book by smoothing its midpoint over five minutes.

The weight assigned to the order book increases with the executable depth available on both sides of the market. It can account for as much as 95% of the reference price when liquidity is sufficient. If orders are withdrawn, its influence decreases immediately and the external reference receives more weight.

This approach attempts to address a problem specific to private companies: their valuations are observed only through occasional transactions, which may involve different rights for different share classes. A market can incorporate newer information than the latest funding round, but it can also become self-referential when its own order book provides most of the reference price.

The method is not entirely reproducible from the public documentation. Entropy describes the categories of external data it may use but keeps the precise sources, reliability scores, and weighting process internal. Running the order book on public infrastructure therefore does not make the entire valuation process transparent.

The mark price used for margin calculations and liquidations follows the smoothed internal price rather than the full blended reference. Before a potential Anthropic listing, it remains within the 300-to-4,200 bounds. These limits reduce extreme movements in the published mark but do not prevent liquidations within that range.

Funding payments are exchanged hourly between long and short positions. When the contract trades above its reference price, longs pay shorts; when it trades below, shorts pay longs. Entropy applies a reduced funding multiplier so that outdated private-market data does not pull the contract too aggressively toward a valuation that may no longer be relevant.

The market does not have a conventional expiration date, but it does include an exit procedure. If Anthropic goes public, the system is expected to move gradually from a private-market reference to the publicly traded company’s price. Three days before the announced listing, the reference will temporarily use an average of Entropy’s own market. After the listing, the contract will remain denominated in market capitalization because Hyperliquid does not yet support the scaling needed to convert it directly into a per-share contract.

If no listing takes place, `ANTH` is scheduled to end on August 18, 2028. Settlement will then use the average market price over the preceding 30 days. It will not rely on an independent valuation performed at that time. Entropy may also announce early settlement if no public listing is expected.

No Anthropic shares are delivered under either scenario. Entropy’s legal documentation explicitly excludes voting rights, dividends, access to shareholder information, an IPO allocation, or any claim against the company.

This distinction is especially important in Anthropic’s case. The company warns that any transfer of its stock or related interests without board approval is void. Entropy does not claim to circumvent those restrictions: its contract holds no