Traders bet on a rise around Anthropic’s forthcoming initial public offering as contracts linked to rival OpenAI declined on Hyperliquid, pointing to a possible competitive dimension in trading ahead of the flotation.

The OpenAI market capitalisation implied by perpetual contracts fell 7% to $1. The contract recorded $2.8 billion in volume over the past 24 hours, providing a measure of trading activity amid news of Anthropic’s upcoming roadshow.

That news may have contributed to the decline in the OpenAI-linked contracts, although the available information does not establish a causal connection. The $1.

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Shares of Hyperliquid Strategies, the publicly traded treasury company that invests in the HYPE tokens powering the exchange, also declined. The stock, which trades under the ticker PURR, fell 4% Tuesday but remained up 150% on the year. Its share performance is a separate measure from the OpenAI-linked contracts’ implied market capitalisation and trading volume.

Anthropic’s upcoming roadshow forms part of the offering process. The available information gives no pricing terms or listing timetable, leaving the contract trading as an indication of positioning rather than evidence of the outcome of Anthropic’s flotation.

The available information does not give a price or trading history for an Anthropic-linked pre-IPO contract. The reported declines concern OpenAI-linked contracts and Hyperliquid Strategies shares, not Anthropic shares.

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