With Anthropic's initial public offering just weeks away, leveraged derivatives tied to the artificial intelligence company's stock price are trading on Hyperliquid, a decentralized crypto exchange. The instruments include Entropy's ANTH, which tracks Anthropic's valuation, and trade.xyz's ANT, which tracks one Class A share. Neither product provides actual shares or shareholder rights; traders post USDC collateral and settle gains and losses in cash-equivalent assets. ANT offers as much as 10x leverage and fell from about $138 to $110 within three hours of launch, while trading volume reached $8.7 million and open interest stood at $2.2 million. trade.xyz estimates an Anthropic listing date of Nov. 20, after which ANT would convert into a stock-linked perpetual futures contract, although Anthropic has not officially confirmed the date. The products carry risks from leverage, thin liquidity, forced liquidations and potential changes to settlement if the listing is delayed.