Research note · Hyperliquid ecosystem

Hyperliquid meets TradFi: ICE, pre-IPO markets and HYPE demand

Open interest in Anthropic pre-IPO perps on Hyperliquid rose ~58% in one weekend to ~$128M, days after ICE invested in trade.xyz.

Anthropic-linked OI$81.3M → $128.1M+58% in a weekend
Combined 24h volume$22.2M2 Nov
Implied valuation~$1.76TANTH
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Research snapshot · 2 Nov 2026 · 16:30 UTC

Anthropic-linked open interest on EntropyIO and trade.xyz increased from a combined $81.3M on 30 October to $128.1M on 2 November 2026
Chart prepared from the figures in Madaba's 2 November post (Hyperliquid API).

ICE (Oct 29)

The owner of the NYSE made a strategic investment in trade.xyz, and together they want to bring its 24/7 perps on Hyperliquid to the US, subject to CFTC approval. trade.xyz says its HL markets did $650B+ in volume in just over a year.

The Anthropic trade

EntropyIO's ANTH went from $52.9M to $83.7M in open interest and trade.xyz's ANT from $28.4M to $44.4M. ANTH implied a ~$1.76T valuation, slightly above the $1.5-1.75T that existing investors expect for the IPO according to the FT.

What it means for HYPE

The fee contribution is still modest at ~$22M of combined daily volume, but the trade runs on HIP-3, where every deployer stakes 500K HYPE. Attention, volume and open interest should keep climbing toward the listing.

Updates since publication

  1. The CFTC cleared single-stock perps for US exchanges.

    Read more →

Sources & related reading

The main thesis of this piece is followed in the track record →

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