Anthropic perpetual futures on Hyperliquid traded near $94.92 on November 10, approximately 21.7% above the company's proposed IPO ceiling of $78 per share. The perp tracks the price of a single Anthropic share but grants holders no actual equity or IPO allocation rights. The premium pricing reflects speculative demand for pre-IPO exposure to the AI company through decentralized derivatives markets, allowing traders to gain synthetic price exposure without direct investment in Anthropic's upcoming offering.