Hyperliquid has launched a tokenized perp. It’s using an implied valuation of around $2T to price in Anthropic’s pre-IPO exposure, and the daily trading volume is in the tens of millions of dollars. The stock hasn’t even opened yet, but the perp starts getting priced first—pretty absurd. This perp trade isn’t actually Anthropic equity; bluntly, it’s on-chain players using real money to place bets on how it should be valued. The doors to the primary market have always been closed to ordinary people: for pre-IPO shares of a company of this size, who holds them and at what price they trade—none of that ever makes it into the public order book. So someone simply moved the price-discovery question onto the chain. You can’t buy the ticket, but you can still express an opinion about that $2T number. The volume relative to $2T is a tiny fraction of a tiny fraction, yet it still manages to put a price on the screen first. Honestly, whether $2T is accurate or not is anyone’s guess—the point is that it bypasses the old financial world’s gatekeeping. Previously, before companies like this even listed, retail investors couldn’t even touch the edge of their shares. Now a single perp pries the door ajar. The venue won’t let people in, so the players set up a betting table right at the entrance and they’re calling it out loud.

Source: @ChaseWang on X