Anthropic options are live on Hypercall.
Anthropic filed to go public on October 26 and plans to list on Nasdaq as ANT. Until now, the way to trade that view on Hyperliquid was the ANT perp, which fell about 20% in two days last week. At 10x, a move like that closes you out whether or not you end up right about Anthropic.
An option changes that. Buy one with cash and the most you can lose is what you paid, and a wick on its own can’t take you out early. Accounts that carry short positions can still be liquidated, long options included, and portfolio margin accounts that borrow the premium pay interest on it. It also lets you trade the part a perp can’t touch, which is how big the move is going to be.
What you can trade
- Calls and puts on ANT, plus spreads, from the same chain as every other market on Hypercall
- Expiries at 4 PM New York on weekdays, from one day out to 66 days
- Strikes every 2.5, within 25% of the current price
- Perps on ANT through Hypercall as well, so you can hedge in the same account
Here’s what that looked like on Monday afternoon with ANT near 100. The 110 call expiring November 27 was indicated at about 6.57, so you make money at expiry above about 116.57 and the worst case is losing the 6.57. The 92.5 put for the same date was indicated at about 7.01, which makes money at expiry below about 85.49. Prices move all day and those were single quotes, so check the screen.
What you actually own
These options are synthetic. They settle in USDC against a trimmed 30-minute average of the ANT perp’s oracle price, and the settlement rules have the detail. You don’t get shares, voting rights or an IPO allocation, and Anthropic has nothing to do with them. They aren’t available to US persons.
What happens at the listing
The perp behind these options is priced today by its own order book, through an internal oracle. Once the real stock trades and there’s enough market data, trade.xyz expects to convert it to a normal equity perp priced off the outside market, typically from the first regular session. Trade.xyz lists November 20 as the anticipated date, for reference only, with a grace period to January 19, 2027.
That date is the trade and it’s also the risk. Before listing, the price is a small market’s best guess. At listing it can jump to wherever the real stock opens, and nobody is promising the date will hold.
Before you size up
Liquidity is early, spreads are wide, and the underlying is a thin pre-IPO market that trades around the clock. A long option can still expire worthless. Selling options needs margin and the losses aren’t capped the way a buyer’s are.
To start, go to app.hypercall.xyz, fund with USDC, pick ANT from the market switcher, and review the order before you send it. The trading docs walk through the flow.
This content is informational and not financial or investment advice. Trading options and digital assets carries risk.