NEAR Protocol Launches Private Anthropic Futures With Up to 10x Leverage on Hyperliquid
NEAR Protocol has introduced private perpetual futures tied to artificial intelligence company Anthropic, giving eligible traders a way to speculate on the company's potential valuation before a possible public listing. The ANT contract is accessible through near.com and uses Hyperliquid's blockchain infrastructure to facilitate leveraged trading.
The platform's announcement says traders can use leverage of up to 10x while keeping their positions hidden from public monitoring. According to the platform’s announcement, The contract is cash-settled and does not provide ownership of Anthropic shares. Trading is also subject to geographic restrictions that exclude United States residents.
Anthropic Financial Figures Provide Valuation Benchmarks
Reported financial disclosures have given traders several reference points for estimating Anthropic's value as the company prepares for a potential Nasdaq listing. The source material describes a reported Form S-1 filing with the U.S. Securities and Exchange Commission that outlines revenue growth across multiple reporting periods.
Anthropic's reported revenue rose from $41 million in 2023 to $4.6 billion in 2025. The company reportedly generated $16.3 billion in revenue during the first half of 2026 and recorded its first quarterly operating profit.
The reported figures also include an $80.7 billion accounting loss, attributed primarily to depreciation obligations. Computing infrastructure expenditures reportedly reached $417 billion over five months, illustrating the scale of investment associated with the company's operations. A previous private funding round reportedly placed Anthropic's valuation at $965 billion, offering another benchmark for traders assessing the futures contracts.
ANT Futures Show Different Prices Across Trading Platforms
ANT futures have displayed substantial price differences across liquidity pools, with trading volume and quoted prices varying between platforms. On Trade.xyz, the contract traded at approximately $115.47, with daily volume of around $9.1 million.
A separate liquidity pool recorded approximately $13.6 million in trading volume while showing a contract price of about $1,891. The figures are not directly comparable without accounting for the different contract specifications and methods used to calculate exposure to Anthropic's potential valuation.
One contract tracks an index representing multiple shares, while Trade.xyz quotes the value of an individual asset unit. These differences help explain why the contracts can display markedly different prices even when both are linked to expectations about the same company's valuation.
Contract Structures and Leverage Create Additional Risks
The introduction of private ANT perpetual futures offers traders a way to take positions on Anthropic's potential market value without directly owning equity. However, the contracts' differing specifications mean that headline prices alone may not provide a reliable basis for comparing exposure across platforms.
Leverage of up to 10x can amplify both gains and losses. Cash settlement also means that the contracts do not confer ownership rights in Anthropic. With a potential public listing still described as a possibility, traders face risks related to leverage, contract design and uncertainty surrounding the company's eventual market valuation.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.