Hypercall Deploys Synthetic Options Amid Valuation Doubt

Hypercall Deploys Anthropic Synthetic Options

Decentralized derivatives venue Hypercall scheduled the launch of synthetic options tied to Anthropic pre-IPO valuations for Monday, November 9, at 8 a. m. EST. The platform, operating as a Synapse product built on top of Hyperliquid, scheduled round-the-clock trading for calls, puts, and spreads.

On-chain records show Hypercall generated $536M in options notional volume during September across existing markets covering Bitcoin, Ethereum, and corporate equities like SpaceX. These newly introduced options settle entirely in cash against an oracle price average.

Perpetual Futures and Settlement Mechanics

Hypercall documentation confirms the options are European-style contracts that pay out strictly at expiry. Each position settles in USDC against a 30-minute average of the oracle price on underlying Hyperliquid perpetual futures deployed via the HIP-3 framework.

Market data from Friday identified four distinct Anthropic perpetual contracts active on the network from issuers including Trade[XYZ], Ventuals, Paragon, and EntropyIO. Buyers of fully paid contracts face zero liquidation risk before expiry, while market makers hedge exposure using the active perpetual markets.

CFTC regulatory approvals granted on November 3 for individual stock perpetual futures under joint oversight with the SEC accelerated venue competition. Intercontinental Exchange and Payward are moving to deploy compliant venues leveraging decentralized order book architecture, placing pressure on early decentralized pioneers.

Nasdaq Listing and Valuation Headwinds

Anthropic published its IPO prospectus on October 26 to list on Nasdaq under the ticker ANT, though its November 2 amended filing omitted any specific price range. Reuters reported that institutional investors doubt a roadshow can commence during the week of November 9.

Four sources familiar with the discussions confirmed that potential buyers are resisting the previously discussed $1.5T valuation. Investors are demanding lower entry points as market uncertainty weighs on the upcoming public debut.

CoinGlass tracking data confirmed positive exchange netflows for six consecutive days across related derivatives platforms, raising immediate selling pressure across spot order books. Binance reported $4.65B in user withdrawals over a 10-hour window as capital shifted toward competing venues amid the pricing standoff.