OpenAI’s valuation in perpetual futures on decentralized exchange Hyperliquid fell more than 4% over 24 hours after briefly dropping below $1.5 trillion, while Anthropic’s rose 2.4% to just over $2 trillion. The divergence came as a sell-off in CoreWeave pushed neocloud stocks lower. Both companies’ contracts were still about 15% below highs from the previous month, according to Hyperliquid pricing.

Perpetual futures are contracts with no expiry. On Hyperliquid, deployers set a funding rate for long or short positions using an oracle price informed by third-party data, including private funding rounds and secondary-market trades. Hyperliquid defines open interest as the total of long and short positions; it exceeded $41 million for Anthropic, more than five times OpenAI’s figure of less than $7 million.

Entropy IO is the deployer behind the pre-IPO contracts. TradeXYZ, described as the platform’s most prominent developer, typically waits to list pre-IPO perpetuals until companies’ S-1 filings are public, according to David Schamis, CEO of Hyperliquid Strategies, a publicly traded treasury company investing in the HYPE token that powers the exchange. Schamis said liquidity would probably deepen when TradeXYZ lists the companies, and that such contracts generally trade at a premium to IPO prices but can predict post-IPO levels.

The larger drop in OpenAI contracts reflects its closer ties to CoreWeave, CNBC reported. CoreWeave shares touched a new one-year low Thursday, extending their decline over that period to 54%, amid concerns about its debt-financing strategy. CoreWeave announced a deal in April to power Anthropic’s Claude products without disclosing its value. Its relationship with OpenAI goes back further; as of September 2025, it was worth at least $22 billion and included a 5-year agreement to provide datacenters and technology.

OpenAI’s valuation in perpetual futures on decentralized exchange Hyperliquid fell more than 4% over 24 hours after briefly dropping below $1.5 trillion, while Anthropic’s rose 2.4% to just over $2 trillion. The divergence came as a sell-off in CoreWeave pushed neocloud stocks lower. Both companies’ contracts were still about 15% below highs from the previous month, according to Hyperliquid pricing.

Perpetual futures are contracts with no expiry. On Hyperliquid, deployers set a funding rate for long or short positions using an oracle price informed by third-party data, including private funding rounds and secondary-market trades. Hyperliquid defines open interest as the total of long and short positions; it exceeded $41 million for Anthropic, more than five times OpenAI’s figure of less than $7 million.

Entropy IO is the deployer behind the pre-IPO contracts. TradeXYZ, described as the platform’s most prominent developer, typically waits to list pre-IPO perpetuals until companies’ S-1 filings are public, according to David Schamis, CEO of Hyperliquid Strategies, a publicly traded treasury company investing in the HYPE token that powers the exchange. Schamis said liquidity would probably deepen when TradeXYZ lists the companies, and that such contracts generally trade at a premium to IPO prices but can predict post-IPO levels.

The larger drop in OpenAI contracts reflects its closer ties to CoreWeave, CNBC reported. CoreWeave shares touched a new one-year low Thursday, extending their decline over that period to 54%, amid concerns about its debt-financing strategy. CoreWeave announced a deal in April to power Anthropic’s Claude products without disclosing its value. Its relationship with OpenAI goes back further; as of September 2025, it was worth at least $22 billion and included a 5-year agreement to provide datacenters and technology.