What’s Anthropic or OpenAI worth? Anthropic was valued at $965B in its last funding round. Perps price it around $1.9T. OpenAI was valued at $852B in its last round. Perps price it roughly $1.5T. Both already trade 24/7 onchain. But before trading that valuation gap, look at how each venue prices it. The oracle, funding and IPO conversion rules can change the trade. Here’s where the market stands 👇 1/ The landscape DefiLlama’s tracked markets, Oct 22: → Anthropic: ~$78M reported OI, ~$29M daily volume. → OpenAI: ~$39M reported OI, ~$56M daily volume. Both trade on 17 tracked venues. Entropy, Phoenix and Ondo Perps aren’t included, so the full market is larger. It’s still small enough that getting into a position is a very different question from getting out at size. 2/ Why the valuation gap can persist You can’t buy Anthropic at its last funding valuation today, short the perp at $1.9T and lock in the difference. Private shares are difficult to source and transfer. There’s no freely tradable spot market keeping the perp honest. The premium can reflect growth expectations, anticipated IPO pricing, scarce access and one-sided positioning. Funding helps, but only relative to the venue’s reference price. When that reference largely follows its own book, both prices can move together without converging toward private-market transactions. That’s why oracle design matters here. 3/ @entropyIO Entropy operates HIP-3 markets on Hyperliquid, with oracle feeds implemented by RedStone. Its oracle blends its own book with external private-market references. A deeper executable book receives more weight, capped at 95%. Pulled liquidity loses its influence immediately. ANTH offers 6x isolated leverage, with a $55M OI cap. Growth Mode brings base maker/taker fees to 0.3/0.9bp. Funding uses a 0.125 multiplier, giving traders room to price new information ahead of slower private-market references. For dedicated pre-IPO price discovery, Entropy has the strongest case in this group. 4/ @Lighter_xyz Lighter prices pre-IPO markets internally, with no external anchor or price caps. Its funding premium multiplier is 1/100. Standard accounts pay zero trading fees. The tradeoff shows up in the entry price. In the checked snapshot, Anthropic traded around $1,998 on Lighter versus $1,929 on Binance, a ~3.6% premium. For a long, that upfront premium can outweigh the fee savings. For a short, weak funding pressure gives the premium room to persist. 5/ @variational_io Variational uses RFQs. Its integrated market maker, OLP, quotes every trade, takes the other side and manages its hedges. Pre-IPO pricing aggregates other venues. Funding is fixed at 0.005% per eight hours, roughly 5.5% annualized on notional. The appeals are firm quotes and predictable carry. The dependency is one quoting counterparty and the external markets it references. Compare the spread as closely as the zero-fee headline. 6/ @PhoenixTrade Phoenix offers Anthropic perps on Solana with 6x isolated leverage. Pricing combines internal book-based pricing with external sources. A ±16.67% trading band resets every four hours UTC. Base fees are 0.5bp maker and 3.5bp taker. The bands limit extreme execution prices, but can constrain trading when major news forces a rapid repricing. 7/ @OndoPerps has also entered the category. Its first pre-IPO market is OpenAI, live since Oct 21 with up to 3x leverage. Another venue to watch as liquidity and the market develop. 8/ The post-IPO conversion is the real test On Entropy, the contracts will remain market-cap perps after listing. Lighter converts once a stable post-IPO price feed exists. This matters for hedging. New share issuance can increase market cap without an equivalent gain per existing share. A market-cap perp can therefore behave differently from the private shares someone is trying to hedge. Cross-venue trades also retain funding, liquidation and settlement risk. Matching company names don’t make the contracts interchangeable. 9/ Why will pre-IPO perps become much bigger? Look beyond Anthropic and OpenAI. @DefiLlama’s tracked 1Y changes in private-company valuation estimates: → AI: Mistral +487%, Baseten +800% → Data infrastructure: ClickHouse +3000% → Robotics: Physical Intelligence +172% → Prediction markets: Kalshi +693% → Social media: ByteDance +64%, at roughly $503B There’s a huge range of company risk people could want to trade. Eligible shareholders could hedge concentrated exposure. Funds could trade relative valuations. Retail could express a view before a public listing. Cash settlement removes the need to source and transfer private shares. Onchain’s advantage is that builders can compete on market design while sharing existing trading and settlement infrastructure. The bottleneck becomes credible pricing and enough liquidity to survive bad news, delayed IPOs and large exits. Private companies are getting prices people can trade against around the clock. Bullish onchain.