Hypercall plans Anthropic-linked options on Hyperliquid
Hypercall says it will list the first Anthropic-linked pre-IPO options market, with trading expected Monday, Nov. 9. The contracts are synthetic, cash-settled and closed to US customers.
Hypercall, an onchain options platform built on Hyperliquid, says it will list the first options market tied to Anthropic ahead of its expected IPO. The Block reports that trading is expected to begin Monday, Nov. 9, and will not be open to US customers. The launch comes as prediction markets have sharply cut the odds of a November Anthropic listing.
What was announced
The "first" label is Hypercall's own claim, as relayed by The Block. Blockchain Academics did not search for rival products. Founder Jake Sylvestre and growth and marketing head Dan Edlebeck told The Block they expect trading to start Monday. Trading is expected to begin Monday, Nov. 9, so it has not yet begun. A NewMediaWire press release dated Nov. 6 carries the headline "Hypercall Launches World's First Anthropic-Linked Options Market", which repeats the company's own claim. Only The Block confirms the Monday timing and the geographic limits.
How the product works
The options are synthetic, cash-settled derivatives. Traders will not own Anthropic shares or receive voting rights. Payouts are calculated from each contract's strike price and its reference price at expiry.
The contracts will trade around the clock. Sylvestre said Hypercall supports basic calls and puts as well as spreads and more advanced strategies. The contracts will not be available to US customers; The Block's description says they will be offered in select non-US jurisdictions. Hypercall already lists options tied to SpaceX, the S&P 500, bitcoin and ether. Sylvestre previously reported $536 million in options notional volume on Hypercall for September (The Block does not give the year; context implies 2026). The figure is self-reported and unverified.
Why Hyperliquid matters
Existing Anthropic-linked perpetual futures on Hyperliquid give market makers a way to hedge the risk of selling options before Anthropic shares trade publicly. Edlebeck said this lets Hypercall offer options on these assets before anyone else can, a company claim that Blockchain Academics has not checked.
Hyperliquid's token, HYPE, traded at $78.04 at 14:05 UTC on Nov. 6, with a market capitalization of $18.68 billion, per DefiLlama. The Hyperliquid L1 chain held $2.45 billion in total value locked, per DefiLlama.
Timing risk
According to The Block, Polymarket's odds of a November Anthropic IPO fell from roughly 88% on Tuesday (Nov. 3) to as low as 51% by Thursday, Nov. 5. Blockchain Academics did not check the underlying market pages. Odds of a January 2027 debut rose from under 1% to nearly 17%. According to The Block, a Kalshi market put the chance of an IPO before Dec. 1 at 60%, down from around 88%. Contracts for a debut before Jan. 1 and before Feb. 1 traded at 63% and 85%.
The Block also reports that the Nasdaq fell around 6% on Thursday amid concerns about AI infrastructure spending. Blockchain Academics has not verified that figure. The Block says Anthropic filed its S-1 on Oct. 26 and plans to list on the Nasdaq under the ticker ANT. Blockchain Academics did not check this against the SEC filing.
Sylvestre said the backdrop has shifted his pricing concern from a post-IPO rally to a potential slump. He said: "People that market make options are really pricing volatility." The Block adds that an option can expire worthless, but a price swing will not automatically trigger a margin liquidation as it can in leveraged perp trading.
What we don't know yet
The jurisdiction list, fees, strikes, expiries and the source of the reference price are unknown. The reporting does not say whether Anthropic has commented. It does not suggest Anthropic is involved, so "Anthropic-linked" refers to the reference price only. No funding or investor details for Hypercall were reported.