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Hypercall is rolling out what it describes as the first options market tied to Anthropic before the AI company goes public. The onchain options platform expects trading to begin Monday, according to founder Jake Sylvestre and growth and marketing head Dan Edlebeck, who spoke with The Block.
The timing is deliberate. Anthropic filed its S-1 with the SEC on October 26, 2026, and is targeting a November listing under the ticker ANT. Hypercall wants traders positioned before the opening bell, not after it.
What Hypercall is actually offering
Hypercall runs on the Hyperliquid L1 blockchain. It offers European-style options, which means contracts can only be exercised at expiry rather than at any point along the way.
The contracts are cash-settled in USDC, the dollar-pegged stablecoin. Nobody is handed actual Anthropic shares. Traders simply receive the dollar difference if their bet pays off.
Two other features stand out. Long options positions carry no liquidation risk, and the platform trades 24/7, weekends included.
The numbers behind the platform
Hypercall went live on mainnet on June 1, 2026. Its first product was options on SpaceX, listed as SPCX.
Since then, the platform says it has processed nearly $592 million in cumulative notional options volume by early October 2026. The bulk of that came in a single month: September volume reached approximately $536 million.
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Most of that September activity came from S&P 500 contracts, not exotic private-company bets. The platform’s traction so far rests largely on a very traditional index, with pre-IPO names layered on top.
Sylvestre is not new to building trading infrastructure. He previously developed the Synapse protocol, which recorded over $55–60 billion in volume.
A market already pricing Anthropic
Hypercall is not the first venue letting crypto traders speculate on Anthropic’s eventual value. Pre-IPO perpetual futures on the company recently reached open interest of $134 million, implying a valuation of around $1.9 trillion.
Options add a different flavor to that speculation. Perps are essentially directional: you are long or short. Options let traders express views on volatility, set defined-risk bets, or hedge existing exposure elsewhere.
What this means
For traders, the pitch is access. Retail investors usually cannot touch a company like Anthropic until it lists. Hypercall offers synthetic exposure before that moment, with a loss limited to the premium on long positions.
For Hyperliquid, the launch extends a pattern. The chain has increasingly become a home for markets that tie crypto rails to traditional assets, from index contracts to private companies. Hypercall’s September volume, driven mostly by S&P 500 options, shows that demand for tradfi-style products on crypto infrastructure is not purely theoretical.
The things to watch are straightforward. First, whether trading actually begins Monday as Hypercall expects. Second, how much volume and open interest the Anthropic contracts attract compared with the platform’s S&P 500 business. Third, how closely onchain pricing tracks Anthropic’s eventual debut under ANT, if the November listing goes ahead as planned.
