Hyperliquid Whale Grows Anthropic Pre-IPO Short to $25.46M Across ANTH and ANT

6x Leverage, Two Contracts, One Whale

An anonymous Hyperliquid address has spent more than a week building the largest short on record against Anthropic's pre-IPO perpetual contracts, and the position crossed $25.46 million on Wednesday with fresh contracts still going on. The account behind the trade is visible on-chain as 0xecc8...d8ce. At a reading taken around 03:00 UTC on November 4, it held 6x isolated short exposure on both of the AI developer's listed contracts: 11,398.136 contracts short on ANTH at an average entry of 1,855.778, worth about $20.18 million, and 47,595.47 contracts short on ANT at an average of 113.2558, worth roughly $5.29 million. The second leg was still growing as the record was read. An earlier snapshot at 02:20 UTC had put the ANT short at 46,256.33 contracts, so 1,339.14 contracts, about $149,000 in notional, were added in roughly 40 minutes. For anyone tracking the ANT price into the listing window, a single account's book now moves that market as much as any broader flow does. The ANTH side carries the real weight. On-chain data puts the contract's total open interest at 56,822.69 contracts, meaning one address holds about 20% of it, and at the 1,770 mark price recorded during the reading the short sat on roughly $974,000 in unrealized profit. The run has been deliberate. When the same address was read on October 27 it was already the largest ANTH bear, with 4,280.887 contracts at an average of 1,953.633. The position has since grown to 2.66 times that size while the average entry moved about 98 points lower; working from the two averages, the roughly 7,117 contracts added in between were opened near 1,797, below the first batch, so the account kept selling into a falling market. The bet is not without risk: the API lists forced liquidation at 2,514.46, a print that would imply a valuation of about $2.51 trillion.

Cash Settlement, No Shares

Neither contract grants equity. ANTH was deployed by Entropy and ANT by trade.xyz, both as HIP-3 markets on Hyperliquid, the venue's framework that lets third parties run their own perpetuals settled in USDC; holders collect cash profit and loss only. The trade.xyz listing description states that one ANT corresponds to one share of Anthropic Class A common stock, quoted in dollars and set to convert into a standard perpetual once the stock formally lists. Pricing mechanics differ between the two. ANTH is quoted directly against market capitalization, with every $1 of contract price equal to $1 billion of valuation, so the 1,770 mark recorded on Wednesday morning read as an implied $1.77 trillion. ANT marked 111.03, which works out to roughly $1.88 trillion on the about 16.937 billion fully diluted shares the prospectus implies, a figure that moves with the share-count estimate. The ANT leg itself carried roughly $105,000 in unrealized profit at the reading, with forced liquidation set at $153.90. Because settlement is cash-only, the whale's position is a directional bet on sentiment around the listing rather than a hedge of any actual share allocation. Neither number is a listing price. Anthropic's amended S-1/A, filed with the U.S. Securities and Exchange Commission (SEC) on November 2, still leaves the offering price range and the share count blank, and no listing date has been announced. The company is expected on Nasdaq on November 18 at an anticipated valuation of $1.75 trillion; the pre-listing contracts have previously priced it as high as $2.3 trillion. These markets can also move hard in both directions: the ANT contract dropped 20% in its debut session when it went live, and traders new to third-party venues can start with How to Trade on Hyperliquid. COINOTAG data shows Anthropic last changing hands at $1,630.25, up 1.36% over 24 hours. COINOTAG's support and resistance composite flags $1,701.51 as the strongest level overhead (score 96/100) and $1,594.06 as the strongest below (91/100), while the perpetual funding rate stands at 0.0025%.

Concentration and Squeeze Risk

The shape of the trade matters as much as its size. One address holding about a fifth of ANTH's open interest makes that contract's direction partly a single-account story, and the account has been adding into falling prices rather than covering into strength. Its liquidation line at 2,514.46 implies a $2.51 trillion valuation, well above the $1.75 trillion the expected listing assumes, so the short's own risk sits far from current marks. COINOTAG's composite still rates the instrument in a daily downtrend, with an RSI of 29.2 and a bearish MACD, and a fuller ANT technical analysis view tracks the same levels live. Whether the run continues was still open at the last reading: the ANT short was the leg adding contracts as the record closed.