Kraken launches leveraged perpetual futures on OpenAI and Anthropic pre-IPO valuations
Kraken is offering cash-settled perpetual futures providing leveraged exposure to OpenAI and Anthropic valuations before either company goes public.
Why it matters
This product launch expands retail access to synthetic exposure to high-profile private AI companies, creating a derivatives-based market around valuations that were previously only accessible to private investors. With only one outlet covering the story, broader market reaction and regulatory implications remain unclear.
Key facts
The products provide exposure without shares, voting rights, dividends, or ownership in either company
Reported by Crypto.News
Kraken excludes customers in the U.S., EEA, Canada, Australia, and New Zealand from these products
Reported by Crypto.News
Pricing uses a smoothed synthetic index with mark prices clamped within a 0.25% band continuously
0.25 %Reported by Crypto.News
Kraken plans to change pricing if either company completes an IPO
Reported by Crypto.News
The Anthropic contract was initially announced in June and promoted again on Sept. 6
Reported by Crypto.News
The contracts support multi-collateral margin
Reported by Crypto.News
Kraken states it has no affiliation with, endorsement from, or sponsorship by OpenAI or Anthropic
Reported by Crypto.News
What happened
Crypto.News reported that Kraken has launched perpetual futures contracts tied to the private-market valuations of OpenAI and Anthropic. The products, announced in June with the Anthropic contract promoted again on Sept. 6, offer cash-settled derivatives with up to 5x leverage but no actual ownership, voting rights, or dividends in either company. Kraken says it has no affiliation with OpenAI or Anthropic, and both companies are not issuing shares through these products. The contracts, trading under PF_OPENAIXUSD and PF_ANTHROPICXUSD, support long and short positions and use a smoothed synthetic index with mark prices clamped within a 0.25% band. Kraken excludes customers in the U.S., EEA, Canada, Australia, and New Zealand entirely. The exchange has said it plans to change pricing if either company completes an IPO.
How the story developed
- First report
First report by Crypto.News
Kraken launches OpenAI and Anthropic pre-IPO perps
- Update
Kraken announces OpenAI and Anthropic pre-IPO perpetual futures
Products were initially announced in June
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Kraken launches OpenAI and Anthropic pre-IPO perps | Original |
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