As CoreWeave faces selling pressure, dragging down "new cloud"概念股, the valuation gap between AI leaders OpenAI and Anthropic is widening.
Based on perpetual futures pricing on the decentralized exchange Hyperliquid, OpenAI's valuation fell more than 4% over the past 24 hours, briefly dropping below $1.5 trillion. Meanwhile, Anthropic’s perpetual contract rose 2.4% during the same period, recovering overnight losses and indicating a valuation slightly above $2 trillion.
Perpetual contracts are betting products with no expiration date. On Hyperliquid’s blockchain infrastructure, these contracts are maintained by “deployers,” who determine funding rates for long and short positions based on a spot “oracle” price. This oracle price estimates the private market price using third-party data, such as private funding rounds and secondary market trades.
In terms of open interest, Hyperliquid defines it as the sum of long and short positions for a given contract. The open interest for Anthropic contracts is more than five times that of OpenAI—over $41 million compared to less than $7 million for OpenAI.
Currently, the deployer behind these pre-IPO contracts—the developers who built this exchange—is Entropy IO. David Schamis, CEO of Hyperliquid Strategies, said that TradeXYZ, the platform’s most well-known developer, typically does not launch pre-IPO perpetual contracts before the S-1 filing is made public. Hyperliquid Strategies is a listed treasury company that invests in the HYPE tokens that support this exchange.
Schami said on the phone: “Once these companies are listed on TradeXYZ, liquidity could become deeper. Typically, trading prices for these contracts exceed the IPO offering price, but they perform well in predicting where the post-IPO stock price will settle.”
The larger price decline in OpenAI’s perpetual contract compared to Anthropic reflects OpenAI’s closer ties to CoreWeave, a GPU leasing data center company. On Thursday, CoreWeave’s stock hit a one-year low, with its cumulative decline over the past year expanding to 54%, as market concerns over its debt-financing strategy intensify.
In April this year, CoreWeave announced an agreement with Anthropic to support its Claude products, though the financial terms of the deal were not disclosed. CoreWeave’s relationship with OpenAI dates back further; as of September 2025, the value of their collaboration is at least $22 billion, including a five-year agreement to provide data centers and technology.
According to Hyperliquid's pricing, despite OpenAI's perpetual contract declining more than Anthropic's over the past 24 hours, both are down approximately 15% from their levels last month.