anthropic open interest jumped another $20m this weekend while entropy crossed $100m total oi. the pre-ipo book is still growing even as the price grinds lower. trading breakdown: - ant -usdc [@entropyIO] : mark around $1,763, implied valuation $1.76t - 24h volume: ~$15-16m - open interest on the anthropic market alone: roughly $80m+ and climbing - 24h change: down about 2% - leverage available up to 15x - funding still positive and small the big number: $20m more open interest added to anthropic in a single weekend, pushing entropy past $100m total oi in under three months. the twist is exactly what @Kintsugi_IO pointed out. every previous attempt to give regular people real exposure to pre-ipo names through shares, tokens, or securitized products has mostly failed. perps just give pure price exposure, no claim on the company, No allocation. No ownership. people keep adding size anyway, even after the s-1 filing and the move down from the $2t+ highs. either this is the cleanest price discovery private markets have ever had, or a lot of leveraged money is going to find out the hard way that derivative exposure cuts both ways once the actual ipo prints. which side are you on?