Live implied valuation of pre-IPO companies trading as synthetic perpetuals on Hyperliquid
What this measures: Companies like OpenAI and Anthropic trade as synthetic perpetual futures on Hyperliquid (HIP-3, deployer entropyIO), where contract price directly represents implied valuation in billions of dollars — a price of $1,639 implies a $1.639T valuation. This deployer uses a RedStone-fed oracle, so oracle-vs-mark divergence is a real, meaningful signal of market disagreement with the reference feed — unlike trade.xyz's Hyperp-based pre-IPO markets, which run without an external oracle until conversion.
What this does NOT do: this is not equity, not an IPO allocation, not investment advice, and confers no ownership, voting rights, or dividends in the underlying company. These are cash-settled derivatives that automatically convert to standard equity perpetuals once the company completes a public listing. Data is read live from Hyperliquid's public info endpoint — nothing is stored or monitored continuously.