TL;DR
- Kraken listed perpetual pre-IPO on ANTHROPIC (Anthropic PBC, or “Anthropic”) and OPENAI (OpenAI Group PBC, or “OpenAI”), so that you can be long or short on the Anthropic or OpenAI exhibit before they are made public.
- Trade with up to 5x leverage And multi-collateral margin (flex)with no expiration. Not available in the United States, EEA, Canada, Australia or New Zealand.
- Pricing uses a specially designed model Kraken PreMarket Synthetic Index which is smoothed and tightly bounded, designed to resist flash liquidations in a small and early market.
- If and when Anthropic and OpenAI complete their IPOs, Kraken intends to convert the contracts standard pricing such as tokenized shares, and contract specifications should change.
What are the ANTHROPIC and OPENAI pre-IPO perpetuals?
Anthropic and OpenAI are two of the most valuable private companies in the world, but their shares are not yet publicly traded. The ANTHROPIC Pre-IPO Perpetual (PF_ANTHROPICXUSD) and the OPENAI Pre-IPO Perpetual (PF_OPENAIXUSD) are cash-settled perpetual contracts that allow you to express your opinion on the value of companies today, without waiting for an IPO:
- Go long if you expect their valuation to rise up to and beyond a public premiere.
- Keep it short cover yourself or take the other side.
- No expirationso you can keep as long as you want, subject to margin.
- Multi-collateral marginthe contract is therefore settled and hedged on Kraken’s flexible account, and a wide range of assets can support your position.
How Kraken Evaluates Companies That Are Not Yet Public
Since there are no public Anthropic or OpenAI shares or an external index, Kraken evaluates these contracts with a specially designed pre-IPO pricing engine:
- Synthetic index: The Kraken PreMarket Synthetic Index derives the reference price from the contracts’ own market, rather than from an external feed that does not yet exist.
- Smoothing: The index is exponentially smoothed, so short-term spikes in a tight order book have little effect on it. Price discovery is intentionally measured.
- Mark Price Clip: The reference price of the contracts is maintained at all times within ± 0.25% of the synthetic index. Even on a thin book, this band is designed to prevent momentary spikes from forcing liquidations: a brief shock only moves the mark fractionally, while a sustained move is tracked orderly over minutes rather than seconds.
How a pre-IPO perp differs from a standard Kraken perpetual
- Price source: A synthetic index, smoothed and tight, rather than an external point index.
- Funding: Structurally small during the pre-IPO phase, because the price is kept close to the index by the band of ±0.25%. A standard perpetual instead follows an external spot price.
- Liquidity: Early markets may be narrow and spreads may be wider than in mature contracts. The smoothing and tightening design exists to keep this early phase tidy.
- Conversion during IPO: Specifications are expected to change if and when Anthropic and OpenAI are made public (see below).
Contract specifications
Anthropic
| Specification | Value |
|---|---|
| Symbol | PF_ANTHROPICXUSD |
| Underlying | ANTHROPIC (Anthropic PBC, pre-IPO) |
| Type | Perpetual (without expiration) |
| Quote and payment | USD, multi-collateral margin (flex) |
| Maximum leverage | 5x |
| Initial margin | 20% (base level) |
| Maintenance margin | 10% (base level) |
| Margin Levels | Up to 5x, then 3.3x and 2x for larger positions |
| Tick size | 0.01 |
| Minimum order size | 0.01 ANTHROPIC |
| Funding | Conducted hourly, structurally minimal pre-IPO (the mark is maintained at ±0.25% of the index) |
| Mark the price | Smooth synthetic, limited to ±0.25% of Kraken PreMarket Synthetic Index |
| Registration date | To be determined |
| Availability | Worldwide, excluding the United States, EEA, California, Australia and New Zealand. Business customers in the UK only. |
OpenAI
| Specification | Value |
|---|---|
| Symbol | PF_OPENAIXUSD |
| Underlying | OPENAI (OpenAI Group PBC, pre-IPO) |
| Type | Perpetual (without expiration) |
| Quote and payment | USD, multi-collateral margin (flex) |
| Maximum leverage | 5x |
| Initial margin | 20% (base level) |
| Maintenance margin | 10% (base level) |
| Margin Levels | Up to 5x, then 3.3x and 2x for larger positions |
| Tick size | 0.01 |
| Minimum order size | 0.01 OPEN |
| Funding | Conducted hourly, structurally minimal pre-IPO (the mark is maintained at ±0.25% of the index) |
| Mark the price | Smooth synthetic, limited to ±0.25% of Kraken PreMarket Synthetic Index |
| Registration date | To be determined |
| Availability | Worldwide, excluding the United States, EEA, California, Australia and New Zealand. Business customers in the UK only. |
What happens when Anthropic and OpenAI go public?
When Anthropic and OpenAI complete their IPOs, Kraken intends to move the PF_ANTHROPICXUSD and PF_OPENAIXUSD prices from the synthetic index to the individual tokenized stock spot indices Anthropic and OpenAI xStocks with normal funding. Contract specifications, including initial margin, maintenance margin, position limits, and financing, are expected to change at this point. Kraken will share full details and timeline of the conversion prior to any changes.
Payward Digital Solutions Ltd. is licensed to carry out digital asset business with the Bermuda Monetary Authority. Trading futures, derivatives and other instruments using leverage involves an element of risk and may not be suitable for everyone. Read Kraken Derivatives Risk Disclosure to find out more.
xStocks are issued by Backed Assets (JE) Limited (a Jersey limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company authorized to carry out digital asset business by the Bermuda Monetary Authority. xStocks are not and will not be registered with any local securities regulator. PDSL (Kraken) does not provide investment advice and/or recommendations, and no communication, whether through any Kraken app or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek independent professional advice if they are unsure about the suitability of an investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment can go up as well as down, and past performance is not a reliable indicator of future results. Not available in the United States or to U.S. persons. Geographic restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and the associated Final Terms for xStocks on https://assets.backed.fi/legal-documentation to find out more.
Highly speculative and volatile: Pre-IPO perpetual securities are speculative instruments and can move significantly. You can lose your entire margin, and with leverage, losses can exceed your initial deposit.
Liquidation and automatic deleveraging: Leveraged positions can be liquidated. As with all Kraken derivatives, automatic deleveraging may occur; for a speculative pre-IPO contract, this probability may be higher than for a mature contract.
No IPO/Pricing Unavailable: If an Anthropic or OpenAI IPO does not occur, or if a reliable index price otherwise becomes unavailable, Kraken reserves the right to delist and settle the contract at a value determined by Kraken in accordance with its rules.
Conversion Risk: Upon conversion to a post-IPO contract, the prevailing pre-IPO mark may differ materially from the IPO/listing price, and there may be significant volatility.
Specification Changes: Contract specifications (margins, limits, funding) are expected to change upon conversion and may be adjusted by Kraken.
This is not investment advice: it is information only and does not constitute an offer, solicitation or recommendation. Products and leverage are not available in all jurisdictions.
No affiliation: the names and brands ANTHROPIC / Anthropic and OPENAI / OpenAI are used for identification purposes only; Kraken is not affiliated with, endorsed or sponsored by Anthropic PBC or OpenAI Group PBC.
