在去中心化交易所Hyperliquid的永续期货价格显示，OpenAI的估值在过去24小时内下跌超过4%，此前曾短暂跌破1.5万亿美元。与此同时，Anthropic的永续期货在同一时间段内上涨2.4%，收复了隔夜的跌幅，估值略高于2万亿美元。
The spread is widening between AI leaders OpenAI and Anthropic as a sell-off in CoreWeave leads neocloud stocks lower.
永续期货是指永不到期的合约。它们由Hyperliquid区块链基础设施上的“部署者”维护，根据现货“预言机”价格确定做多或做空的资金费率。该预言机价格利用第三方数据（如私募融资轮次和二级市场交易）来估算私募市场价格。
OpenAI's valuation is down more than 4% the past 24 hours after briefly slipping under $1.5 trillion, according to perpetual futures pricing on decentralized exchange Hyperliquid. Meanwhile, Anthropic perps are up 2.4% over the same time period, recovering an overnight dip and indicating a valuation of just over $2 trillion.
Hyperliquid定义的未平仓合约（指某一合约的多头和空头持仓之和）在Anthropic上的规模是OpenAI的五倍以上——超过4100万美元，而OpenAI的未平仓合约则低于700万美元。
Perpetuals are bets that never expire. They maintained by "deployers" on Hyperliquid's blockchain infrastructure that determine a funding rate for going long or short the futures based on a spot "oracle" price that uses third-party data like private funding rounds and secondary market transactions to estimate private-market prices.
目前，这些IPO前合约的部署者——即构建该交易所的开发者——是Entropy IO。根据Hyperliquid Strategies（一家投资于HYPE代币以驱动交易所运作的公开上市财务公司）首席执行官David Schamis的说法，该平台上最突出的开发者TradeXYZ通常不会在S-1文件公开之前列出IPO前永续期货。
Open interest, defined by Hyperliquid as the sum of long and short positions on a contract, is more than five times bigger in Anthropic than OpenAI — more than $41 million, compared to less than $7 million in OpenAI.
Schamis在一次通话中表示：“一旦TradeXYZ列出这些公司，流动性可能会更深。”他补充道：“通常情况下，这些合约的交易价格会高于IPO价格，但它们能很好地预测IPO后的价格走势。”
Right now the deployer behind these pre-IPO contracts – the developer building the exchange – is Entropy IO. TradeXYZ, the most prominent developer on the platform, typically does not list pre-IPO perps until S-1s are public, according to David Schamis, CEO of Hyperliquid Strategies, the publicly traded treasury company that invests in the HYPE token that powers the exchange.
OpenAI永续期货价格跌幅更大，反映了该公司与GPU租赁服务商CoreWeave的紧密关联。CoreWeave的股价周四触及一年内新低，该期间跌幅已扩大至54%。市场对CoreWeave的债务融资策略担忧加剧，是导致其股价下跌的主要原因。
"Liquidity will probably be deeper once TradeXYZ lists these companies," Schamis said in a call. "Generally these will trade at a premium to the IPO price but they do a good job predicting where it will be post-IPO." The bigger price drop in OpenAI perps reflects the company's closer ties to GPU rent-a-center CoreWeave, whose shares touched a new one-year low Thursday, extending a decline over that period to 54%, as concerns mount over the company's debt-financing strategy.
4月，CoreWeave宣布与Anthropic达成协议，为其Claude产品提供支持，但未披露该协议的价值。该公司与OpenAI的关系更早，截至2025年9月，其价值至少为220亿美元，其中包括一项为期五年、提供数据中心和技术的协议。
In April, CoreWeave announced a deal with Anthropic to power the company's Claude products, but did not disclose the value of the deal. The company's relationship with OpenAI stretches back further, and as of September 2025 was worth at least $22 billion including a 5-year agreement to provide datacenters and technology.
尽管过去24小时OpenAI的表现不如Anthropic，但根据Hyperliquid的定价，两者均较上月高点下跌约15%。
While OpenAI perps are falling more than Anthropic the past 24 hours, the two are both down about 15% from highs last month, according to Hyperliquid pricing.