TL;DR
- Kraken has listed pre-IPO perpetuals on ANTHROPIC (Anthropic PBC, or “Anthropic”) and OPENAI (OpenAI Group PBC, or “OpenAI”), so you can go long or short on Anthropic or OpenAI exposure before they go public.
- Trade with up to 5x leverage and multi-collateral (flex) margin, with no expiry. Not available in the US, EEA, Canada, Australia, or New Zealand.
- Pricing uses a purpose-built Kraken PreMarket Synthetic index that is smoothed and tightly bounded, designed to resist flash liquidations in a thin, early market.
- If and when Anthropic and OpenAI complete their IPOs, Kraken intends to convert the contracts to standard tokenized-equity-style pricing, and contract specifications are expected to 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 let you express views on the companies’ value today, without waiting for an IPO:
- Go long if you expect their valuation to rise into and beyond a public debut.
- Go short to hedge or take the other side.
- No expiry, so you can hold for as long as you like, subject to margin.
- Multi-collateral margin, so the contract is settled and margined in Kraken’s flex account, and a wide range of assets can back your position.
How Kraken prices companies that aren’t public yet
Because there is no public Anthropic or OpenAI stock and no external index, Kraken prices these contracts with a purpose-built 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-lived spikes in a thin order book have little effect on it. Price discovery is intentionally measured.
- Mark-price clamp: The contracts’ mark price is held to within ±0.25% of the synthetic index at all times. Even on a thin book, that band is designed to stop momentary spikes from forcing liquidations: a brief shock moves the mark only fractionally, while a sustained move is followed in an orderly way over minutes rather than seconds.
How a pre-IPO perp differs from a standard Kraken perpetual
- Pricing source: A synthetic, smoothed, and clamped index, rather than an external spot index.
- Funding: Structurally small during the pre-IPO phase, because the mark is held close to the index by the ±0.25% band. A standard perpetual instead tracks an external spot price.
- Liquidity: Early markets may be thin, and spreads can be wider than on mature contracts. The smoothing and clamp design exists to keep that early phase orderly.
- Conversion at IPO: Specifications are expected to change if and when Anthropic and OpenAI go public (see below).
Contract specifications
Anthropic
| Specification | Value |
|---|---|
| Symbol | PF_ANTHROPICXUSD |
| Underlying | ANTHROPIC (Anthropic PBC, pre-IPO) |
| Type | Perpetual (no expiry) |
| Quote and settlement | USD, multi-collateral (flex) margin |
| Max leverage | 5x |
| Initial margin | 20% (base tier) |
| Maintenance margin | 10% (base tier) |
| Margin tiers | Up to 5x, stepping down to 3.3x and 2x for larger positions |
| Tick size | 0.01 |
| Minimum order size | 0.01 ANTHROPIC |
| Funding | Realized every hour, structurally minimal pre-IPO (mark is held within ±0.25% of the index) |
| Mark price | Smoothed synthetic, clamped to within ±0.25% of the Kraken PreMarket Synthetic index |
| Listing date | TBD |
| Availability | Global, excluding the US, EEA, CA, AU, and NZ. Professional clients only in the UK. |
OpenAI
| Specification | Value |
|---|---|
| Symbol | PF_OPENAIXUSD |
| Underlying | OPENAI (OpenAI Group PBC, pre-IPO) |
| Type | Perpetual (no expiry) |
| Quote and settlement | USD, multi-collateral (flex) margin |
| Max leverage | 5x |
| Initial margin | 20% (base tier) |
| Maintenance margin | 10% (base tier) |
| Margin tiers | Up to 5x, stepping down to 3.3x and 2x for larger positions |
| Tick size | 0.01 |
| Minimum order size | 0.01 OPENAI |
| Funding | Realized every hour, structurally minimal pre-IPO (mark is held within ±0.25% of the index) |
| Mark price | Smoothed synthetic, clamped to within ±0.25% of the Kraken PreMarket Synthetic index |
| Listing date | TBD |
| Availability | Global, excluding the US, EEA, CA, AU, and NZ. Professional clients only in the UK. |
What happens when Anthropic and OpenAI go public?
When Anthropic and OpenAI complete their IPOs, Kraken intends to transition PF_ANTHROPICXUSD and PF_OPENAIXUSD pricing from the synthetic index to the individual Anthropic and OpenAI xStocks tokenized equity spot indexes with normal funding. Contract specifications, including initial margin, maintenance margin, position limits, and funding, are expected to change at that point. Kraken will share the full conversion details and timing ahead of any changes.
Payward Digital Solutions Ltd. is licensed to conduct digital asset business by 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 learn more.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not nor will be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability/appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the US or to US persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
Highly speculative and volatile: Pre-IPO perpetuals are speculative instruments and can move sharply. You can lose your entire margin and, with leverage, losses can exceed your initial deposit.
Liquidation & auto-deleveraging: Leveraged positions can be liquidated. As with all Kraken derivatives, auto-deleveraging may occur; for a speculative pre-IPO contract this likelihood may be higher than for a mature contract.
No IPO / pricing unavailable: If an Anthropic or OpenAI IPO does not occur, or 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: At the point of 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 on conversion and may be adjusted by Kraken.
Not investment advice: This is informational only and not an offer, solicitation, or recommendation. Products and leverage are not available in all jurisdictions.
No affiliation: ANTHROPIC / Anthropic and OPENAI / OpenAI names and marks are used for identification only; Kraken is not affiliated with, endorsed by, or sponsored by Anthropic PBC or OpenAI Group PBC.