Overview
- Coinbase activated OPENAI-PERP and ANTHROPIC-PERP on Monday, June 22, listing 24/7 USDC-settled perpetual futures that let traders bet on each company’s estimated private valuation.
- The contracts are derivatives that do not convey ownership, voting rights, or dividends and use valuation-based indexes with conservative leverage caps, mark-price protections, and standard order types.
- Coinbase offers the products through Coinbase Bermuda Ltd. to eligible non-U.S. users only, explicitly excluding U.S. persons because of U.S. derivatives rules.
- Anthropic perps fell as much as about 9% and hit fresh lows across venues after the launch, and Coinbase warns final IPO prices could end up roughly 25% higher or lower than perp levels.
- The move builds on a SpaceX precedent where Coinbase rebased pre-IPO perps into equity perps at listing and raises risks for retail traders from opaque private valuations, thin liquidity, and potential market disruption from a wave of AI IPOs later in 2026.