Kraken launches OpenAI and Anthropic pre-IPO perps

Kraken is offering perpetual futures tied to the private-market valuations of OpenAI and Anthropic, giving eligible traders leveraged exposure before either artificial intelligence company completes a public listing. Summary Kraken offers cash-settled Anthropic and OpenAI pre-IPO perpetuals with maximum leverage of five times globally. The contracts provide price exposure without shares, voting rights, dividends or ownership in either company. Kraken excludes customers in U.S., EEA, Canada, Australia and New Zealand from these products entirely. Pricing uses a smoothed synthetic index with mark prices clamped within a 0.25% band continuously. Kraken plans to change pricing if either company completes an IPO, with specifications changing afterward. The cash-settled contracts support long and short positions, have no expiration date and offer leverage of up to 5x.The exchange promoted its Anthropic contract again on Sept. 6 after initially announcing both products in June. Kraken’s official post identified the Anthropic contract as PF_ANTHROPICXUSD and confirmed support for multi-collateral margin. OpenAI trades under the PF_OPENAIXUSD symbol. Neither contract represents shares issue...