Hyperliquid Prices Anthropic 27% Above Its IPO Range

gm, Defiers!

These are the biggest stories in DeFi and crypto:

• Anthropic's perp trades 27% above its IPO range
• LlamaRisk wants $1.33B of collateral out of Aave Core
• Bitcoin fell below $73K after hot CPI
• Initia halted its L1 after a $605K outflow
• PNC pilots USDC payments with Coinbase

Traders on Hyperliquid are pricing Anthropic well above its IPO range. Anthropic set the range at $70 to $78 a share today, when it launched its roadshow for 825 million shares on Nasdaq under the ticker ANT. At $78, the base offering would raise about $64.35 billion. Trade.xyz's ANT perpetual, which tracks one Anthropic share, was at $99 at 5:40 p.m. ET, 27% above the top of the range.

About $119 million of the contract changed hands over the past 24 hours, and open interest was about $100 million. The perp also moved on IPO news. It fell to about $91 last night, when Anthropic sent bankers a $70-to-$80 range and then withdrew it, according to Reuters. It fell to about $90 again after this morning's announcement. Both times it was back above $96 within the hour.

Trade.xyz opened the market on Oct. 26 at a price of $138, and funding is set at 1% of its normal rate, so longs pay little to hold.

Pricing is expected next week, according to Reuters, and Anthropic can price above the range if demand is strong. After the first full Nasdaq session, the perp will switch to the Nasdaq price. Ondo and Dinari plan to launch Anthropic tokens at the Nasdaq price on listing day, and Leverage Shares' 3x ETP holds cash until then.

Read more below!

As of 22:42 UTC, Nov. 10. Data: CoinGecko, Aave, Hyperliquid. Full list

MARKETS

Anthropic Perp Trades Above IPO Range on Hyperliquid

Anthropic's pre-IPO perp on Hyperliquid traded above the top of its new $70–$78 IPO range all day. Anthropic registered up to 948.75 million shares, including a 123.75 million-share option for underwriters, and the filing uses $78 as its maximum price. At $78, the 825 million-share base offering would raise $64.35 billion. Trade.xyz's perp settles in cash between traders, and its buyers get no shares or allocation.

Anthropic Perp Trades Above IPO Range on Hyperliquid

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DEFI

LlamaRisk Proposes $1.33B Collateral Exit From Aave Core

LlamaRisk proposed winding down about $1.33 billion of collateral in Aave V3 Core, which backs $1.03 billion of debt. Most of it is rsETH, osETH, LBTC, tBTC and rETH. LlamaRisk's first step would freeze those reserves and set their loan-to-value limits to zero, so borrowers can repay, withdraw or migrate without being liquidated. If migration stalls, later steps could cut liquidation thresholds. LlamaRisk puts rsETH and osETH loops at 12 to 14 times leverage, so those borrowers have the most to unwind. Aave governance has not voted on it yet.

MARKETS

Bitcoin Falls Below $73,000 to Fresh 10-Week Low

Bitcoin fell below $73,000 to its lowest price in at least 10 weeks after October CPI came in above forecasts and Fed Governor Christopher Waller backed a December hike. Ether, SOL and XRP fell harder, and one tracker counted $685 million of liquidations in 24 hours, 82% of them longs. SOL hit a four-week low, XRP is down 24% in four weeks, HYPE fell 18% in a week and Zcash dropped below $1,100. A Fed hike would raise the cost of the borrowing behind leveraged crypto positions.

HACKS

Initia Halts L1 After $605,000 USDC Outflow, Team Says

Initia halted its Layer 1 after about $605,000 in USDC and $10,000 in other tokens left escrow accounts that hold assets bridged to its rollups. Initia says compromised rollup infrastructure keys let an attacker fake IBC transfers, and the USDC left through Noble. It is Initia's second halt since Oct. 23, and the team gave no restart time. Separately, Across told users to avoid its app while it investigates a domain issue. Across users should not sign transactions there until the team gives an all-clear.

TRADFI AND FINTECH

PNC Launches USDC Payments Pilot With Coinbase

PNC Bank launched a pilot with Coinbase that lets corporate clients receive USDC on Ethereum and have it deposited as dollars in their PNC accounts. Coinbase converts the USDC one to one and wires the dollars to PNC. Goldman Sachs, Citigroup, Santander and Deutsche Bank are among banks that have committed about $270 million to a joint stablecoin venture, Bloomberg reported. Visa added Monad to its stablecoin settlement program. Under PNC's pilot, the client receives dollars and never holds the USDC.

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