Kraken offers Anthropic and OpenAI pre-IPO perps at up to 5x

Kraken promoted its Anthropic pre-IPO perpetual again on September 6, 2026. The exchange also offers an equivalent contract for OpenAI. Both products were originally announced on June 15, so the September post is a reminder rather than a new listing.

PF_ANTHROPICXUSD and PF_OPENAIXUSD are cash-settled perpetual contracts. Eligible traders can take long or short positions, the contracts do not expire, and Kraken supports multi-collateral margin through its flex account.

These contracts are not shares. Holding one does not place the trader on either company's shareholder register or provide voting rights, dividends, information rights or ownership of company assets. Kraken also says it is not affiliated with, endorsed by or sponsored by Anthropic or OpenAI.

Neither company has a publicly traded share price, so Kraken uses its PreMarket Synthetic index. The index derives its reference price from activity in the perpetual market and applies exponential smoothing. Kraken keeps the mark price within 0.25% of the index. That design limits the effect of brief order-book spikes, but it does not remove valuation or liquidity risk.

The base tier allows up to 5x leverage, with 20% initial margin and 10% maintenance margin. Available leverage falls for larger positions. Funding is realized every hour, and early markets may have wider spreads than established derivatives. A leveraged position can be liquidated, and auto-deleveraging may apply.

The products are unavailable in the United States, European Economic Area, Canada, Australia and New Zealand. Access in the United Kingdom is limited to professional clients.

If Anthropic or OpenAI completes an IPO, Kraken intends to move the relevant contract from synthetic pricing to an index based on the company's xStocks tokenized equity product. Margin requirements, position limits and funding terms are expected to change. Kraken may delist and settle a contract if an IPO does not happen or reliable pricing becomes unavailable. The pre-IPO contract price may also differ sharply from a future public listing price.

For eligible users, these products are derivatives on market expectations about two private companies. They do not provide equity ownership, so the synthetic pricing method, liquidity, margin rules and regional restrictions all need to be reviewed before trading.

Sources: Kraken official blog, https://blog.kraken.com/product/kraken-derivatives/trade-anthropic-and-open-ai-at-up-to-5x-leverage; Kraken official X post, https://x.com/krakenfx/status/2096508704170353121.