Hyperliquid's Entropic staking is overheating... Annualized fees have skyrocketed to 8,700%

Cryptocurrency traders paid annualized fees as high as 8,700% to bet on the rising enterprise value of the unlisted AI company Anthropic. Some traders even paid 1% per hour, with the implied expectation that in one year, Anthropic’s value would soar to $88 trillion. Considering that the current global market cap of the largest listed company, NVIDIA ($NVDA), is $5.2 trillion, this represents an extreme overheating phenomenon.

The product traded on Hyperliquid does not involve actual Anthropic stock. Some argue that complex terms, oracles (price benchmarks), low open interest limits, and a simple buy button are mixed together, leading to trading that occurs without fully exposing risks. In reality, traders are not betting on ‘stocks,’ but merely on the ‘value change’ of Anthropic.

1% per hour is not enough; the cap even reaches 4% per hour

Reportedly, Hyperliquid settles funding rates related to Anthropic contracts every hour, with an upper limit set at 4% per hour. During weekends, the hourly fee once exceeded 1.5%. Over 48 hours, long positions paid a funding rate equivalent to more than 15% of the position size. If a trader opens a $10k long position with no change in value, they would lose $1,500 in two days.

This product does not trade actual Anthropic stock but tracks the value of a private company through a derivative structure called Ventuals. The problem is that the larger the gap between the benchmark price and the actual trading price, the more the long position must continuously pay the short. Throughout the weekend, the contract price remained above the oracle price, causing short positions to profit as if from a ‘high-yield strategy’ by betting on Anthropic’s decline.

‘Fake stock market’ driven by the unlisted AI craze

In February 2026, Anthropic was valued at $380 billion after a Series G funding round led by GIC and Kotua, raising $30 billion. Its revenue then grew rapidly, and in broker and private markets, valuations approaching $1 trillion were mentioned. Recent reports by Bloomberg and the Financial Times state that a new funding round involving Dragoneer, General Catalyst, Lightspeed, and others, worth about $900 billion, is underway.

However, this valuation is ultimately just a number combining private transactions and estimated valuations, not a real-time ‘official market price.’ The larger the gap between oracle prices and marked prices, the more the funding rate spikes. Ultimately, this case demonstrates how overheated crypto derivatives can become under the influence of the AI giant hype. Even without buying actual stock, expectations of unlisted companies’ value can create a market with astronomical costs.

This ‘ultra-costly bet’ around Anthropic illustrates what happens when the unlisted AI investment frenzy combines with the speculative nature of crypto derivatives. The stronger the market’s bullish expectations, the heavier the burden on longs; as long as the price gap persists, shorts can generate cash flow. The Hyperliquid case again reveals that in the crypto market, ‘overheating’ may be reflected in prices even before liquidity issues.

Article summary by TokenPost.ai

🔎 Market interpretation
Derivatives betting on Anthropic’s value on Hyperliquid are overheating, with funding rates reaching annualized levels of 8,700%.
Although these are ‘value-tracking contracts’ that do not involve actual stocks, they still create excessive premiums, sharply increasing the burden on long positions.
Due to the price gap, abnormal structures emerge where short positions continuously profit.

💡 Strategy highlights
In the funding rate structure, the key to profitability is not simply the directional bet, but whether the ‘price gap can be maintained.’
In overestimated states, maintaining long positions quickly accumulates costs, potentially accelerating losses.
In markets with low liquidity, synthetic asset prices can diverge significantly from actual value, requiring vigilance.

📘 Terminology clarification
Funding rate: the periodic fee paid to balance longs and shorts
Oracle price: the benchmark price derived from external data used as the settlement basis for derivatives
Synthetic asset: a derivative structure that tracks price movements without actual assets

💡 Frequently Asked Questions (FAQ)

Q. Why is this important? Because the combination of expectations for unlisted AI companies and crypto derivatives structures has caused extreme overheating. It fully reflects market risks: even without actual assets, excessively high fees can be generated.
Q. Why do only long positions need to pay fees continuously? Because the contract price remains above the oracle benchmark, triggering a mechanism where longs pay funding rates to shorts to balance the positions. This causes losses for long investors to rapidly increase.
Q. How does this product differ from actual stock investment? It does not provide actual Anthropic shares, only derivative contracts betting on enterprise value changes. Therefore, it does not confer ownership and may incur unexpected losses due to price gaps or funding rate structures.

TP AI Notes: This summary is generated based on the TokenPost.ai language model. There may be deviations or inaccuracies compared to the original content.