Frontier Pulse2026-10-31 12:30 UTC · 2026-10-31 19:30 WIB
What the market says Anthropic and OpenAI are worth — live, 24/7
In plain English
Traders on currently price Anthropic at $1.73T — about 1.8× its valuation ($965B, May 2026). OpenAI: $1.37T, 1.6× its last round ($852B, Mar 2026). Anthropic is valued at 1.26× OpenAI. These are traders' bets on , not official valuations.
Today's headlines
News about the companies traded on — what's moving the markets above.
Implied from 's on , which trade 24/7. Tap any underlined term for a plain-English definition.
Anthropic
io:ANTH
$1.73T
1.79×+79.3%
$965BNow $1.73T
1,729.90 (oracle 1,727.50)
+0.3%
+13.4% · longs pay shorts
$61.84M (124% of $50.00M )
$21.01M
300 (-83% = $300B)
4,200 (+143% = $4.20T)
2028-08-18 (657 days)
Last round: 2026-05-28 · Series H post-money · source
OpenAI
io:OAI
$1.37T
1.61×+60.6%
$852BNow $1.37T
1,368.70 (oracle 1,368.40)
-3.9%
+1.9% · longs pay shorts
$6.83M (57% of $12.00M )
$4.16M
200 (-85% = $200B)
3,000 (+119% = $3.00T)
2028-09-02 (672 days)
Last round: 2026-03-31 · $122B round post-money, reaffirmed by a ~$7B employee tender in Aug 2026 · source
Implied valuation over time
Daily closes since launch. Dashed lines mark each company's valuation.
Implied valuation
Anthropic valued at X× OpenAI
Funding: who pays whom
Every hour, one side of a pays the other. When is positive, longs pay shorts, which usually means more people want to be long than short.
Anthropic io:ANTH
Longs paid
96% of hours
Since Aug 19
+9.4% APR
Last 7 days
+5.7% APR
OpenAI io:OAI
Longs paid
98% of hours
Since Sep 2
+16.5% APR
Last 7 days
+6.0% APR
Bars: average funding APR per week since listing (W1 = first 7 days). * = week still in progress. Positive = longs pay shorts.
US stocks on Entropy
Stock that trade around the clock, even when the stock exchange is closed. This is called .
Each line is a of the last 7 days.
SNDKSanDisk
Trading 24/7 on Entropy
$1,152.80 -4.5%
-6.8% $22.96M $5.21M
DRAMDRAM
Trading 24/7 on Entropy
$48.28 -0.2%
+2.3% $2.47M $937.4K
PRLPRL
Trading 24/7 on Entropy
$1.4624 -8.8%
-24.4% $1.90M $6.81M
NVDANVDA
Trading 24/7 on Entropy
$203.13 -2.0%
-7.2% $1.50M $519.9K
NBISNebius
Trading 24/7 on Entropy
$155.96 -1.6%
-1.2% $1.43M $7.26M
EWYiShares MSCI South Korea ETF
Trading 24/7 on Entropy
$152.93 -0.2%
+1.1% $131.3K $249.4K
IONQIonQ
Trading 24/7 on Entropy
$30.22 +1.6%
-2.5% $51.0K $143.2K
TCNTTencent
Trading 24/7 on Entropy
$49.19 +0.8%
-0.7% $41.1K $167.6K
GPROGoPro
Trading 24/7 on Entropy
$0.9514 -2.9%
-5.1% $23.2K $234.1K
XIAOMIXIAOMI
Trading 24/7 on Entropy
$3.3287 -0.6%
-3.1% $5.5K $103.6K
Symbol
24h
SNDK SanDisk
1,152.80
-4.5%
+16.4%
$5.21M
$22.96M
—
DRAM DRAM
48.28
-0.2%
+7.7%
$937.4K
$2.47M
—
PRL PRL
1.4624
-8.8%
+353.6%
$6.81M
$1.90M
—
NVDA NVDA
203.13
-2.0%
+0.8%
$519.9K
$1.50M
—
NBIS Nebius
155.96
-1.6%
+16.7%
$7.26M
$1.43M
—
EWY iShares MSCI South Korea ETF
152.93
-0.2%
+11.5%
$249.4K
$131.3K
—
IONQ IonQ
30.22
+1.6%
+18.0%
$143.2K
$51.0K
—
TCNT Tencent
49.19
+0.8%
-2.9%
$167.6K
$41.1K
—
GPRO GoPro
0.9514
-2.9%
-44.9%
$234.1K
$23.2K
—
XIAOMI XIAOMI
3.3287
-0.6%
-117.9%
$103.6K
$5.5K
—
Weekend Gap
US stocks stop trading Friday 16:00 ET, but Entropy's perps keep going. Just before Monday's open, the perp price is effectively a weekend . We compare it with the to Monday's first regular-session price. Moves under 0.1% count as flat and are not scored. See .
Over the last 7 weekends, Entropy's weekend price pointed the right way 82% of the time (33 of 40 stock-weekends).
82% (33/40)
1.41 ppmean , in
7weekends tracked
Latest: Fri 2026-10-23 → Mon 2026-10-26
Symbol
Direction
(pp)
DRAM
+1.42%
+2.13%
✓ Hit
0.72
66%
EWY
-0.05%
+0.12%
✗ Miss
0.17
—
GPRO
-0.08%
-2.83%
✓ Hit
2.75
3%
IONQ
-2.07%
-4.12%
✓ Hit
2.05
50%
NBIS
-3.00%
-5.10%
✓ Hit
2.10
59%
SNDK
+1.20%
+2.28%
✓ Hit
1.07
53%
XIAOMI
+0.09%
+0.09%
– Flat
0.00
—
All-time by symbol
Symbol
Weekends
Hit rate
Mean abs err (pp)
DRAM
6
100%
0.65
EWY
6
83%
0.31
GPRO
7
71%
1.37
IONQ
7
71%
2.90
NBIS
7
71%
2.12
SNDK
7
100%
1.27
XIAOMI
2
100%
0.00
Predicted = weekend perp moveActual = move to Monday's open
How it works
1 · List
lists on through .
2 · Read
We read the public API every 30 minutes. No accounts, no private data.
3 · Convert
We turn price into valuation, and compare weekend vs Monday-open prices.
How to read this
Short definitions for every underlined term on this page.
Basics
Hyperliquid
The blockchain exchange where these markets trade. All data on this page comes from its public API.
HIP-3
Hyperliquid's system that lets outside teams (called deployers) list their own perpetual markets on Hyperliquid. Entropy is one such deployer.
Entropy
A HIP-3 deployer on Hyperliquid (dex name io) that lists US stocks 24/7 and pre-IPO markets for Anthropic and OpenAI. This site is an unofficial community project, not run by Entropy.
Perpetual (perp)
A futures-style contract with no expiry date. You bet on a price going up (long) or down (short) without owning the asset. Traders can use leverage, which makes prices move faster.
Sparkline
The tiny line chart on each stock card. It shows the price over the last 7 days, with no axes, just the shape.
24h change
How much the price moved compared with 24 hours ago, in percent.
7d change
How much the price moved over the last 7 days, in percent. Matches the sparkline next to it.
Pre-IPO
Pre-IPO perp
A perp on a company that is not listed on a stock exchange yet. Its price is set by traders, which gives a live read on what the market thinks the company is worth.
Implied valuation
The company value the perp price points to. On Entropy's pre-IPO perps, $1 of price = $1B of company value, so a price of 2,050 means $2.05T. It is a market signal, not an official valuation.
Last round
The company's most recent funding round with outside investors, and the valuation set in it (post-money, meaning including the new money). Source links are on each card.
Multiple (×)
Implied valuation divided by the last-round valuation. 2× means traders price the company at twice its last round. Below 1× means less.
Premium
The same comparison as a percentage: multiple minus 1. A 2.1× multiple is a +110% premium to the last round.
Lower bound
The bottom of the price range Entropy's docs set for the market (the L value). The card shows what valuation it equals and how far the price is from it. See Entropy's docs for what happens at a bound.
Upper bound
The top of the price range Entropy's docs set for the market (the U value). The card shows what valuation it equals and how far the price is from it. See Entropy's docs for what happens at a bound.
No-IPO resolution
The date in Entropy's docs by which the market is resolved if the company has not gone public. Shown with the days remaining.
Trading terms
Mark price
The reference price the exchange uses for a perp, for example to value open positions. It can differ a little from the last trade.
Oracle price
An outside reference price fed to the exchange. For US stocks it follows the public stock price while the market is open.
Funding rate
A small payment between traders that keeps a perp's price close to the real price. When the rate is positive, longs pay shorts. When negative, shorts pay longs. It settles every hour.
Funding APR (24h avg)
The funding rate scaled to a yearly figure (hourly rate × 24 × 365, not compounded). Here it is averaged over the last 24 hours. +10% means longs pay shorts about 10% a year of their position size at that rate.
Open interest (OI)
The total dollar size of all positions that are still open. It shows how much money is riding on the market right now.
OI cap
The maximum open interest Entropy allows on a market. When OI nears the cap, new positions can be limited.
24h volume
The total dollar value traded in the last 24 hours.
Market session
The hours when the underlying stock market is open (US: 09:30 to 16:00 ET on trading days). A green dot means open. When closed, the Entropy perp keeps trading.
24/7 price discovery
Entropy's stock perps trade all week, including nights and weekends, so the perp price shows where traders think the stock is heading while the stock exchange is shut.
LULD (limit-up/limit-down)
A cap on how far the mark price can move from the last regular-session close while the stock market is shut. It is set by the market's maximum leverage (1 divided by max leverage), so a 10× market can show at most ±10%.
Weekend Gap
Weekend Gap
The price change between Friday's close and Monday's open, when US stocks cannot trade. We check whether the Entropy perp priced that gap correctly before the open.
Predicted move
The perp's move from Friday's close to just before Monday's open (09:15 to 09:30 ET). It is the weekend price discovery.
Actual move
The move from Friday's close to the first regular-session price on Monday (09:30 to 09:45 ET).
Direction hit rate
Share of weekends where the predicted and actual moves pointed the same way (both up or both down). Moves under 0.1% count as flat and are not scored.
Abs error
How far off the prediction was, ignoring direction: |predicted − actual| in percentage points. If predicted is +2.0% and actual is +3.5%, the error is 1.5 pp.
pp (percentage points)
The plain difference between two percentages. Going from 2% to 3.5% is 1.5 pp (not 75%).
Captured share
Predicted move divided by actual move, when both pointed the same way. 100% means the perp priced the whole move in advance. 50% means half.