News about derivatives

Bitcoin rose 0.8% to around $82,700 on Monday, extending a rebound from Sunday's dip to about $80,700, as China's third-quarter GDP beat expectations and Nasdaq 100 futures gained more than 1%. Altcoins outpaced bitcoin: the CoinDesk 80 rose 0.9%, about triple the CoinDesk 5's 0.35% gain, and DeFi led sector gains with a 0.81% rise. Derivatives volume jumped 51% to $146 billion over 24 hours, while open interest rose only 1.25% to $141 billion, suggesting traders churned contracts without adding much net exposure. Arbitrum climbed 6.7% to about $0.20 after the Arbitrum Foundation launched a stablecoin growth program, and Pump.fun gained 7.6%. By contrast, ADA's annualized perpetual funding rate is -8%, meaning shorts are paying to stay short.

At Token2049 in Singapore, Hyperliquid CEO Jeff Yan argued that most gains from private firms before their IPOs go to a privileged few, and that his exchange's pre-IPO perpetual futures offer earlier exposure. Perps never expire and only track price, conferring no share ownership, earnings rights or voting power. Anthropic's valuation rose from $586.56 million in May 2021 to $965 billion in May 2026, with most gains going to funds and institutions. Yet its perp implied about $2 trillion on October 15, double its latest funding round, while a Space Exploration Technologies perp traded at $180–$200 after launch and slid to $160–$170, versus a $135 June IPO price. The author advises against buying pre-IPO perps, since they carry no claim on the company and Anthropic's financials are not yet public.