News from over the weekend on @HyperliquidX: vntl:ANTHROPIC funding ran at ~70% APR most of the week, then spiked to 13,374% APR on Saturday. Longs were paying every hour just to stay long.

Why does it matter? Anthropic isn't public. This perp (built by @ventuals) is one of the only ways to price the AI valuation thesis onchain. When funding sustains this high, it's a live bet on Anthropic's next funding round.

Funding tells you when a trade is crowded. It doesn't tell you who's right. Data pulled via @Quicknode SQL Explorer. Funding rates also stream hourly in our events dataset.