Private Tape
Private Tape: what Anthropic's private/pre-IPO tape and SpaceX's public 24/7 tape imply for DXYZ before the NYSE opens.
What This Tests
The hypothesis is simple: if ANTH and SPCX-linked tape trades all night while DXYZ sleeps, those returns may contain information that shows up in DXYZ's next opening gap.
The page uses simple returns throughout. It compares only overlapping NYSE-hours returns for DXYZ tests, and the overnight test uses tape prices available no later than the DXYZ open.
Entropy is a third-party builder using Hyperliquid's HIP-3 infrastructure to list pre-IPO and real-world-asset perpetual markets. On this page, Anthropic is the private/pre-IPO leg.
SpaceX began public trading as SPCX on Nasdaq in June 2026, so the SpaceX leg is now public-equity/perp tape. DXYZ holds SpaceX through SPVs, and those marks may lag public SPCX because of conversion, lockups, timing, and vehicle economics.
We use Entropy/Hyperliquid only as observable market data. This is not a recommendation to trade there, custody assets there, hold perps, or treat the marks as DXYZ's fair value.
Plain Return Correlation
Two-Asset Tape Sleeve
The weight file currently normalizes DXYZ's March 31, 2026 Anthropic exposure (18.1%) and SpaceX exposure (12.4% known SpaceX SPVs plus 2.0% Snowpoint SpaceX SPV) to a two-asset sleeve: about 56% Anthropic and 44% SpaceX. It is not full NAV and should not be read as cheap/rich.
Rolling / Expanding Correlations
Overnight Lead/Lag
Opening Gap Buckets
DXYZ Residual
Residual means the part of DXYZ's short-window return not explained by ANTH, SPCX, and QQQ in this regression. It is a sentiment or factor residual, not a NAV premium.
Open Data And Methodology
Open Data
The reusable assumptions live in data/private-tape.json under the repo's data license. Live aligned observations are published by the API as JSON and CSV, while raw Hyperliquid and Yahoo market prints stay as runtime inputs.
The manifest endpoint lists the current datasets, columns, source links, license notes, and minimum sample thresholds.
Method
Hyperliquid candles use the public info API's candleSnapshot endpoint for io:ANTH and xyz:SPCX. DXYZ, QQQ, and public SPCX context use the same source-first pattern as the existing Bolewood quote layer. All timestamps are normalized to America/New_York.
Overnight samples run from the prior DXYZ 4:00pm ET close to the next DXYZ 9:30am ET open. The construction uses the latest tape candle closed at or before each boundary, so the test does not look past the open.
Caveats
ANTH is very new, so sample sizes can be tiny. SPCX is now public, so xyz:SPCX is no longer pre-IPO price discovery. HIP-3 oracle design can incorporate external references and local market-price smoothing, so this is not fully independent price discovery.
Perpetual volume is not cash equity turnover. Entropy and Hyperliquid are market-data venues for this page, not recommendations. The tape sleeve covers only two modeled assets, not all of DXYZ NAV, and should not be read as fair value or true NAV.
Next Fixes
The larger upgrade is to connect this page to the DXYZ NAV Finder's ATM-adjusted weights, cash sleeve, and pro forma premium/discount instead of only the March 31 two-asset sleeve.
The next data upgrades are tape-quality gates for ANTH, a separate 9:30-10:00 open-window test, weekday/weekend overnight tags, and DXYZ premarket as an intermediate target.