Long.xyz OpenAI pool reports 15,000% APY, but underlying volume remains low

Long.xyz co-founder Nate reported that the platform's pre-IPO trading pools for OpenAI and Anthropic saw 24-hour volumes of $18 million and $14.6 million, respectively. However, analysis reveals that these on-chain tokens are backed by Lighter perpetual futures, which recorded only $68,000 in volume for OpenAI and $233,000 for Anthropic over the same period. The high APY figures are driven by high turnover rates on limited liquidity, with price discrepancies reaching up to 25.8% across different on-chain pools.