Shunyet Jan, Binance’s Head of Exchange and Trading, explained on October 13 in an article published by 21Shares how the platform calculates the mark price for Anthropic-linked perpetual futures, updating it each second from executed trades, with a 1% per-second movement cap and fallback mechanisms during periods of low activity. The explanation coincides with the October 13 contractual issue date of the 21Shares Anthropic Synthetic ETP, an exchange-traded certificate providing synthetic exposure to the private company Anthropic. Certificate holders hold an unsecured claim solely on a Cayman Islands issuer, whose contract with FalconX Sandpiper SPC manages the underlying exposure; if the counterparty defaults, investors may recover substantially less than the calculated note value, or nothing. Contract terms between affiliated entities within the same corporate group are negotiated without independent director fairness approval or external verification, and disclosed costs include a 1% annual product fee, financing of up to 3%, indicative trading costs of 50 basis points, and a 2% redemption fee. A public listing of Anthropic would force synthetic valuations to converge with a real stock-market price, testing whether pre-IPO liquidity survives repricing.
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