Binance has updated its pricing mechanism for Anthropic-linked perpetual futures to prevent liquidation risks. Shunyet Jan, Binance’s Head of Exchange and Trading, explained the changes in an Oct. 13 article by 21Shares. The new system updates the mark price each second based on executed trades, with limits on price movements and fallback measures during low activity.
The update coincides with the launch of the 21Shares Anthropic Synthetic ETP, an exchange-traded certificate offering synthetic exposure to the private company Anthropic. The certificate’s value depends on the performance of the underlying exposure managed by FalconX, with investors becoming unsecured creditors of the Cayman-based issuer.
The legal summary of the product highlights potential risks, including the lack of independent oversight for affiliated contract terms. The issuer, 21shares x FalconX Limited, does not guarantee the certificates, and investors face counterparty failure risks if FalconX defaults. The product’s costs include a 1% annual fee, up to 3% in note financing, indicative trading costs, and variable perpetual funding charges.
The certificate’s value is determined using Binance’s mark price, the Kaiko Anthropic USD Reference Rate, and Binance’s ANTHROPICUSDT funding rate. Investors may experience gaps between the reference price performance and the certificate’s returns due to these costs. The product is listed on Vienna MTF in EUR, with Virtu Financial Ireland Limited as the authorized participant and market maker.