Binance Caps Anthropic Futures Mark Moves at 1% Per Second

Binance updates the mark for its Anthropic-linked perpetual futures every second, limiting the change between consecutive marks to 1%. When trading activity slows, the calculation can use data from the previous 100 trades.

Shunyet Jan, Binance’s head of exchange and trading, described the method in an explanation published Oct. 13. The mark is calculated from executed transactions during a rolling window of 10 to 100 seconds. The one-second limit does not cap an investor’s total loss or represent an independent valuation of Anthropic, the private artificial-intelligence company.

The certificate’s contractual issue date was Oct. 13. The 21Shares Anthropic Synthetic ETP offers synthetic exposure to Anthropic and is listed in euros on Vienna’s multilateral trading facility. Virtu Financial Ireland is named as its authorized participant and market maker.

Certificate holders do not own Anthropic shares or the underlying futures. They hold an unsecured and unsubordinated debt claim against 21shares x FalconX Limited, a Cayman Islands issuer. FalconX Sandpiper SPC is the contract counterparty and manages the exposure through perpetual futures traded on Binance and Hyperliquid.

The documents warn that a default by the issuer or counterparty could leave investors with substantially less than the certificate’s calculated value, or with nothing, even if Anthropic-linked prices rise. The issuer and counterparty are identified as affiliates under common ownership within the FalconX Holdings group.

The documents state that no independent issuer director has authority to approve the fairness of contracts negotiated within the group. They also say no external party checks whether the agreed prices, financing costs, slippage limits and tracking terms match those available from an unaffiliated counterparty. The disclosure does not state that any term is unfair or that misconduct has occurred.

The certificate’s valuation uses the Kaiko Anthropic USD Reference Rate, Binance’s ANTHROPICUSDT funding rate and the value of the underlying instrument. The net asset value also reflects the investor fee. Financing, trading and perpetual-funding costs are passed through to the product’s net asset value.

The product has a 1% annual fee. The documents list financing of up to 3% annually, indicative trading costs of 50 basis points and an initial perpetual-funding rate of 0.005% per funding period. These figures are not a fixed combined annual cost: financing is a maximum, trading costs are indicative and funding changes with market conditions. The final terms provide for a 2% redemption fee, with possible additional slippage, transfer and other charges.

An Anthropic initial public offering could add an exchange-traded price to the reference exposure. The documents state that the reference would then take the company’s official market quote into account, without automatically delivering shares to certificate holders or requiring a settlement. An IPO may not occur. Disrupted pricing or termination of an underlying instrument could result in replacement exposure or early redemption at a loss.