Binance updates Anthropic mark per second to stop liquidation

Shunyet Jan, Binance’s Head of Exchange and Trading, explained how Binance prices Anthropic-linked perpetual futures in an Oct. 13 article published by 21Shares.He describes a mark updated each second from executed trades, with limits on each second’s movement and fallbacks when trading slows.That explanation accompanies the Oct. 13 contractual issue date of the 21Shares Anthropic Synthetic ETP, an exchange-traded certificate giving synthetic exposure to the private company.Buyers become unsecured creditors of a Cayman issuer, whose FalconX note counterparty manages the underlying exposure. Their returns depend on that chain’s ability to pay, as well as the direction of Anthropic-linked prices.The issuer’s legal summary discloses that affiliated contract terms are negotiated within the same corporate group, without an independent director empowered to approve their fairness or an external check that they match an arm’s-length deal. Its advertised 1% annual product fee also sits alongside financing, trading and perpetual-funding costs.A public listing would force crypto’s synthetic Anthropic valuation to converge with a real stock-market price, testing whether pre-IPO liquidity surv...