Binance updates the mark price for Anthropic-linked perpetual futures every second to limit sharp movements and reduce the risk of liquidation, according to Shunyet Jan, the exchange’s Head of Exchange and Trading.
In an article published by 21Shares on 13 October, Jan said the mark is calculated from executed transactions across a rolling 10-to-100-second window. Its movement is capped at 1% in either direction each second, while a trailing 100-trade fallback is used when activity falls.
The explanation accompanied the contractual issue date of the 21Shares Anthropic Synthetic ETP, an exchange-traded certificate offering synthetic exposure to the private company.
The certificate does not give holders shares in Anthropic. Instead, investors become unsecured creditors of 21shares x FalconX Limited, a Cayman Islands company. The issuer relies on FalconX Sandpiper SPC to manage the exposure through perpetual futures traded on Binance and Hyperliquid.
The final terms classify the certificates as unsecured and unsubordinated issuer debt, with no guarantee from another entity. Investors have recourse only to the issuer. If the counterparty defaults or becomes insolvent, they could recover substantially less than the calculated note value, or nothing, even if the Anthropic-linked reference price has risen.
Jura Pentium Limited owns the issuer within the FalconX Holdings group. The legal summary notes that the issuer and contract counterparty are affiliates under common ownership. Their agreements cover fixed prices, slippage, financing costs and tracking tolerances.
It also says no independent director has authority to approve whether those terms are fair, and no external party checks whether they match an arm’s-length agreement. The documents do not establish that any term is unfair or that prices have been manipulated. The issuer says it has arrangements to manage conflicts, although their effectiveness cannot be guaranteed.
NAV Consulting Inc. is named as calculation agent and administrator. Its role in calculating net asset value is separate from independently assessing the fairness of negotiated financing or slippage terms.
The contract uses the Kaiko Anthropic USD Reference Rate and Binance’s ANTHROPICUSDT funding rate as inputs. The certificate’s NAV reflects the underlying instrument, the investor fee and the note’s financing, trading and perpetual-funding costs. Those charges can create a difference between the reference price’s performance and the certificate’s return.
Settlement is calculated from NAV after a 2% redemption fee, with possible additional slippage, fiat-transfer and other charges. Investors may also face brokerage fees, commissions and spreads. Primary subscriptions are available only to authorised participants, while secondary-market sellers receive the price available through their broker.
The certificate, known as CLAU, is listed on Vienna MTF in EUR. Virtu Financial Ireland Limited is named as authorised participant and market maker, and the minimum trading lot is one certificate.
On 13 October, the product page showed $49,397.23 in assets, 5,000 securities outstanding and a NAV of $9.88 per unit, alongside a performance panel dated 12 October.
An eventual Anthropic IPO would provide another pricing reference. The FAQ says the perpetual reference would then take the company’s official exchange quote into account, without automatic delivery of shares or forced settlement. However, the product would remain synthetic, with counterparty, fee and funding risks continuing.
The legal summary warns that an IPO may never occur. Disrupted pricing or termination of the underlying instrument could instead lead to alternative valuation, replacement exposure or early redemption at a loss.
