A post by @PANewsCN on X.

Pre-IPO perpetual futures tied to Anthropic, which has not yet listed, traded at prices that diverged by more than 15x across venues, driven by exchanges using different share-count assumptions in their contract designs. Binance quoted the contract against a 1 billion-share basis, pushing the price to roughly $1,700, while another venue priced per share at about $110. The gap surfaced after Anthropic's prospectus disclosed total shares of approximately 13.087 billion, prompting exchanges to begin adjusting their contract specifications. The episode matters because it exposes how inconsistent reference data can distort price discovery in pre-IPO perpetual markets, where no spot price exists to anchor quotes. Traders should watch for further convergence as venues rebase their contracts on the disclosed share count and for liquidity to migrate toward the exchange whose methodology becomes the de facto benchmark.