Binance updates Anthropic mark per second to stop liquidation
21Shares’ Anthropic Synthetic ETP offers exposure through an unlisted structured note backed by perpetual futures traded on Binance and Hyperliquid. Investors hold unsecured debt issued by a Cayman entity and rely on both the issuer and its FalconX-affiliated counterparty to meet obligations; a counterparty failure could cause major losses regardless of Anthropic-linked prices. Disclosures also flag that affiliated parties negotiate key terms without independent approval or external fairness checks. Financing, trading and variable funding costs can reduce returns beyond the advertised 1% annual fee. The product’s valuation combines reference rates, futures funding and note-level calculations, while investors sell at available secondary-market prices. An eventual Anthropic IPO could change the pricing benchmark, but would not eliminate counterparty or cost risks.
