Many people assume that behind Binance’s stock perpetual futures contracts, the mark price is supported by a cross-exchange weighted price index; they just replace the underlying asset with stocks. This one—ANTHROPICUSDT—is not governed by that kind of setup.
At 11:19 Beijing time on September 21, I read the contract’s mark price and price index twice. Both times the readings were identical, and the last one was 2084.72. Going back 10 whole hourly candles, the premium readings are all zero—not a coincidence that matches at this moment, but all ten hours match.
In Binance’s official FAQ, the formula for the mark price of pre-opening perpetual contracts says to take the average of the most recent 10-second trade prices; if there are fewer than 21 trades, then take the average of the most recent 20 trades instead. This formula includes no price index. Since Anthropic isn’t listed and there’s no spot market to use for weighting, this mark price is simply the contract’s own trading records pricing itself.
And it’s not static. Over the past 24 hours, the highest was 2092.69 and the lowest was 2078.01, a range of 14.68. Buyers and sellers have been executing real trades the whole time—it's just that these trades don’t match any external benchmark. The funding rate is also locked at the same number: the last 5 settlement values were all 0.00005. That’s the base interest rate it set for itself—no premium can push it away, because there is no comparable external price.
With the same name “mark price,” most contracts align it to an external spot index; for this kind of pre-opening contract, it aligns only to its own trading records. They share the same name, but the mechanism is not the same.
$ANTHROPIC #TradFi perpetual contract
At 11:19 Beijing time on September 21, I read the contract’s mark price and price index twice. Both times the readings were identical, and the last one was 2084.72. Going back 10 whole hourly candles, the premium readings are all zero—not a coincidence that matches at this moment, but all ten hours match.
In Binance’s official FAQ, the formula for the mark price of pre-opening perpetual contracts says to take the average of the most recent 10-second trade prices; if there are fewer than 21 trades, then take the average of the most recent 20 trades instead. This formula includes no price index. Since Anthropic isn’t listed and there’s no spot market to use for weighting, this mark price is simply the contract’s own trading records pricing itself.
And it’s not static. Over the past 24 hours, the highest was 2092.69 and the lowest was 2078.01, a range of 14.68. Buyers and sellers have been executing real trades the whole time—it's just that these trades don’t match any external benchmark. The funding rate is also locked at the same number: the last 5 settlement values were all 0.00005. That’s the base interest rate it set for itself—no premium can push it away, because there is no comparable external price.
With the same name “mark price,” most contracts align it to an external spot index; for this kind of pre-opening contract, it aligns only to its own trading records. They share the same name, but the mechanism is not the same.
$ANTHROPIC #TradFi perpetual contract