Conversion: xyz is quoted per share; OKX per share = quote × 10B ÷ exchange share count; Binance per share = quote × 1B ÷ exchange share count; Entropy per share = quote × 1B ÷ Entropy share count. Implied valuation uses each venue’s own quoting unit.
Locked-in return and hedge ratio by pair
Pair (share-matched)
Locked-in return
Short per 1 unit long
Locked-in return = short leg per-share price ÷ long leg per-share price − 1, on the long notional, before funding and fees. After listing all four venues track the same stock, so a share-matched pair does not depend on the listing price.
Per-share spread history
Hourly closes since xyz:ANT listed on the evening of Oct 26 (UTC+8). Every historical point is converted with the share counts selected above.
Open interest
Hourly, last 14 days, USD notional. Entropy open-interest cap is $110M (since Nov 3).
Share count breakdown (billions)
Source: Anthropic S-1 (Oct 26; financials as of Jun 30). Pre-offering shares outstanding ≈ 12.1–12.5B; new IPO shares assumed ≈ 0.4B. Exchanges convert on post-offering shares outstanding; Entropy uses the prospectus’s fully diluted total (options via treasury-stock method, RSUs, convertible notes in full, ≈ 16.6–16.8B); the company’s own fully diluted count also adds reserves.
Once the company publicly discloses its actual total share count, OKX executes a rebase … rebase_ratio = publicly disclosed actual share count / OKX's estimated share count.
One-time rebase once the actual total share count is disclosed; afterwards 1 contract = 1 share. SpaceX precedent: announced hours after the S-1/A, executed the next day. Oura precedent: used post-offering shares (including new shares).
The actual total share count may differ from the estimated share count and the Contract Size will be adjusted accordingly. … differs from the estimated share count by 3% or more, Binance will adjust
Contract size is adjusted to the post-offering share count in the S-1/A; no adjustment if the difference is under 3%. SpaceX precedent: prices converged on the announcement day; executed two days before listing.
Entropy · Pre-IPO perpetuals, “After an IPO”Source
Source document. … final prospectus (Form 424(b)) if it is filed before the first official opening trade … otherwise … the most recent amended registration statement (S-1/A) … Where the source document states a total as-converted, fully diluted share count, that figure is used as printed. For Anthropic, that is the “Total Class A and Class N Common Stock (As-Converted, Fully Diluted)” figure in The Offering section. It assumes no exercise of the underwriters’ option … An estimated fully diluted share count will be published when an S-1/A with an offering price range is filed.
After listing it quotes share price × fixed share count ÷ 1B. Since Nov 3 the count is the prospectus figure “Total Class A and Class N Common Stock (As-Converted, Fully Diluted)” in The Offering, excluding the greenshoe; an estimate is published once an S-1/A with a price range is filed, and the exact number before the first opening trade. That table is still blank: the old method (post-offering outstanding + options + RSUs + convertible notes in full) gives ≈ 16.73B; under the new method the treasury-stock treatment of options removes only ≈ 50M and vested donation-matching items add back ≈ 50M, so Sep 30 data point to ≈ 16.6–16.8B, essentially unchanged; 16.9B is the upper case with 0.5B new IPO shares. A larger count raises the locked-in return of a long Entropy leg.
ANT references 1 share of Anthropic, PBC Class A common stock (Nasdaq: ANT), quoted in USD … upon the underlying listing, it is expected to convert to a standard XYZ perpetual.
Quoted per share; no rebase. Expected listing Nov 20; grace period to Jan 19, 2027, after which it settles at the full-period TWAP.