Anthropic Pre-Market Arbitrage Recap: Spread Narrows From 30% to 2%

At a glance

0xBilly reviewed an arbitrage trade on Anthropic pre-market contracts that exploited different share-count rules across exchanges. The price gap shrank from about 30% to around 2% in two weeks, and the trader closed the position to lock in profit.

Key points

1. 1

   Binance converted contracts using total issued shares, while Hyperliquid used fully diluted shares.

2. 2

   The trade bought on Hyperliquid and sold on Binance to capture the price gap.

3. 3

   The gap narrowed quickly after the post, and exchanges confirmed their rules, turning estimates into official terms.

4. 4

   When US stocks crashed on November 5, the gap widened on fears of a listing delay, but the author sold only part and kept most of the position.

Why it matters

Pre-market contracts can move before a real listing, and different exchange rules let traders easily chase price gaps. This helps explain how Anthropic-related markets moved.