Anthropic pre-IPO perpetual futures show significant valuation divergence across exchanges

Pre-IPO perpetual futures for Anthropic (ANTHROPIC) have exhibited valuation discrepancies of up to $150 billion across platforms like Variational, QFEX, Lighter, and Entropy. Data from September 9 to 15 indicates that while liquidity and execution costs vary significantly, arbitrage opportunities between exchanges have been constrained by funding rate costs. Entropy and Lighter have maintained a premium over Variational and QFEX, with execution slippage and fee structures playing a critical role in trading outcomes.