Deribit to Migrate Anthropic Perpetual to Per-Share Pricing

On Nov 16th at 10:00 AM UTC, Deribit will migrate its Anthropic pre-IPO perpetual from valuation-based pricing to per-share pricing. The current ANTH contract will be replaced by ANT. The migration changes the contract’s pricing basis while preserving the economic exposure of open positions.

What's changing?

ANT will use 13.116 billion total basic shares outstanding, as disclosed in Anthropic’s SEC filing. This replaces ANTH’s implied 1 billion share basis, creating an approximately 13.116× share-count multiplier.

Because the contract will represent a larger share count per unit of the underlying valuation, ANT’s per-share price will be approximately 1/13.116 of the corresponding ANTH price. The change in price and size is designed to preserve the position’s economic exposure through the migration.

Deribit’s pre-IPO perpetuals are linear contracts settled in USDC. The RWA contract specifications describe the framework and parameters for these contracts, including ANTH.

Migration

At the scheduled migration time, ANTH trading, liquidations and risk management will be paused. All open ANTH orders will be canceled and will not be carried over to ANT.

Open ANTH positions will be migrated automatically to economically equivalent ANT positions in the same account through zero-fee block trades. ANTH profit and loss will be settled as part of the migration. No fees will be charged for the migration trades.

The ANT order book will remain locked until the migration and verification are complete. Market makers will be notified before ANT opens for trading. Once ANT is available, ANTH will remain delisted and closed.

What you need to do

No action is required for an existing ANTH position to migrate. After ANT opens, users can review the migrated position and submit new orders. Existing ANTH orders will not be recreated.

For contract details, see Deribit’s RWA Perpetual specifications.