Sampled some 1-min data on ANTH (Anthropic) pre-IPO perps over the weekend across: - @variational_io - @Lighter_xyz - @entropyIO Figure shows estimated slippage on a $100k market order, averaged between buys and sells. Despite its recent launch, Entropy has by far the best execution with a mean cost of 36bps from mid over this period vs 92bps for Lighter and 126bps for Variational. Worth noting that ANTH trades at a relative premium on Entropy, so venue selection also depends on the direction you’re taking.(Thor)