Arbitrage on Hyperliquid and Binance's Anthropic: Beware of tail risk As the market begins pricing in the delayed Anthropic IPO, the spread between Binance:Anthropic and Xyz:ANT, which was initially planned at a 1:12.7 ratio, has widened from 6% to 9%. In the event of a significant delay or cancellation, settlement will have to be repriced.