Anthropic, even before its IPO, saw its pre-IPO perpetual contract quoted at prices differing by more than 15 times across different exchanges. This price difference stemmed from the varying number of shares used for pricing by each exchange: Binance quoted based on 1 billion shares, reaching $1,700 at one point, while Trade.xyz quoted approximately $110 per share. After the prospectus disclosed a total of approximately 13.087 billion shares, exchanges gradually adjusted their pricing. As of the 13th, after a uniform conversion per share, the price difference was reduced to only about 1%, essentially eliminating any arbitrage opportunity.