Sampled some 1-min data on
$ANTH (Anthropic) pre-IPO perps over the weekend across:
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@variational_io
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@Lighter_xyz
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@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.