So there's a lot of talking about "Anthropic arbitrages" To the best of my understanding though it's pretty straightforward. There are platform trading valuations (a) and there are platform trading shares (b). A are: Variational, Binance, Polymarket, Lighter, Hyperliquid(io) B are: Hyperliquid(XYZ) Trading Hyperliquid/Variational is NOT an arbitrage. However, there ARE real arbitrages: 1. Polymarket is currently trading almost 15% off Vari/Binance/Lighter, yes the OI is very small ($300k on Polymarket), but it's a real difference. 2. Every now and then Lighter trades off vs Variational. To go more in-depth on these type of arbitrages. A. You can hedge same $ quantity, in this case essentially you're longing MORE shares than you're shorting (because on the short leg, shares cost more than on the long leg). This means that your premium that you're capturing is denominated in shares (so you're neutral + long ANT). B. You can hedge same ANT quantity, in this case you're fixing the dollar payoff.