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Entropy is a HIP-3 builder-deployed perpetuals venue running on top of Hyperliquid, operated by Bursa Global Inc. under the deployer ticker io. It launched trading on August 19, 2026, and runs exactly two markets of its own: io:ANTH, a cash-settled perpetual on an implied Anthropic valuation, and io:SNDK, an equity perpetual on SanDisk. Its frontend also displays 317 markets deployed by other operators, chiefly trade.xyz, which runs about 97% of all HIP-3 volume. Entropy is a tenant on Hyperliquid, not a part of Hyperliquid, Hyper Foundation or Hyperliquid Labs, and none of its markets convey shares, voting rights, or any claim on the referenced company.

Entropy publishes 0.030% maker and 0.090% taker on its HIP-3 markets, the standard rate every HIP-3 deployer inherits from Hyperliquid (per Entropy's fee documentation). Both live markets currently run in Growth Mode, which scales fees by 0.1, so the rate traders actually pay today is closer to 0.0030% maker and 0.0090% taker, a figure Entropy's own docs never state directly. A referral link then layers an automatic rebate on top, returning about an eighth of every fee for as long as the account trades. It has to be attached when the account is created and cannot be added later, so it is worth sorting out before a first trade rather than after. The full breakdown, with sources, is in our fees guide.

io:ANTH prices in implied market cap rather than a share price: each $1 of contract equals $1 billion of implied Anthropic valuation. The mark that drives liquidations is a 5-minute average of Entropy's own order book rather than an external feed, and there is no liquidator vault backstop, so auto-deleveraging is the immediate fallback if a position cannot be closed on the book. Those mechanics, along with the open interest caps and margin modes on both markets, are covered in our risk breakdown.