COMPARISONS
Entropy, Compared Honestly
Where Entropy actually sits against the rest of the HIP-3 field, and where else a trader can find a live Anthropic pre-IPO contract. See the EntropyGuides homepage for a quick platform overview.
Entropy vs. the Rest of the HIP-3 Field
Entropy is a HIP-3 builder-deployed perpetuals venue running on top of Hyperliquid, operated by Bursa Global Inc. It deploys exactly two markets of its own, io:ANTH and io:SNDK, and its frontend also aggregates 319 markets from six venues, 101 of them from its own largest competitor, trade.xyz. On 24-hour notional and 24-hour fees, Entropy currently ranks second among HIP-3 deployers, behind trade.xyz and ahead of Markets By Kinetiq, Paragon and HyENA, a strong position for a venue that launched trading on August 19, 2026. See our full Entropy vs. trade.xyz breakdown for the fee schedule and volume comparison in detail.
The Ventuals Vacancy
Before Entropy, the pre-IPO niche on Hyperliquid belonged to Ventuals, which listed perps on Anthropic, OpenAI and SpaceX and processed more than $650 million in cumulative volume. Ventuals shut down in June 2026, all of its markets are delisted on-chain, and no token was ever issued. A number of guides written for Ventuals are still circulating even though the platform no longer trades. Our Ventuals alternative guide covers what happened and where that volume has gone since.
Where to Trade the Anthropic Pre-IPO Perp
io:ANTH is not the only venue offering exposure to an implied Anthropic valuation. Coinbase runs its own regulated, KYC-required ANTHROPIC-PERP, and trade.xyz lists comparable pre-IPO names on its own HIP-3 markets. Each venue prices and settles the contract differently, and none of them convey actual Anthropic shares, voting rights or any claim on the company. Our where-to-trade guide lays out the venues side by side.
Entropy vs The Field
HIP-3 deployer snapshot
Entropy vs. trade.xyz vs. Coinbase at a Glance
| Feature | Entropy | trade.xyz | Coinbase |
|---|---|---|---|
| Anthropic market | io:ANTH, live | Not listed | ANTHROPIC-PERP, live |
| Effective taker fee | 0.0090% | 0.0090% | 0.040% |
| KYC required | No | No | Yes |
| Live markets | 2 own, 319 total | 101 | Regulated derivatives only |
| Self-custody | Yes | Yes | No |
| US traders | Excluded by terms | Check terms | Supported |
Effective taker fees reflect Growth Mode, active on both Entropy and trade.xyz today, per each venue's published fee documentation. Rates exclude referral rebates and were last checked against source on August 26, 2026.
Trade the Anthropic Pre-IPO Perp on Entropy
Sign up through our link and Entropy attaches its 25% referral benefit to your account automatically, paying back a share of every trade for as long as you trade. It can only be attached at signup and can never be added afterwards, so anyone who arrives without one pays the full rate permanently.
Claim Your 25% RebateEntropy vs trade.xyz: HIP-3 Deployers Compared
trade.xyz runs 101 HIP-3 markets to Entropy's two and charges the same fees. We compare volume, market coverage and the one ticker where they overlap.
Ventuals Shut Down: Where Its Pre-IPO Perps Went
Ventuals wound down in June 2026 with all 15 markets delisted and no token ever issued. Here is where its Anthropic, OpenAI and SpaceX perps went next.
Where to Trade Anthropic Pre-IPO: Every Venue Compared
Every venue with a live Anthropic pre-IPO market, compared on fees, minimums and what you actually own. Entropy, Coinbase, and the TradFi secondaries.