This Is Not an Official Entropy Site

Who runs this site

This site is written and maintained by Concept211, an independent trader and developer. It is a personal editorial project, not a company publication and not an Entropy or Hyperliquid ecosystem project. Nobody at Bursa Global Inc. (Entropy's operating entity), Hyperliquid, Hyper Foundation or Hyperliquid Labs writes for it, reviews it, approves it, or has any say in what appears here. You can read more about who I am on the About page.

Who Entropy is

Entropy is a perpetual-futures trading venue operated by Bursa Global Inc. It is built on top of Hyperliquid as a HIP-3 builder-deployed market, under the deployer ticker io. That makes Entropy a tenant on Hyperliquid's infrastructure, not a division, subsidiary or project of Hyperliquid, Hyper Foundation or Hyperliquid Labs, and those are three separate entities in their own right. Entropy's frontend also displays several hundred additional markets deployed by other independent operators, primarily trade.xyz. Where this site discusses one of those markets, responsibility for it sits with the operator that deployed it, not with Entropy.

Where to find the official sources

For anything authoritative, go direct rather than relying on this site:

• The exchange itself: entropy.io (this is a referral link, see the disclosure below; the plain address is entropy.io)
• Official documentation: docs.entropy.io
• The underlying network, Hyperliquid: hyperliquid.gitbook.io/hyperliquid-docs
• Hyper Foundation: hyperfoundation.org

Trademarks

"Entropy", "Hyperliquid", "HYPE", and related names, logos and marks belong to their respective owners, including Bursa Global Inc. and the Hyperliquid ecosystem entities that own the Hyperliquid marks. They appear on this site only to identify and describe the platforms being written about, which is ordinary descriptive use. No claim of ownership is made, and none of it implies a licence, partnership, sponsorship or endorsement. The same goes for every other platform, protocol, wallet and company named here, including the logos shown next to their names.

Not legal, regulatory or tax advice

Nothing on this site is legal, regulatory, tax, financial or investment advice, and none of it should be read as a statement of what the law is or how a regulator would treat something. That specifically includes anything you read here about:

• whether a platform, market or activity is lawful, permitted or available in your country
• how any instrument is classified for regulatory purposes, including whether Entropy's cash-settled perpetuals are or are not securities or regulated derivatives
• licensing, registration, KYC or anti-money-laundering obligations, whether yours or a platform's
• how any transaction or income should be reported or taxed

Rules differ by jurisdiction and change often. Where this site describes a restriction, a requirement or a tax treatment, treat it as a general summary that may be incomplete or out of date, and confirm it with a qualified professional in your own jurisdiction before you act on it. You are responsible for complying with the laws that apply to you and with the terms of service of any platform you use. Entropy publishes its own terms and risk disclosures at entropy.io and its own product characterization at docs.entropy.io. Read those directly rather than relying on our summary of them.

Statements about how and why things were built

Where this site describes a design decision, a delisting, an incorporation choice, or the division of roles between Entropy, Bursa Global Inc., Hyperliquid and the other entities and contributors in that ecosystem, that is a description of what is publicly observable, not an account of anyone's reasoning or intentions. I have no visibility into why any decision was made, who made it, or what anyone was thinking, and I do not claim to. Treat any explanation of motive or responsibility here as interpretation of public information, and check the primary source.

Third-party markets, protocols and tools

Hyperliquid is permissionless infrastructure, and Entropy is one of several independent operators, known as HIP-3 deployers, that build markets on top of it. Entropy itself deploys exactly two markets: io:ANTH and io:SNDK. The rest of the markets shown on Entropy's own frontend, including markets on companies like SpaceX or OpenAI, are deployed and operated by other, separate companies such as trade.xyz, not by Entropy. Where this site covers any of those markets, or other lending protocols, vaults, bridges or front-ends in the wider Hyperliquid ecosystem, responsibility for them sits with whoever deployed and operates them. Naming one here is not a recommendation of it, and it does not mean Entropy, Hyperliquid, Hyper Foundation or Hyperliquid Labs offers it, endorses it or stands behind it.

Trading risk

Trading perpetual futures with leverage can lose you more than you put in, quickly and permanently. Entropy is a newly launched venue, live since August 19, 2026, with a short public track record, no published smart-contract audit of its own, and no liquidator vault backstop on its markets, meaning auto-deleveraging is the immediate fallback if a position cannot close on the order book and cannot be opted out of. Past performance says nothing about future results. Figures such as fees, funding rates and volumes move constantly, and any number quoted here reflects a point in time. Nothing here is a recommendation to buy, sell or hold anything. Decisions you make with your own money are yours.

Accuracy and corrections

I try to get this right and I source figures to primary documentation, as described on the Methodology page. I make no warranty that anything here is accurate, complete or current, and this site is provided as-is. If you spot something wrong, tell me and I will correct it. Corrections are welcome from anyone, including from the platforms and entities written about here. The fastest route is @Concept211 on X or the Contact page.

Referral and affiliate links

This site earns money from referral and affiliate links, and that is how it pays for itself. Signing up to Entropy through the link here applies an automatic fee rebate to your account and pays me a share of the fees you generate on Entropy-deployed markets, at no extra cost to you. Be precise about the size of that rebate: Entropy's published tiers are calculated against Entropy's roughly 50% share of the trading fee, not the total fee you pay, so the entry tier's headline “25%” works out to about 12.5% of what you actually pay. Some hardware wallets, tax tools and portfolio trackers also pay a commission. Commission never changes what you pay and does not decide what gets recommended or how anything is ranked. Full detail is on the About page. Outbound paid links are marked as sponsored in the page source.

External links

Links to other sites are for convenience. I do not control them and I am not responsible for their content, their accuracy, their security or what they do with your data. Read their terms and privacy policies yourself.