Where Entropy Fits on Hyperliquid

What Entropy Is, and Is Not

Entropy is a perpetual-futures venue and trading frontend built on Hyperliquid, operating as a HIP-3 builder-deployed perp DEX under the deployer ticker io. It is operated by a single legal entity, Bursa Global Inc., incorporated in Panama. There is no Entropy Foundation, no Entropy Labs and no DAO. Entropy rents Hyperliquid's matching engine, margin system and clearinghouse, and defines its own markets on top of them, which makes it a tenant, not a division of Hyperliquid, Hyper Foundation or Hyperliquid Labs. Our what is Entropy guide covers the entity, the team and the funding in full.

HIP-3 and the Deployer Landscape

HIP-3 is the Hyperliquid mechanism that lets a bonded deployer launch its own markets on Hyperliquid's infrastructure while setting its own listings and parameters. Entropy's deployer bond is 500,000 staked HYPE, held for at least 183 days, which is slashable for invalid state transitions or prolonged downtime. Entropy is one of several HIP-3 deployers sharing the same fee schedule; trade.xyz is the largest by a wide margin, and Paragon, HyENA and Markets By Kinetiq run smaller books. Our HIP-3 explained guide walks through the mechanics, and HIP-3 deployers compared ranks every live deployer on volume, open interest and fees.

Which Entropy Is This?

"Entropy" is not a unique name in crypto, and within 24 hours of Entropy's funding announcement, several impersonator tokens appeared claiming the same brand across multiple chains. None of them are affiliated with entropy.io or Bursa Global Inc. Our which Entropy guide disambiguates the real platform from the lookalikes, and our token and airdrop guide covers the current state of the token question directly: as of this writing, Entropy has no token, no points program and no official airdrop announcement.