Entropy on Hyperliquid: The HIP-3 Perp DEX Explained

entropy

Entropy is a perpetual futures venue built on top of Hyperliquid rather than beside it. It does not run a chain, a matching engine or a clearinghouse. It rents all three from Hyperliquid through HIP-3, the builder-deployed perpetuals framework, and defines its own contracts on top. Its deployer ticker is io, and the operating entity is Bursa Global Inc., described in its own terms of service as a company incorporated under the laws of the Republic of Panama.

That relationship is the single most useful thing to understand about it. Entropy is a tenant. Hyperliquid, Hyperliquid Labs and the Hyper Foundation are three separate things, and none of them is Entropy.

The two identities you have to keep separate

Almost every write-up of Entropy so far has conflated two different things, and the numbers stop making sense if you do.

Identity one: a HIP-3 deployer with two markets. Under the io ticker, Entropy has exactly two live contracts. Both were verified against the Hyperliquid info endpoint on August 26, 2026.

Three further assets are registered to the io dex and delisted with zero candles, meaning they never traded: io:OAI (OpenAI), io:IONQ and io:NBIS. Crypto Briefing frames the August 24 announcement as a relaunch after an earlier market closure. The reason those three were delisted has not been published, and this site does not speculate about it.

Identity two: a frontend showing 319 markets. The public endpoint https://entropy.io/api/markets returns 319 instruments spanning six venues. Only two of them belong to Entropy.

This matters for more than pedantry. When you trade xyz:SPCX through the Entropy interface you are trading trade.xyz's SpaceX contract, priced by trade.xyz's oracle, governed by trade.xyz's parameters, with trade.xyz collecting the deployer half of the fee. Entropy is the shop window. Anyone writing "Entropy lists SpaceX" has the accounting wrong, and it matters when something breaks.

It also produces a genuinely odd competitive shape: Entropy distributes the inventory of the deployer it competes with for fee revenue. On SNDK, the one ticker both list, Entropy's own market took $53.9M of 24h notional against trade.xyz's $178.8M, a 23.2% share as of August 26, 2026. Castle Labs measured that share at 12% the day before, so it is moving fast in both directions and any single figure goes stale within about a day.

What the products actually are

Entropy defines three contract types. All are cash-settled in USDC, collateralized in USDC, and trade 24/7 regardless of whether the underlying market is open.

Pre-IPO perpetuals are denominated in market capitalization, not share price. On io:ANTH, one unit of price equals one billion dollars of implied valuation. At a mark of 1995.2 on August 26, 2026 that implies an Anthropic valuation of roughly $2.0 trillion, bounded by extreme mark bounds at $300B and $4.2T. This confuses people constantly, because 1995 looks like a share price and is not one. Full mechanics live in our Anthropic pre-IPO perp guide and the broader pre-IPO perps explainer.

Equity perpetuals track a listed stock, currently only SanDisk. Outside the US cash session, io:SNDK is confined to a limit-up limit-down band of plus or minus 10% around a reference price, and orders that would execute through the band are rejected. That behavior surprises overnight traders. See the SNDK market guide.

Index perpetuals are documented but empty. Entropy's own asset directory says "There are currently no listed index assets."

Entropy's legal page is unusually direct about what these contracts are not. Verbatim: the contracts are "not equity, securities entitlements, ownership interests, IPO allocations, tokenized shares" and holders receive "no voting rights, dividend rights, information rights, registration rights, allocation rights, delivery rights." It also states the exchange has "no affiliation with, endorsement from, or contractual relationship with any referenced issuer." Read that alongside Anthropic's own May 2026 statement that SPV transfers of its stock are "void under our transfer restrictions." Both positions are on the record. We report them and leave the conclusion to you and your own advisers.

Who runs it, and what is and is not known

There is one entity: Bursa Global Inc. No foundation, no labs arm, no DAO. Legal contact is [email protected], governing law is Panama, and disputes go to binding individual arbitration under SIAC rules seated in Singapore, with an explicit class-action waiver and a liability cap set at the greater of one hundred dollars or fees paid in the prior three months. The terms of service were last updated August 11, 2026. Note that the /terms and /privacy pages are client-rendered, so the legal text lives inside a JavaScript bundle and the pages look empty to a crawler.

The team is pseudonymous. The line about "researchers and traders from Citadel Securities, Optiver, Polymarket, and Millennium" comes from exactly one place, the company's launch thread on X. Every article repeating it is repeating that tweet. No individual name, role or profile has been published for anyone at Entropy. The one identifiable account is a persona, @Kintsugi_IO, bio "ceo @entropyIO", created August 15, 2026.

The funding, and the mistake everyone copied

The August 24, 2026 announcement said $14M led by Ribbit Capital and a $40M HYPE stake. Those are two different things. CryptoRank's headline compressed them into a "$40M Anthropic HYPE stake" and several aggregators picked it up unedited.

Here is what the chain says. HIP-3 requires 500,000 HYPE staked to operate a deployer, held for a minimum of 183 days. Entropy's deployer address 0x320c...cac6 shows 500,413.09 HYPE delegated in a single action on August 12, 2026 at 14:32 UTC, delegated to the validator 0xeeee86f7... ("Kinetiq x Hyperion", 4% commission). At a HYPE price near $81.71 that stake is worth roughly $40.9M.

So the $40M is a bond posted to Hyperliquid, not a position in Anthropic. It is subject to slashing of up to 100% under the HIP-3 rules, which we cover in detail in HIP-3 explained. No valuation was disclosed for the $14M round, no investor besides Ribbit has been named, and Ribbit has published no confirmation of its own. Any valuation figure you see attached to Entropy is invented.

The timeline, reconstructed from the chain

Press coverage starts on August 24. The chain starts earlier, and the gap is informative.

The venue took its first trade five days before it announced itself. As of this article, it is seven days old. There is no track record here, and the absence of any reported incident is what you would expect from a week of uptime rather than evidence of resilience.

The launch post, and the claim inside it

Almost everything written about Entropy traces back to one post. It is worth reading directly, because three of the things this article has to correct are all in it.

entropy.io@entropyIO

We are releasing the first liquid way to trade Anthropic. For far too long, frontier assets have only been accessible to a select few. We are here to bring them to the masses. Introducing EntropyIO. We’ve raised $14M led by Ribbit Capital and a $40M HYPE stake to build both

August 24, 2026 · 2,295 likes as of 2026-08-26 · View on X

The opening line is wrong. A liquid Anthropic market was not new on August 24. Coinbase had listed an Anthropic pre-IPO perp, and so had OKX, Binance and Bitget, all before Entropy took its first trade on August 19. We go through who listed what, and when, in where to trade Anthropic pre-IPO. The "$14M led by Ribbit Capital and a $40M HYPE stake" phrasing is also where the aggregator error above began, and the "researchers and traders from Citadel Securities, Optiver, Polymarket and Millennium" line has no source anywhere except this post.

The post travelled a long way regardless. It cleared 400,000 views inside a day and was quoted approvingly by large accounts outside crypto, four hours later, by the boxer and investor Jake Paul:

Jake Paul@jakepaul

pretty rare for a research company to ship something that changes the space in such a short amount of time⚡️

August 24, 2026 · 883 likes as of 2026-08-26 · View on X

Jake Paul has no disclosed relationship with Entropy and no public stake in it, and his own fund AntiFund is on record as an OpenAI investor, which is a competing lab rather than a connected one. Treat the reach as evidence that the launch was marketed well, which it was, and not as independent confirmation of anything in the post. Reach and accuracy are unrelated, and here they point in opposite directions: the most-shared sentence about Entropy is also the one that is false.

Where it sits in the HIP-3 league table

One week in, Entropy is the second-largest HIP-3 deployer by 24 hour notional volume, on two markets. These figures were computed on August 26, 2026 from the Hyperliquid info endpoint and DefiLlama , and they move daily.

Two caveats that most coverage drops. First, trade.xyz is running about 33 times Entropy's daily notional and holds roughly 99% of HIP-3 open interest, so "second largest" describes a very distant second. Second, on trailing 30 day fees Entropy ranks sixth of ten, entirely because it has existed for six of those thirty days. Anyone quoting "second largest" as a 30 day figure has the window wrong. The full breakdown, including which deployers are dead, is in HIP-3 deployers compared, and the head-to-head is in Entropy vs trade.xyz.

The niche Entropy stepped into was vacated. Ventuals, which ran pre-IPO perps on Anthropic, OpenAI and SpaceX and cleared more than $650M in cumulative volume, delisted all fifteen of its markets and returned its 500k HYPE bond. Its last non-zero fee day was June 18, 2026, and it never issued a token despite a small industry of farming guides that still say otherwise. If you arrived here from one of those, start with the Ventuals alternative page.

What it costs today

HIP-3 markets are charged at 2x the standard Hyperliquid perp rate, and the protocol fee is split evenly between Hyperliquid and the deployer. That puts the nominal schedule at 0.030% maker and 0.090% taker. But both Entropy markets have growth mode enabled, which scales all fees, rebates and volume contribution by 0.1.

That checks out against observed revenue: $66,194,725 of 24h notional at 0.009% implies $5,958, and DefiLlama reports $5,982 for the same window, a ratio of 1.00. Entropy's own documentation never states the effective growth-mode rate its live markets run at.

Worth qualifying, though. Growth mode is a Hyperliquid feature available to every deployer, and trade.xyz runs it too. The honest version of the claim is "cheapest in the cohort as measured today," not "cheaper by design." Full detail, including the funding multipliers and the withdrawal costs, is in Entropy fees explained.

The parts worth being uncomfortable about

None of this is a reason not to trade there. It is a reason to size accordingly.

• On io:ANTH, your liquidation price is set by Entropy's own order book. The pre-IPO mark is a clipped five-minute EMA of Entropy's mid, with no external blend, and the docs say the mark drives "unrealized PnL, margin calculations, liquidation triggers, and stop/take-profit triggers."
• The order book is not bounded even when the mark is. Per the docs, "trades may execute outside the bounds. Only the published mark and oracle are clipped."
• There is no liquidator vault. Auto-deleveraging is the immediate fallback after order-book liquidation, and per the docs it "cannot be opted out of."
• A single operational key can halt trading, which under Hyperliquid's HIP-3 rules cancels all orders and settles positions to the current mark.
• If Anthropic is still private on August 18, 2028, io:ANTH settles to the 30 day trailing TWAP of its own mark, so it never converges to an external valuation.

We work through each of these, with the verbatim documentation, in is Entropy safe. Access is also restricted: the frontend returns {"restricted":true,"country":"US","mode":"trading"} from a US address, and the terms name the United States, Canada, Panama and the United Kingdom as restricted jurisdictions. That is described in restricted countries, as observation rather than advice.

Who this is for

Entropy is a narrow product with a wide storefront. If you want leveraged exposure to an implied Anthropic valuation or to SanDisk, in USDC, without a brokerage account, it is one of a small number of venues offering it, and it is cheap right now. Coinbase also runs pre-IPO perps on Anthropic, OpenAI and SpaceX as a CFTC-regulated US venue, so nobody should be claiming this is the only liquid way to trade Anthropic.

If you want depth, breadth or a track record, the honest answer is that a seven-day-old venue with two markets and $8M of open interest does not have any of the three yet. io:ANTH sitting at 66.6% of its $5M open interest cap is a practical constraint you will hit before any of the philosophical ones.

Before you go looking for a token, read the airdrop page first, because there isn't one and four impersonator contracts appeared within a day of the funding news. And if you landed here looking for a different Entropy entirely, which happens more than you would think, our disambiguation page on which Entropy is which sorts them out.

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