# Which Entropy? Untangling the Name in Crypto (2026)

> A dozen things are called Entropy. We separate entropy.io, the Hyperliquid HIP-3 perps venue, from the a16z custody startup, Pyth Entropy and Anthropic.

*Source: https://entropyguides.com/ecosystem/which-entropy*

> **Note:** EntropyGuides is independent and has no relationship with Entropy or Bursa Global Inc. Some links on this page are referral links. Using them costs you nothing and may pay us a share of Entropy's fee revenue. Nothing here is financial, legal or tax advice.

If you searched for "Entropy" and landed somewhere confusing, that is expected. The word is claimed by a wound-down custody startup, an Arbitrum consultancy, a random number generator, a Panamanian perps venue, six unrelated tokens, a 23-year-old MMO, a roguelike, a branch of psychology, and the second law of thermodynamics. Almost none of them have anything to do with each other.

This page sorts them out, then tells you which one this site covers.

> **Key takeaway:** This site covers exactly one Entropy: **entropy.io**, ticker `io`, a HIP-3 builder-deployed perpetuals venue on Hyperliquid operated by Bursa Global Inc. It has no token, it is not the a16z-backed Entropy that shut down in January 2026, and it is not Anthropic.

![The entropy.io landing page with its chrome iO mark and the tagline Trade the Frontier](/images/shared/entropy-landing.webp)

## The one this site is about: entropy.io

 **Entropy** at [entropy.io](https://entropy.io/?r=concept211) is a perpetual futures venue and trading frontend built on top of **Hyperliquid**. Under Hyperliquid's HIP-3 standard, third parties can stake HYPE and deploy their own perp markets on Hyperliquid's matching engine and clearinghouse. Entropy is one of those deployers, and its deployer ticker is `io`, which is where the `io:` prefix on its market symbols comes from.

The facts that separate it from every other Entropy:

| Field | Value |
|---|---|
| Domain | `entropy.io` (they also control `entropy.trade`, which redirects) |
| Operator | Bursa Global Inc., incorporated in the Republic of Panama |
| Product | Cash-settled, USDC-collateralized perpetuals on pre-IPO valuations and equities |
| Chain | Hyperliquid L1, collateral bridged from Arbitrum One |
| Deployer ticker | `io` |
| Its own live markets | Exactly two: `io:ANTH` and `io:SNDK` |
| First trade | 2026-08-19, 10:00 UTC |
| Public launch | 2026-08-24 |
| Token | None |
| DefiLlama slug | `entropy.io` |

Two details matter for anyone trying to identify it correctly. First, the venue is barely a week old at the time of writing, which is why third-party coverage is so thin and why so much of what does exist is confused. Second, its frontend aggregates 319 markets from six different deployers, but **317 of those are somebody else's markets**. The SpaceX and Cerebras contracts you can see on the Entropy interface are deployed by **trade.xyz**, not by Entropy. Entropy is responsible for `io:ANTH` and `io:SNDK` and nothing else.

For the full picture, start with [what Entropy actually is](/ecosystem/what-is-entropy) and [how HIP-3 works](/ecosystem/hip-3-explained).

## "Entropy vs Anthropic" and "Entropy and Anthropic"

These are two of the very few Entropy-plus-crypto phrases Google actually autocompletes, and both are word-confusion queries. The names look similar, they both appeared in AI-adjacent headlines in August 2026, and one references the other. They are not the same organization and there is no commercial link between them.

 **Anthropic** is the AI research company behind Claude. It is privately held.

**Entropy** is a trading venue. Its flagship market, `io:ANTH`, is a perpetual contract whose price references Anthropic's implied valuation. Entropy's own legal page is blunt about what that contract is not:

> "These contracts are not equity, securities entitlements, ownership interests, IPO allocations, tokenized shares... Holders receive no voting rights, dividend rights, information rights, registration rights, allocation rights, delivery rights."

And, on the relationship question specifically:

> "The exchange has no affiliation with, endorsement from, or contractual relationship with any referenced issuer."

That is Entropy describing itself. Take it at face value: buying `io:ANTH` gives you exposure to a number on Entropy's order book, not a claim on Anthropic.

The pricing convention confuses people further. `io:ANTH` quotes in **market cap units where $1 of price equals $1 billion of implied valuation**. A mark of roughly 1,995 therefore implies an Anthropic valuation near $2.0 trillion, not a $1,995 share price. If you are trying to read that number, we break the whole mechanism down in the [Anthropic pre-IPO perp guide](/guides/trading/anthropic-pre-ipo-perp).

> **Warning:** In May 2026, Anthropic published a support notice stating that SPV transfers of its stock are "void under our transfer restrictions" and warning that third parties selling exposure through "direct sales, forward contracts, tokenized securities, or other mechanisms" are "likely either engaged in fraud or offering an investment that may have no value." Entropy's contracts are cash-settled synthetics that its own documentation says convey no shares and no cap-table entry. Both statements are public. We report both and leave the conclusion to you and your own professional advisers. This is not legal advice.

## "Entropy crypto company shuts down"

This query is about a different company, and the confusion is worth clearing up because the two get merged in AI summaries.

**Entropy Cryptography Inc.** was an a16z-backed startup working on decentralized custody. It wound down in **January 2026** and returned roughly **$27 million** to investors. It never issued a token.

**entropy.io** placed its first trade seven months later, on 19 August 2026, and announced a $14 million round led by **Ribbit Capital** on 24 August 2026. It is a separate company in a separate business, incorporated somewhere else.

If you arrived here after reading that "Entropy shut down," you were reading about the custody startup.

## The full disambiguation table

Crypto and crypto-adjacent projects using the name, and what each one actually is:

| Name | What it is | Token | Status |
|---|---|---|---|
| **Entropy** (entropy.io) | HIP-3 perps venue on Hyperliquid, operator Bursa Global Inc. | **None** | Live since 2026-08-19 |
| **Entropy** (Entropy Cryptography Inc.) | a16z-backed decentralized custody startup | None | **Wound down Jan 2026**, ~$27M returned |
| **Entropy Advisors** | Advisory firm working exclusively with the Arbitrum DAO | Paid in ARB | Live since Sept 2024 |
| **Pyth Entropy** | On-chain random number generation from the Pyth network | Uses PYTH | Live |
| **Entropy Foundation** | The foundation behind **Supra**, not Pyth | SUPRA | Live |
| **SynFutures "Entropy"** | A feature name inside SynFutures (order book state encoding) | F | Announced 2026 |
| **Entropyfi** | Prediction market on Polygon | ERP | Near dormant, TVL around $5,240 |

The riskiest entry on that list is the SynFutures one. It is a perp DEX, the feature is called Entropy, and it was announced in 2026. Three coincidences in a row is how a wrong citation gets into an AI answer and then into ten more articles.

Beyond those, **six unrelated tokens** named Entropy or ENT exist across Solana and Ethereum, from projects including justentropy.lol, ennntropy.com, entropynetwork.io, Hut34 Entropy, Entropy Protocol and a community ENTROPY. There is also **ENTROPY Acolytes**, a Solana NFT collection with 10,008 items. None of them are entropy.io.

## The slug collision you have to know about

This one catches researchers, aggregator scripts and language models alike.

| Data source | Slug | What it actually points at |
|---|---|---|
| **CoinGecko** | `entropy-2` | **An unrelated Solana memecoin** |
| **CryptoRank** | `entropy-2` | **entropy.io**, the Hyperliquid venue |
| **DefiLlama** | `entropy.io` | entropy.io, the Hyperliquid venue |

Same string, two different entities, two different databases. If you pull `entropy-2` from CoinGecko's API expecting the perps venue, you get price data for a memecoin, and every number downstream of it will be wrong.

The correct statement is that **entropy.io has no token and is listed on neither CoinGecko nor CoinMarketCap**, and its DefiLlama record carries no `gecko_id` and no `cmcId`. Any price chart claiming to show "Entropy" the perps venue is showing something else. We go through the whole token question, including the impersonator contracts that appeared within a day of the funding announcement, in [the Entropy token and airdrop debunk](/ecosystem/entropy-token-airdrop).

## Companies named Entropy that are not in crypto at all

Every one of these resolves to a live site, and several are finance-adjacent enough to be mistaken for the trading venue:

- entropy.co is an emerging-technology discovery platform aimed at investors. It is crypto-adjacent, which makes it the highest confusion risk of the group.
- entropy.fund is a Singapore-regulated fund manager, so it is easy to conflate with a trading venue.
- entropy.tech, entropy.sa, entropy.cc and entropy.games are unrelated businesses.
- entropy.com resolves, but we have not verified who operates it, so we are not going to characterize it.
- entropia.io is a separate domain from Entropia Universe.

Note what is missing from that list. `entropy.markets` and `entropy.exchange` are **parked and listed for sale**. Those are the two registrations a future phishing operation would most plausibly want. As of 26 August 2026 we checked twelve candidate domains and found no active clone of entropy.io, but a parked domain can change hands quietly. Entropy's own security page lists exactly one official domain, `entropy.io`, even though the company also operates `entropy.trade`. Treat anything else as unverified until it appears on their security page.

## Games, media and the search noise floor

This is where the volume actually is, and it is why the brand string is so hard to search.

- Entropia Universe is MindArk's MMO with a real-cash economy, live for 23 years. It gets mistaken for a crypto project because of that cash economy, and it is not one.
- BlazBlue Entropy Effect is a roguelike, and it dominates autocomplete for the exact string "entropy io" through the query "blazblue entropy ios."
- Entropy: Zero and Entropy: Zero 2 are Half-Life 2 mods, and The Entropy Centre is a puzzle game. There is a 1999 film called Entropy, at least four bands, songs by Bad Religion, Grimes with Bleachers, and Daniel Caesar, a 1960 Thomas Pynchon short story, and an MDPI academic journal.
- Entropy in I/O psychology is the top Google completion for "entropy io." Nothing to do with trading.

Under all of that sits the concept itself: thermodynamic entropy, Shannon entropy in information theory, and entropy as randomness in computing. That last one is why **"entropy crypto" is a bad query** for finding this venue. Wallet vendors publish explainers in which "entropy" means seed-phrase randomness, and those rank far above anything about entropy.io.

The practical consequence: the only brand query that reliably reaches the trading venue on Google today is **`entropy hyperliquid`**. If you want the venue, add "hyperliquid" or "HIP-3" to whatever you are searching.

## How to tell in five seconds which Entropy you are looking at

![Entropy's architecture documentation stating that Entropy, ticker io, is one such HIP-3 market deployer](/images/shared/entropy-docs-architecture.webp)

Run through this checklist:

1. **Does the URL end in `.io` and mention Hyperliquid or HIP-3?** That is the trading venue.
2. **Is there a token, a points page or an airdrop claim?** Then it is not the trading venue. Entropy has no token and no points program.
3. **Does it mention custody, a16z, or a January 2026 wind-down?** That is Entropy Cryptography Inc.
4. **Does it mention Arbitrum, ARB or DAO governance?** That is Entropy Advisors.
5. **Does it mention randomness, VRF or oracles?** That is Pyth Entropy. If it mentions a foundation and SUPRA, that is Supra.
6. **Does it mention characters, tier lists or iOS?** That is BlazBlue Entropy Effect.

For the trading venue specifically, the identifying markers are the ticker prefix `io:`, the two markets `io:ANTH` and `io:SNDK`, USDC collateral bridged from Arbitrum One, and the fact that trades settle on Hyperliquid rather than on any chain Entropy controls.

## Where to go next

If you have confirmed you want the Hyperliquid venue, these are the pages worth reading before you deposit anything:

- [What is Entropy](/ecosystem/what-is-entropy) covers the company, the funding and the two live markets.
- [Entropy fees explained](/guides/fees/entropy-fees-explained) has the finding their own docs do not state: both live markets run Growth Mode, so the real trading rate today is a tenth of the published one.
- [Is Entropy safe](/privacy/is-entropy-safe) walks through the mark price mechanism, the absence of a liquidator vault, and the operational key powers.
- [Entropy vs trade.xyz](/compare/entropy-vs-trade-xyz) puts it against the incumbent that runs 101 of the markets on Entropy's own frontend.
- [Ventuals alternative](/compare/ventuals-alternative) matters if you arrived from the pre-IPO venue that shut down in June 2026.
- [Entropy restricted countries](/privacy/entropy-restricted-countries) covers the geo-block, which returns a restricted status for the United States, Canada, the United Kingdom and Panama.

[Get started](https://entropy.io/?r=concept211)

Our sourcing rules, and the reason we date-stamp every number on a venue this young, are in the [methodology](/methodology). Everything on this page is descriptive, not advice. See the [disclaimer](/disclaimer).