ALL GUIDES
Entropy Guides & Tutorials
Everything you need to trade Entropy well, from your first deposit to reading the fine print on how io:ANTH settles. Start at the EntropyGuides homepage for a quick overview.
About Entropy & How to Use These Guides
Entropy is a perpetuals venue built on top of Hyperliquid, operated by Bursa Global Inc. under Hyperliquid's HIP-3 framework. Traders sign in with email or a Web3 wallet, bridge USDC from Arbitrum One, and place a trade with no identity verification. Entropy deploys exactly two markets of its own, io:ANTH (an Anthropic pre-IPO perpetual) and io:SNDK (a SanDisk equity perpetual), and its frontend also aggregates 317 markets deployed by other HIP-3 operators, chiefly trade.xyz. Trading went live on August 19, 2026, which makes Entropy a genuinely new venue: treat every number on this site, and on Entropy's own dashboards, as something that moves daily.
This hub organizes every Entropy guide into three categories, plus the standalone comparison, ecosystem, privacy and troubleshooting hubs linked below. New users should start with Getting Started, which walks through wallet connection, USDC deposits, and the two approvals required before a first trade. Trading covers how io:ANTH and io:SNDK are priced, margined, and settled, including the implied-valuation mechanic that makes io:ANTH different from a normal perp. Fees & Savings explains the published rate against the real Growth Mode rate, and what the referral rebate is actually worth once the fee split is accounted for.
Beyond the three guide categories, Comparisons sets Entropy against trade.xyz and the other venues where an Anthropic pre-IPO contract trades, Ecosystem covers HIP-3 mechanics, the deployer landscape and the token question, Privacy & Security covers the risk model and which jurisdictions Entropy's terms exclude, and Troubleshooting addresses common deposit and order issues.
Every guide cites its source, whether that is Entropy's own documentation, the Hyperliquid API, or a figure we measured ourselves. Where a number is not sourced, we say so rather than publish a guess. Browse the category cards below to jump directly to a topic, or scroll through the full article listing to find what you need.
Guide Library
Updated August 2026
Getting Started
2 articles
Trading io:ANTH and io:SNDK
3 articles
Fees & the Referral Rebate
1 articles
Entropy vs. Everything Else
3 articles
Ecosystem
5 articles
Privacy & Security
2 articles
Troubleshooting
2 articles
Can't Open a Position on Entropy? Causes and Fixes
Order rejected on Entropy? Work through the open interest cap, delisted markets, LULD bands, agent limits and geo checks with the exact error each one produces.
Entropy Deposit Not Showing Up? Causes and Fixes
USDC deposit missing on Entropy? Work through Arbitrum gas, the $1 activation fee, wrong-chain sends, the Phantom problem and dust, with the fix for each.
Deposit USDC to Entropy: The Arbitrum Bridge Guide
USDC on Arbitrum One only. The bridge address, the CCTP route, the ETH gas trap, the $1 activation fee, and why Phantom cannot show the USDC you just sent.
Hyperliquid SNDK: Inside Entropy's io:SNDK SanDisk Perp
io:SNDK is the only ticker Entropy and trade.xyz both list. The spec, the 10x cap, the LULD bands, the funding multipliers and the open interest cap gap.
Entropy Airdrop and Token: There Is Neither (Aug 2026)
Entropy has no token, no points program and no TGE. Here is the evidence from its own shipped code, plus the four impersonator contracts that copied the name.
HIP-3 Deployers Compared: Every Hyperliquid Builder DEX
All ten HIP-3 deployers on Hyperliquid ranked by 24h volume, open interest and fees, with the ones that are already dead marked. Data pulled August 26, 2026.
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.
How to Trade on Entropy: Hyperliquid HIP-3 Setup Guide
Sign in with Privy, import HIP-3 history, deposit USDC, then sign two approvals to enable trading. Entropy's real onboarding flow with the caveats intact.
Anthropic Pre-IPO Perp (io:ANTH): How It Actually Works
io:ANTH is Entropy's Anthropic pre-IPO perpetual on Hyperliquid. The price is a market cap, not a share price. Leverage, OI caps, funding and 2028 settlement.
Pre-IPO Perpetuals Explained: Pricing, Settlement, Risk
What a pre-IPO perpetual is, why the price is a market cap and not a share price, how the mark and settlement really work, and where the design is fragile.
Entropy Fees Explained: The Real Rate Is 0.0090% Taker
Entropy publishes 0.030% maker and 0.090% taker, but both live markets run Growth Mode, so the rate you actually pay today is ten times lower. Full breakdown.
Entropy 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.
HIP-3 Explained: Builder-Deployed Perpetuals on Hyperliquid
HIP-3 lets anyone stake 500k HYPE and deploy their own perp markets on Hyperliquid. Here is the bond, the auction, the fee split, growth mode and slashing.
Entropy on Hyperliquid: The HIP-3 Perp DEX Explained
Entropy is a HIP-3 deployer on Hyperliquid, run by Bursa Global Inc. It operates two markets of its own, io:ANTH and io:SNDK, and aggregates 317 more.
Entropy Restricted Countries: US, Canada, UK, Panama
Entropy's terms name the US, Canada, UK and Panama as Restricted Jurisdictions. What the live geo-block does, what the terms say, and what is not checked.
Is Entropy Safe? The Risks in Its Own Docs
Entropy is non-custodial with no 2FA, no audit and no bug bounty. We quote the eight structural risks straight from its documentation and explain each one.