Entropy Fees Explained: The Real Rate Is 0.0090% Taker

Entropy's documentation publishes maker 0.030% and taker 0.090%. Both of its live markets currently charge a tenth of that.

The mechanism is Growth Mode, a Hyperliquid setting that scales all fees, rebates and volume contribution by 0.1. It has been enabled on io:ANTH and io:SNDK since 19 August 2026 at 14:12 UTC. Entropy's fee page documents the multiplier and documents the base rates, but never states the effective rate its own live markets run at. So here it is.

The published rate, and the rate you pay

Entropy is a HIP-3 builder-deployed venue on Hyperliquid, which means its fee schedule is not its own invention. Hyperliquid sets it. Here is the whole chain of arithmetic in one table:

Two sentences from Entropy's fee documentation produce that table:

"Fees on HIP-3 markets are 2x the standard validator-operated perp rate. The protocol fee is split evenly between Hyperliquid and the deployer."

"When growth mode is enabled on a market, all fees, rebates, and volume contribution scale by 0.1 (a 90% reduction)."

The docs stop there. They never combine the two statements into a number, so a reader who skims the fee page walks away believing they will pay 0.090% as a taker. In practice they pay 0.0090%.

Growth Mode is confirmed live on both markets

This is checkable in one API call. Query the Hyperliquid info endpoint with {"type":"meta","dex":"io"} and both markets return growthMode: "enabled". The flag also appears in Entropy's own asset documentation:

Growth Mode is a market setting controlled by the deployer, and Entropy's documentation says market parameters "may be updated at the market operator's discretion." Entropy has published no schedule, commitment or end date for it. Treat 0.0090% as the rate today rather than a promise, and re-check the flag if you are running size.

Independent confirmation from the fee data

You do not have to trust the API flag either, because the money leaves a trail. Take Entropy's 24-hour numbers for 26 August 2026:

Predicted and reported land within half a percent of each other. Running it the other way, $5,982 divided by $66,194,725 gives an implied all-in rate of 0.00904%, which is the taker rate itself, near enough. DefiLlama derives its fee number and Hyperliquid reports its notional independently, so a sub-1% gap between them is about as close as two separate sources get.

The 0.0090% figure is measured, not theoretical.

The honest comparison against other HIP-3 deployers

This is where most fee articles overclaim, so here is the qualification up front: HIP-3 fee schedules are set by Hyperliquid, not by deployers. Every deployer inherits the same base schedule. The only levers a deployer has are the fee-scale multiplier and the Growth Mode switch. "Cheaper fees" is therefore almost never a structural difference between HIP-3 venues, and anyone who tells you Entropy is cheap by design is selling something.

What is true is a snapshot. Divide each deployer's reported 24-hour fees by its reported 24-hour notional and you get the rate its users actually paid that day:

Measured 26 August 2026. All five figures move daily.

So the defensible claim is: cheapest in the cohort today at roughly 0.0090% measured all-in. It is not cheapest by design, and it is not cheapest for every trader.

The specific caveat that matters most: trade.xyz runs Growth Mode as well and publishes a full volume-tier ladder that reaches 0.00288% taker at the top tier. A trader with enough 14-day volume pays less on trade.xyz than Entropy's flat rate. Entropy publishes no tier table of its own, deferring to Hyperliquid's. If you trade real size, run both numbers. Our Entropy vs trade.xyz comparison and the HIP-3 deployer league table go deeper on this.

Volume tiers and HYPE staking discounts

Entropy's docs are explicit that it does not run its own loyalty pricing:

"Volume tiers, staking discounts, and referral rebates apply on the same basis as all other Hyperliquid markets. Fee tier is computed across a user's combined 14-day weighted volume across spot, perps, and HIP-3 perps."

Hyperliquid's base perp schedule by 14-day weighted volume:

To get from a row of that table to what you would pay on io:ANTH today, apply the same two transformations: multiply by 2 for HIP-3, then by 0.1 for Growth Mode. A trader in the over-$100M tier would therefore be at 0.030% base, 0.060% on HIP-3, and 0.0060% after Growth Mode. That last step is our arithmetic applied to Entropy's two published statements, not a number Entropy publishes.

Staking HYPE applies a further discount on top:

The builder fee, reported as observable facts

Entropy uses Hyperliquid's builder code system, and approving a builder fee is a mandatory onboarding step. The onboarding flow labels it "Approve builder fee" and you cannot place a trade without signing it.

Here is what is observable in the shipped code, stated without interpretation:

Two facts sit side by side there. Nothing is being charged. The configured rate is zero, and the builder address shows zero accrued fees, which corroborates it. And the signature you provide to trade authorizes up to 1%, so the charged rate could be raised to the 0.1% protocol ceiling without asking you to sign again.

Entropy has published nothing explaining the approval, so we cannot tell you why it is configured this way and we are not going to guess. What we can tell you is what to do about it: builder approvals are visible and revocable through Hyperliquid, a wallet can approve at most 10 builders, and if a charged rate ever appears it will show up in your fill records. If you trade size on Entropy, check the fills.

Non-trading fees

None of these are Entropy's own charges. They belong to Hyperliquid, the bridge and the chain, but they hit your balance all the same and the first one surprises almost everyone.

That $1 activation fee is the single most common "why did my balance change" question on any Hyperliquid-based venue. It is charged once, ever, per account. The mechanics of getting USDC in place are covered in depositing USDC to Entropy.

Funding rate multipliers

Funding is not a fee to the exchange, it is a payment between longs and shorts. What Entropy controls is the multiplier applied to it, and its pre-IPO market runs an unusually small one:

The practical effect on io:ANTH is that funding is a very small carry cost even when the book is one-sided, which matters if you intend to hold a position for weeks. It also means funding does far less work than usual to pull the mark back toward fair value, which is a risk topic rather than a fee topic. We cover it in the ANTH market guide and in is Entropy safe.

The referral rebate, and the number to get right

Entropy runs a four-tier rebate ladder. The headline percentages are real, but they are calculated against Entropy's share of the fee, not against what you pay. From the docs:

"Assume a trader generates $100 in total trading fees... this splits approximately: $50 to Hyperliquid, $50 to Entropy. Entropy's rebate and referral percentages apply only to Entropy's $50 share, so a 50% Self Rebate does not return 50% of the full $100 fee. It returns 50% of Entropy's $50 share, or $25."

So the entry tier's 25% referred-user benefit is about 12.5% of what you actually pay. Three further conditions:

• It applies only to Entropy's own two markets, io:ANTH and io:SNDK. The other 317 markets on Entropy's frontend belong to other deployers and are out of scope.
• Rebates are claimed manually and pass through a status ladder including a Held state that Entropy controls off-chain.
• Growth Mode scales rebates by 0.1 as well, in line with the fees they are calculated from.

Tier 2 is worth 30 seconds of attention: a single historical HIP-3 trade on any deployer doubles your rebate rates permanently, and onboarding imports that history automatically. Full detail on the ladder is on our referral page.

What a round trip actually costs

A $10,000 round trip on io:ANTH, taking liquidity on both sides, at today's rate:

For scale, the same $10,000 round trip on a standard Hyperliquid core perp at 0.045% taker costs $9.00 before any tier or staking discount. Entropy's markets are two-times-base but Growth Mode more than offsets that, so long as the switch stays on.

What Entropy does not charge

Worth stating plainly, since fee pages elsewhere invent line items:

• There is no gas fee for trading. Orders settle on Hyperliquid L1, which has no per-trade gas. The only gas you touch is roughly a cent of ETH on Arbitrum when bridging.
• There is no listing fee, subscription or market data fee. The /pricing page on entropy.io renders no content at all, so every real fee number lives in the docs.
• There is no token to buy for discounts. Entropy has no token, no points program and no announced airdrop, which we document in full in the token and airdrop debunk. Fee discounts come from HYPE staking on Hyperliquid, not from anything Entropy issues.
• There is no fee on funding payments, per its own documentation.

How to check all of this yourself

Every number here is reproducible without an account:

1. POST https://api.hyperliquid.xyz/info with {"type":"meta","dex":"io"} returns the market list including the growthMode flag.
2. {"type":"metaAndAssetCtxs","dex":"io"} returns live open interest and 24-hour notional.
3. DefiLlama's entropy.io protocol page reports 24-hour fees. Divide by notional to get the implied all-in rate.
4. Every Entropy docs page is available as clean markdown by appending .md to the URL, so the fee page is one fetch away.

Our full sourcing rules are in the methodology, and the background on how HIP-3 sets these rates is in HIP-3 explained and what Entropy is.

Fee treatment for tax purposes is out of scope for this site and depends on where you live. Talk to a qualified professional and read Entropy's own terms. Nothing here is financial, legal or tax advice. See the disclaimer.