How to Trade on Entropy: Hyperliquid HIP-3 Setup Guide

Entropy is a HIP-3 builder-deployed perpetuals venue that rents Hyperliquid's matching engine, margin system and clearinghouse under the deployer ticker io. Its onboarding is short but it has two steps that no other perp DEX asks for, and both of them deserve more explanation than the button labels give them.

This guide walks the flow as it actually ships, in the order the app presents it. Every claim here was checked against Entropy's shipped bundle and the Hyperliquid API on 26 August 2026. Where the app is vague, we say what the code does rather than what we think it means.

Before you start, three things will stop you cold

Your jurisdiction. Entropy's edge runs a geo check that returns {"restricted":true,"country":"US","mode":"trading"} from a US address. The scope is trading, not the whole site, so you can browse markets, read the order book and load charts while every trading action stays disabled. Entropy's terms of service name the United States, Canada, Panama and the United Kingdom as restricted jurisdictions, and section 2.3 prohibits VPN, proxy and Tor circumvention. We cover the full list and what the frontend actually does in Entropy restricted countries. None of that is legal advice, and if your situation is complicated, ask a professional rather than a guide site.

Your collateral. Entropy settles in USDC only, bridged from Arbitrum One. There is no other chain, no other collateral token, and no HyperEVM route. If your USDC is anywhere else, move it first. The mechanics, the addresses and the several ways this goes wrong are in depositing USDC to Entropy.

Your key custody. Entropy authenticates through Privy, and Privy supports both wallet sign-in and email sign-in. Email sign-in auto-creates a Privy embedded wallet. That is convenient, and it also means key management sits with Privy rather than with you. If you want the keys in your own hands, connect an existing wallet instead. Supported connectors include MetaMask, OKX, Coinbase Wallet, Rainbow, Phantom, Zerion, Uniswap Wallet and WalletConnect.

The full onboarding flow

Signature one: the agent wallet

When you press "enable trading", Entropy generates a secp256k1 key in your browser, wraps it with AES-GCM-256 under a non-extractable key, and stores it in IndexedDB under entropy-agent. You then sign a Hyperliquid EIP-712 ApproveAgent message that registers that key as an API agent on your account. Its validity is approximately 179 days.

This design is standard for Hyperliquid frontends and it is what makes one-click order entry possible without a wallet popup on every trade. It also has three consequences worth stating plainly.

It is a browser artifact, so browser hygiene destroys it. Clear site data for entropy.io, use a fresh profile, or switch machines, and the key is gone. Nothing bad happens to your money, because the funds live in your Hyperliquid account and not in the agent key. You will just be asked to approve a new agent on the next visit. This is the single most common "I lost access" report in the product's own error catalog.

Anyone with the browser profile has a trading key. Not a withdrawal key, a trading key. Someone with access to that machine can open and close positions in your account for the life of the approval. Treat the device the way you would treat a logged-in exchange session.

It cannot withdraw. Withdrawals require a separate HyperliquidTransaction:Withdraw signature from the master wallet, every time. That is the meaningful boundary and it is the right one. It also means that if you sign in by email, the master wallet doing that signing is the Privy embedded wallet.

One practical limit: Hyperliquid caps how many API agents a wallet can register, at one unnamed agent plus three named ones. If you use several HIP-3 frontends from the same address, you can hit that ceiling and see an approval fail. Revoke agents you no longer use.

Our broader read on custody, controls and what is missing is in is Entropy safe. Short version: there is no 2FA, no passkey support, no withdrawal address whitelist and no hardware-wallet flow anywhere in the shipped bundle.

Signature two: the builder fee

The second approval is labeled "Approve builder fee" and it is mandatory. You cannot place an order without it.

Here is what the code does, stated as observation rather than interpretation.

So: the approval you sign authorizes up to 1%, the code is currently configured to charge 0, and nothing had been collected when we looked. Hyperliquid's protocol maximum for a perp builder fee is 0.1%, which is also the clamp in Entropy's own code, so the practical ceiling and the signed ceiling are not the same number. Because the signature sets a maximum rather than a rate, the charged rate can be changed inside that maximum without asking you to sign again.

We are not going to tell you why any of that is the way it is, because we do not know and neither does anyone else writing about it. What we can tell you is that today the builder fee costs you nothing, that the arrangement is disclosed only as a button label and in the raw EIP-712 payload, and that it is worth re-checking your fee statement periodically rather than assuming a zero is permanent. The mechanic itself, and how builder codes work across Hyperliquid, is covered in HIP-3 explained.

What you can actually trade

Two distinctions matter here and most coverage gets them wrong.

Entropy operates exactly two markets of its own: io:ANTH, a pre-IPO perp on Anthropic, and io:SNDK, an equity perp on SanDisk. Those are the markets Bursa Global Inc. deployed under the io ticker, and those are the only markets its referral rebates apply to.

The Entropy frontend also aggregates 319 markets from six deployers, including 101 from trade.xyz, 19 from Paragon, 18 from HyENA, 2 from Markets by Kinetiq and 177 Hyperliquid core perps. The SpaceX, S&P 500, gold and oil markets you can reach through Entropy's interface are trade.xyz's and Kinetiq's markets, not Entropy's. Responsibility for how those contracts are specified, priced and settled sits with the deployer that registered them.

Three further io assets are registered and delisted with zero candles ever printed: io:OAI, io:IONQ and io:NBIS. They never traded. The reason for the delistings has not been published, and we are not going to guess at one.

Order types, flags and the ones that bite

Entropy ships a full order ticket rather than a market-buy button. The shipped types are Market, Limit, Stop Market, Stop Limit, Take Profit Market, Take Profit Limit, and TWAP.

The flags are reduce-only, post-only, attached TP/SL brackets and max slippage. Three combination rules are enforced by the app and each one produces a rejection that reads like a bug if you do not know about it:

• TP/SL cannot be combined with reduce-only. Pick one.
• Write priority orders are IOC only and cannot carry an attached TP/SL bracket.
• Write priority fees are paid from undelegated staked HYPE, not from your USDC balance. If you have no undelegated stake, the order will not go through with priority.

Because the mark price is what triggers your stop and take-profit orders, and because on io:ANTH that mark is a 5-minute EMA of Entropy's own order book mid rather than a blend of external sources, stop placement on the pre-IPO market behaves differently from stop placement on a crypto perp. On io:SNDK the mark is anchored to SanDisk's public print during the cash session and clipped to a leverage-derived band outside it, which is why an overnight order can be rejected for going through a limit-up or limit-down band. Both mechanics are covered per market in the io:SNDK guide.

What you will pay

HIP-3 markets charge twice the standard Hyperliquid validator-operated perp rate, and the protocol fee is split evenly between Hyperliquid and the deployer. That puts the published schedule at 0.030% maker and 0.090% taker. But both Entropy markets have had growth mode enabled since 19 August 2026 at 14:12 UTC, and growth mode scales all fees, rebates and volume contribution by 0.1.

Entropy's own documentation never states the effective rate its live markets actually run at. We cross-checked it independently: $66.19M of 24-hour notional at 0.009% implies $5,958 of fees, and DefiLlama reported $5,982 for the same window. That is a ratio of 1.00, so the 0.009% all-in figure is real rather than theoretical.

Worth qualifying, though. Growth mode is a HIP-3 lever that every deployer has, and trade.xyz runs it too. The honest framing is that Entropy is the cheapest in the cohort today at a measured 0.0091% all-in, not that it is structurally cheaper. Full working in Entropy fees explained.

On top of trading fees, Hyperliquid's volume tiers and HYPE staking discounts apply on the same basis as every other Hyperliquid market, computed across your combined 14-day weighted volume.

The referral rebate, stated accurately

If you sign up through a referral link, Entropy applies an automatic rebate to your account. It is real and it is not a discount at the point of trade. But the headline percentage is not what most people read it as, because Entropy's tiers are calculated against Entropy's share of the HIP-3 fee, not against the fee you pay.

Their own worked example: on $100 of total trading fees, roughly $50 goes to Hyperliquid and $50 to Entropy, and a 50% self rebate returns 50% of Entropy's $50, which is $25.

So the entry tier's "25% referred-user benefit" works out to about 12.5% of what you actually pay. At Tier 2, which the HIP-3 history import can hand you for one historical trade on any HIP-3 market, that doubles to 50% of Entropy's share, or roughly 25% of your fees. This is the single strongest argument for not clicking past the import step.

Two more things to know. The rebate applies only to Entropy-deployed markets, io:ANTH and io:SNDK, and not to the 317 aggregated markets. And rebates are claimed manually through a status ladder that runs In review, Held, Approved, Claimed, Processing, Paid. The Held state is controlled off-chain by Entropy. More detail on our referral page.

If something goes wrong on the first trade

• "Why can't I open a position?" Most often the open interest cap. io:ANTH runs a $5M cap and has been sitting near two thirds of it. See cannot open position.
• "My deposit hasn't arrived." Usually the gas trap, the activation fee, or a wallet that does not display Arbitrum One balances. See deposit not arriving.
• "Switch your wallet to chain 42161." Your wallet is on the wrong network. Arbitrum One is chain ID 42161.
• "Wallet compliance screening did not pass." Entropy runs wallet screening through a third-party provider before enabling trading.
• "My referral code was not applied." The attach call returned a 400 and the code was cleared without a visible error. Re-enter it and confirm on the referrals page.

Worth knowing before you size up

Entropy placed its first trade on 19 August 2026 and announced publicly on 24 August. As of 26 August it is the number two HIP-3 deployer by 24-hour volume with two markets. It has also had one week of operating history, no security incident on record and no audit, which are three statements that mean less together than any of them does alone. There is no smart contract of Entropy's own to audit, because a HIP-3 deployer configures markets rather than deploying code, so protocol risk is inherited from Hyperliquid. The risks that are specific to Entropy are configuration risks: a single hot key can call haltTrading, which per Hyperliquid's HIP-3 documentation cancels all orders and settles positions to the current mark, and HIP-3 markets have no liquidator vault backstop, so auto-deleveraging is the immediate fallback after order-book liquidation and cannot be opted out of.

Read is Entropy safe before you put size on, and read what is Entropy if you want the entity picture. Nothing on this page is financial, legal or tax advice. See our disclaimer and our methodology for how these figures were sourced.