How to Trade on Entropy

What Trading Features Does Entropy's App Offer?

Entropy's trading interface supports Market, Limit, Stop Market, Stop Limit, Take-Profit Market, Take-Profit Limit, and TWAP orders, with TWAP execution windows configurable from 5 minutes up to 1,440 minutes (24 hours). Any order can be flagged reduce-only or post-only, positions can carry attached take-profit and stop-loss brackets, and a max-slippage setting protects market and TWAP fills. A "Pro" mode exposes the full order ticket for traders who want it.

Entropy does not run a spot market of its own. Its frontend also surfaces 319 perpetual markets pulled from six venues running on Hyperliquid, but only two of those, io:ANTH and io:SNDK, are markets Entropy itself deploys under HIP-3. The other 317, including the pre-IPO and equity perpetuals shown alongside them, are deployed and operated by other companies, chiefly trade.xyz, plus Paragon, HyENA and Markets by Kinetiq. This guide only covers the two markets Entropy deploys itself.

The Two Markets Entropy Deploys

There is a documented discrepancy worth flagging here: Entropy's own docs state that Strict Isolated margin is "not enabled," but Hyperliquid's live API currently reports a marginMode of strictIsolated for both io:ANTH and io:SNDK. We cannot explain why the docs and the live data disagree, only report that they do, and that the API is what the platform is actually enforcing.

The Mark Price That Drives Liquidations

The mark price is what drives unrealized PnL, margin calculations, liquidation triggers, and stop-loss or take-profit triggers on both markets, and the mechanics differ by market type. On io:ANTH, the mark is 100% Entropy's own order book, a 5-minute average of the book mid, with no external price blended in. On io:SNDK, the calculation depends on whether the underlying equity market is open: during market hours it blends a public price feed with Entropy's internal order-book average, and outside market hours it is held within a band around the last traded price. io:ANTH is also priced in implied market capitalization rather than a share price: each $1 of contract price corresponds to $1 billion of implied Anthropic valuation. That number moves every day. As one dated snapshot, on August 26, 2026 an io:ANTH mark of 1995.2 implied a valuation of roughly $2.00 trillion, with the market's bounds set at $300 billion and $4.2 trillion; treat any specific figure here as already stale and check the live app for the current mark. See our pre-IPO perps explainer for the full mechanics and our risk breakdown for how the mark interacts with margin calls and auto-deleveraging.

Fees, the Referral Rebate, and What Else Lives on the Same Frontend

Frequently Asked Questions