THE STACK

The Entropy Trader's Stack

Entropy is a trading frontend and a HIP-3 venue whose orders settle on Hyperliquid. It does not hold your keys for you, it does not file your taxes, and it cannot see the half of your portfolio that lives somewhere else. These are the tools that fill those gaps, plus the cases where you should skip each one.

Some links on this page earn us a commission if you buy. It never changes your price, and it is not what puts a tool on this list. Every card below says who the tool is wrong for, and two of the products we recommend most (the free on-chain explorers, and Awaken Tax) pay us nothing at all.

How should I secure an Entropy account?

Entropy is self-custodial, so the wallet holding your keys is the actual attack surface. Trading also requires signing an agent wallet that lives in your browser and an approval authorizing a builder fee. A hardware wallet signs those messages without your seed phrase touching a browser.

Trezor$49 - $169

Open-source firmware and a Secure Element on the Safe models. Signs the EIP-712 messages used to authorize an agent wallet and the builder-fee approval.

Best for: Anyone who wants auditable firmware and does not mind a slightly rougher desktop app.
Skip it: You need broad mobile Bluetooth support. That is Ledger territory.

Visit Trezor →

Ledger$79 - $399

The default hardware wallet for a reason: the widest wallet-app support, Bluetooth on the Nano X and Flex, and clean MetaMask and Rabby integration.

Best for: Traders who sign from a phone or want the smoothest MetaMask pairing.
Skip it: Closed-source firmware is a dealbreaker for you.

Visit Ledger →

How do I file taxes on perps?

Perps break most tax software. Funding settles hourly, so one position left open for a year produces 8,760 separate income events on top of your realized PnL. You want a tool that reconciles that automatically. Nothing here is tax advice.

KoinlyFree - $279/yr

Direct Hyperliquid integration, which is where Entropy trades settle: connect the wallet address and it pulls trades, funding, and transfers without a CSV. Supports 20+ countries, not just the US.

Best for: Most traders, and anyone filing outside the United States.
Skip it: Your year is a handful of trades, and the free tier may cover you outright.

Visit Koinly →

CoinLedger$49 - $299/yr

The simplest interface of the group, with TurboTax and TaxAct export built in. Preview your full gain/loss report before paying.

Best for: US filers who want to hand a finished 8949 to TurboTax and be done.
Skip it: You file outside the US or run heavy DeFi activity across many chains.

Visit CoinLedger →

CoinTrackingFree - $65/mo

Built for volume. Handles hundreds of thousands of transactions, 13 costing methods, and the kind of funding-payment count a year of open perps generates.

Best for: High-frequency traders and bot operators whose trade count breaks other tools.
Skip it: You want a modern UI. This one is dense and dated.

Visit CoinTracking →

How do I track an Entropy portfolio across venues?

Entropy shows you the positions held in your Entropy account. If you also trade elsewhere on Hyperliquid or hold assets on another venue, you need something that stitches the whole picture together.

NansenFree - $999/mo

On-chain intelligence with wallet labels. Useful for watching what large holders and protocol treasuries actually do on-chain.

Best for: Traders who build a thesis from on-chain flow rather than price alone.
Skip it: You trade off charts and funding. The free on-chain explorers cover you.

Visit Nansen →

CoinStatsFree - $14/mo

Portfolio tracker that ties exchange accounts and on-chain wallets into one balance, with mobile apps and alerting.

Best for: Anyone whose net worth is scattered across Entropy, a CEX, and several wallets.
Skip it: Everything you own already sits in one Entropy account.

Visit CoinStats →

Which Entropy trading tools are free?

Most of what an Entropy trader needs costs nothing: the funding, open interest and position calculators on this site, DeBank and Hypurrscan for on-chain inspection, Awaken Tax for perps reconciliation. None of the tools in this section pay us anything, which is the point of listing them separately.

Funding rates, open interest, and the position calculator on this site, all reading live from the Hyperliquid API that Entropy settles on.
Awaken Tax is the most accurate perps reconciliation we have tested. We have no affiliate arrangement with them, so it earns us nothing to say so.
DeBank and Hypurrscan read wallet balances and Hyperliquid account state for free. Positions you open on Entropy settle on Hyperliquid, so they show up there too. Our HIP-3 explainer covers where those positions actually live.

Where can I read more?

Is Entropy safe?

Custody, the browser-held agent key, and what a single operator key can do.

What a trade actually costs

The published 0.030% maker and 0.090% taker HIP-3 rate, and what Growth Mode measures at today.

What is Entropy?

Two markets of its own, io:ANTH and io:SNDK, and hundreds more from other builders.

Get a 25% Rebate on Every Trade

Sign up through our link and Entropy attaches its 25% referral benefit to your account automatically, paying back a share of every trade for as long as you trade. It can only be attached at signup and can never be added afterwards, so anyone who arrives without one pays the full rate permanently.

Claim Your 25% Rebate