Entropy (HIP-3 dex 'io')

At a glance Live

What

HIP-3 perp dex

Runs on

HyperCore

Official site

entropy.io

Docs

docs.entropy.io

X

@entropyIO

Fees, last 30 days

$185K

Fees

Standard HIP-3 fees (0.090% taker / 0.030% maker at tier 0, split 50/50 with Hyperliquid); growth mode on all 14 live io markets cuts them by 90%. Entropy rebates part of its own share.

Official links

• Website / app
• Pro terminal
• Docs
• X
• Discord
• Support
• Terms

Checked against Entropy's own site on November 4, 2026. Bookmark these instead of using search ads.

What Entropy is

Entropy calls itself a HIP-3 market deployer with the ticker io. HIP-3 lets anyone who stakes 500,000 HYPE launch perpetual-futures markets on HyperCore, Hyperliquid’s trading engine, and set their oracle and listings. Entropy’s markets appear on Hyperliquid as io: tickers.

On November 4, 2026, Hyperliquid’s info API listed 19 io assets: 14 live (OAI, ANTH, SNDK, IONQ, NBIS, EWY, GPRO, TCNT, DRAM, PRL, XIAOMI, NVDA, AAPL, CRCL) and 5 delisted. All are USDC-margined and isolated-only, so each position has its own collateral. In our 24-hour snapshot that day, io had about 1.5% of HIP-3 volume (roughly $77M). The interface Terms are an agreement with Bursa Global Inc., governed by the laws of Panama.

The headline products are pre-IPO perps on OpenAI (io:OAI) and Anthropic (io:ANTH).

How a price is set with no public market

A normal stock perp follows the stock’s exchange price. OpenAI and Anthropic have none, so Entropy’s docs describe a different method:

• Blended oracle. About every 3 seconds the oracle mixes two inputs: an internal EMA (5-minute half-life) of the io order-book mid price, and an external aggregate of private-market sources: other derivatives, private marks, funding rounds and secondary trades. Entropy says its oracle feeds are implemented and maintained by RedStone.
• Depth decides the weight. When the book has deep two-sided liquidity, the internal side can reach 95% of the weight, so the order book largely sets its own oracle. How the external sources are scored is internal and not published.
• Extreme bounds. Before any listing, the published mark and oracle are clipped to fixed bounds per asset: ANTH 300 to 4,200 and OAI 200 to 3,000. The order book itself isn’t clipped, and funding pushes prices back toward the bound.
• Loose funding. Pre-IPO funding uses a 0.125x multiplier, which Entropy calls a “loose tether”. The perp and oracle can drift apart for long stretches. See how funding works.
• No-IPO end date. Each market has a scheduled end two years after announcement (ANTH August 18, 2028; OAI September 2, 2028). With no listing, it cash-settles to the 6-month trailing TWAP of the mark. Entropy may issue an early-settlement notice (30-day TWAP) and “reserve[s] the right to make additional changes to settlement criteria.”

What it costs

io uses Hyperliquid’s standard HIP-3 schedule: 0.090% taker / 0.030% maker at tier 0, twice the validator-perp rate, split 50/50 between Hyperliquid and Entropy. On November 4, 2026, growth mode was on for all 14 live io markets, cutting all-in fees, rebates and volume credit by 90%. Entropy doesn’t document a separate builder fee for its own front end.

Entropy also runs a rebate and referral program paid out of its 50% share. Early-bird tiers range from a 60% self-rebate (Tier 1) to 200% (Tier 4, $50M rolling 30-day volume); self-rebate and referred-user benefit don’t stack. The minimum withdrawal is $5, paid bi-weekly. It applies on Entropy markets from any front end once the address has created an Entropy account.

How to use it

1. Check you’re not in a restricted jurisdiction (Entropy lists the US, Canada, Panama and the UK).
2. Open entropy.io and sign in with Privy (email or wallet), or trade io: markets directly on app.hyperliquid.xyz.
3. Fund with USDC and enable trading. Entropy signs orders through an agent wallet and says it never asks for a seed phrase.
4. Read the market’s Asset Directory entry (bounds, open-interest cap, funding multiplier, no-IPO date) before trading.
5. Size for isolated margin and the market’s max leverage.

Risks

• The price is partly self-referential. With up to 95% weight on the order book, a thin or one-sided book can move the oracle that decides your liquidation.
• Settlement rules can change. Entropy reserves the right to change settlement criteria, and can settle early.
• Deployer control. HIP-3 deployers can halt and settle markets at the mark price; 5 io markets are already delisted.
• Leverage. Live io max leverage runs from 3x to 25x (OAI 6x, ANTH 15x). You can lose your whole margin; read perpetual futures explained.
• No ownership. You get price exposure only, never shares.
• Region limits. Entropy restricts the US, Canada, Panama and the UK; Hyperliquid’s terms restrict the US and Ontario.

Who it suits, and alternatives

Entropy suits experienced traders who understand that a pre-IPO perp tracks a modelled price, not a listed one. trade[XYZ] lists its own pre-IPO perps (such as xyz:ANT) alongside far deeper stock and index markets, and Paragon lists para:ANTH. Ventuals, an earlier pre-IPO dex, has shut down. Compare volumes on our HIP-3 page.