Trade OpenAI (pre-IPO) on Hyperliquid
One thin market, quoted in billions of dollars of valuation, with rules for what happens if OpenAI never lists.
Yes, through one pre-IPO perpetual. Entropy's io:OAI is quoted in OpenAI's implied fully diluted valuation, where a price of $1 means $1 billion, so 1,000 means $1 trillion. It is isolated-margin only, has low leverage and gives no shares or IPO allocation. trade.xyz has no OpenAI market. In the 24 hours to 2026-11-04 10:16 UTC, io:OAI traded $1.11M with $6.68M open interest at a mark of $1,415.40 (Hyperliquid API).
Live market data
io:OAI HIP-3 · run by Entropy (EntropyIO) - Mark price
- $1,415.40
- 24h change
- +1.38%
- 24h volume
- $1.11M
- Open interest
- $6.68M
- Funding (1h)
- +0.0011%
- Funding (annualized)
- +9.7%
- Max leverage
- 6x isolated
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.
What io:OAI tracks
io:OAI is Entropy’s pre-IPO perpetual on OpenAI Group PBC. Because private-company share counts are often undisclosed, Entropy quotes it in market cap: a price of $1 represents $1 billion of fully diluted valuation. A price of 1,000 is a $1 trillion valuation; a 10% move is a 10% change in implied valuation.
Per Entropy’s asset directory, the market is isolated margin, has an open-interest cap of $12M and runs in growth mode (fees about 90% below standard HIP-3 rates). Leverage is low by Hyperliquid standards; see the live card.
How the price is formed
Entropy’s oracle blends two prices every ~3 seconds: an internal price, a 5-minute moving average of the order-book mid, and an external price, a scored aggregate of private-market sources (other derivatives, private marks, funding rounds and secondary trades). The weight on the internal price rises with the two-sided depth near the mid. With a thin book, the external aggregate carries more weight.
Before listing, Entropy clips the published mark and oracle to 200–3,000 ($200B to $3T). Orders can still trade outside that range, but funding then pushes the price back toward the band.
Liquidity is thin
On our November 4, 2026 snapshot io:OAI traded under $1M a day, a fraction of Entropy’s Anthropic market. Crypto Briefing reported in September 2026 that an earlier OpenAI contract Entropy registered was delisted without a trade; the current io:OAI market is live. Thin books mean wide spreads, a mark that small orders can move, and liquidations that can cascade. Size small, use limit orders and set the margin you’re prepared to lose.
At an IPO, or without one
If OpenAI lists, the oracle switches at the first official opening trade to share price × fully diluted share count ÷ 1 billion, with the count fixed from the final prospectus and never updated. If it hasn’t listed by September 2, 2028, the contract cash-settles to the 6-month TWAP of the mark; Entropy can also settle early with a notice (30-day TWAP), and a confirmed acquisition price would settle it at that valuation.
Who can’t use it
Entropy’s restricted list is longer than Hyperliquid’s: it includes the US, Canada, the UK, Australia, Singapore and most of the EU. For the other big private AI company, see Anthropic on Hyperliquid.
Contract specs
io:OAI · Entropy (EntropyIO)
| Tracks | OpenAI’s implied fully diluted valuation: a price of $1 means $1 billion. |
|---|---|
| Price source | A depth-weighted blend of the order-book mid and an external aggregate of private-market sources, as for Entropy’s Anthropic market. |
| External hours | 24/7. |
| Outside those hours | Not applicable. Mark and oracle are clipped to 200–3,000 ($200B to $3T) before listing. |
| Max leverage | 6x (live from the API) |
| Margin mode | Isolated only; live from the API |
| Price limits | Mark/oracle clipped to 200–3,000 before listing; no-IPO settlement date September 2, 2028 |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | Entropy docs: Pre-IPO assets (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places; Entropy publishes its own restricted list, which also includes Canada, the UK, Australia, Singapore and most of the EU. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Use the official Hyperliquid app, which lists HIP-3 markets alongside core perps, or the deployer's own front end. Search for
io:OAI. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first. - Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- It's a perp, not the shares. You get cash-settled price exposure in USDC. No share ownership, votes or dividends, and the price you trade can drift from the underlying, especially when its home market is closed.
- The deployer runs the oracle. Entropy (EntropyIO) publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
- There is no public price to anchor to. Before the IPO the price comes from this order book (plus, on Entropy, private-market data). It can sit far from any IPO price, and conversion at listing can move the mark in one step. If the IPO doesn't happen, the market settles to an average price under the deployer's rules.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
Can you buy OpenAI stock on Hyperliquid?
No. Entropy's io:OAI is a cash-settled perp on OpenAI's implied valuation. It gives no shares, no IPO allocation and no claim on OpenAI.
What does the io:OAI price mean?
It's OpenAI's implied fully diluted valuation in billions of dollars: a price of 1,400 means the market is pricing OpenAI at about $1.4 trillion. Before listing, Entropy clips the published mark and oracle to 200–3,000 ($200B to $3T).
What happens if OpenAI never IPOs?
Entropy settles io:OAI in cash to the 6-month TWAP of the mark if OpenAI hasn't listed by September 2, 2028, or to a 30-day TWAP if Entropy issues an early-settlement notice. A confirmed acquisition price would set settlement instead.
Is there an OpenAI market on trade.xyz?
Not as of November 4, 2026. trade.xyz's pre-IPO index lists Anthropic (xyz:ANT) and others, but no OpenAI market. Ventuals ran one (vntl:OPENAI) and has delisted it.
Can Americans trade this on Hyperliquid?
No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that.
Sources
- Entropy docs: Pre-IPO perpetuals ($1 = $1B valuation)
- Entropy docs: Pre-IPO assets (ANTH, OAI parameters)
- Entropy docs: Pre-IPO oracle price
- Entropy docs: Extreme mark bounds
- Entropy docs: No-IPO resolution
- Entropy docs: Pre-IPO fees
- Entropy docs: Restricted jurisdictions
- Crypto Briefing: EntropyIO lists pre-IPO perps; first OpenAI contract delisted (2026-09-02)
- Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
- Hyperliquid Docs: HIP-3 builder-deployed perpetuals
- Hyperliquid Docs: Fees (HIP-3 and growth mode)