Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$32.35KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $32.35K | -- | -- | -- |
| Sep 2026 | $34.8K | -- | -- | -- |
| Aug 2026 | $19.44K | -- | -- | -- |
Comparison
Fundraising
Follow Updates
Follow Lists
People
About Entropy
Entropy is a perpetual contract market deployed on Hyperliquid, using the HIP-3 mechanism to offer pre-IPO perpetuals for private companies without public stock prices (e.g., Anthropic, OpenAI), as well as stocks, indices, and commodities. Contracts are cash-settled and do not involve actual equity.
Its core is a liquidity-weighted oracle: it blends the internal order book mid-price with external private market data, dynamically adjusting weights based on executable depth. Deeper books give internal prices up to 95% weight; when liquidity dries up, external references take over (minimum 5%). It also penalizes spoofing and order removal to reduce price manipulation. Funding rates are lowered during closed markets or for private assets, avoiding excessive costs when price discovery leads.
The pain points it addresses: private companies lack continuous pricing, related markets are often illiquid, order books become thin after market hours, and funding rates can be too high.
In the past six months (March to September 2026), Entropy launched its first markets on August 24, including ANTH and SNDK. However, the OpenAI contract was delisted due to zero trading volume before being relisted; the Anthropic market briefly showed an implied valuation of around $2 trillion, which may reflect speculation rather than fundamentals.
Entropy officially launched on August 24, 2026, introducing its first pre-IPO perpetual contract for Anthropic (io:ANTH) and the SanDisk equity perp (io:SNDK) on Hyperliquid's HIP-3 framework, enabling 24/7 trading of private company equity. The project raised $14 million in funding led by Ribbit Capital and locked approximately $40 million in HYPE tokens for operational support.
On the technical front, Entropy introduced a liquidity-weighted oracle that dynamically blends external private-market data with internal order-book depth for pricing. It also significantly reduces funding rates during non-trading hours to lower holding costs. Its OpenAI contract (io:OAI) was delisted due to zero trading activity, highlighting limited demand for certain assets.
Future priorities include expanding to more traditional asset classes, refining oracle and funding-rate mechanisms, and aiming to build a single venue for 24/7 trading of most assets, with more direct liquidity and distribution partnerships.
Kintsugi (Twitter: https://x.com/Kintsugi_IO) - CEO at Entropy. No reliable information available on other co-founders or core executives.