Entropy

Perp DEX (HIP-3)

$— · Founded 2026 · entropy.io ↗

No token yetPre-token

Visit Entropy ↗

★★★★★★★★★★

55/100dexwatch score · Caution

A builder-deployed Hyperliquid venue for pre-IPO, stock and ETF perpetuals — Anthropic and OpenAI contracts included — live since August 2026.

ℹ

Status

Live since 19 August 2026 as HIP-3 deployer "io" on Hyperliquid with nine markets; the $14M seed led by Ribbit Capital was announced on 24 August. The OpenAI contract was delisted unused at launch and relisted in early September. Fees shown are the current growth-mode rates (base rates are ten times higher). Germany, France, the Netherlands and Ireland are not on the restricted list; most other EU states are.

◆

For beginners

You need a funded Hyperliquid account (USDC on Hyperliquid L1) and isolated margin only; pre-IPO prices represent implied valuations in billions, not share prices.

Key metrics

24h volume

$34.5M

Total value locked

n/a

Open interest

$64.3M

Share of tracked perp volume

0.3%

Market cap

n/a

Maker / taker fee

0.003% / 0.009%

Max leverage

25×

Trading pairs

Snapshot Oct 10, 2026 from public sources (the venue's own market API for volume and open interest, DefiLlama for TVL). Live values refresh in your browser where a source is available. Fields without a verifiable source show n/a.

The honest take

Pros

✓Non-custodial: positions, margin and settlement live on Hyperliquid L1 and can be traded from any Hyperliquid front end

✓Unusual markets — Anthropic and OpenAI pre-IPO perps plus equities such as SanDisk and Nebius — with published oracle, mark-bound and no-IPO settlement rules

✓Growth mode cuts effective fees to 0.003% maker / 0.009% taker (base 0.03% / 0.09%), and the referral programme rebates part of Entropy's fee share

Cons

✕Deployer control: Entropy sets the oracles, can halt and settle markets to mark, and pre-IPO contracts resolve to a TWAP if no listing happens — rules it reserves the right to change

✕Small and young: nine live markets, about $64M open interest, no token, no published audits, unnamed founders; most EU, UK, US and Canadian residents are barred

Security

No published security score or audit list is available for Entropy in our dataset yet.

AuditsNot available

At a glance

ChainsHyperliquid L1

IncentivesReferral rebates (early-bird tiers); no points, no token

TypePerp DEX (HIP-3)

BackersRibbit Capital ($14M seed, Aug 2026)

Made your choice?

Start trading on Entropy

Non-custodial — connect your wallet and you stay in control of your funds. Leverage is high-risk; only trade what you can afford to lose.

Hyperliquid L1Perp DEX (HIP-3)

Open Entropy ↗ Visit entropy.io Affiliate link · dexwatch may earn a commission at no extra cost to you.

Frequently asked about Entropy

Is Entropy safe to use?

There is no published dexwatch security score or audit list for Entropy in our dataset yet, so we mark that as not available. Like other decentralized exchanges it is non-custodial, meaning you keep control of your funds in your own wallet. Always do your own research before trading.

What are the trading fees on Entropy?

Entropy charges a maker fee of 0.003% and a taker fee of 0.009%.

What is the maximum leverage on Entropy?

Entropy offers up to 25× leverage on supported markets. High leverage is extremely risky and can liquidate a position quickly — only trade what you can afford to lose.

Which blockchains does Entropy support?

Entropy operates on Hyperliquid L1.

Is Entropy good for beginners?

You need a funded Hyperliquid account (USDC on Hyperliquid L1) and isolated margin only; pre-IPO prices represent implied valuations in billions, not share prices.

Does Entropy have a token?

No. Entropy has no live token at the time of writing, and runs a points programme instead. Points are not a promise of an airdrop. We do not speculate on future token launches.

Compare with similar venues

See full ranking →

Learn before you trade

Open the Academy →

What are perpetuals & perp DEXes?Module 7 · 7 min read → Leverage risk & liquidationModule 7 · 6 min read → The crypto wallet: your key to the DEXModule 2 · 6 min read → Phishing, fake sites & wallet drainersModule 5 · 7 min read →

Key terms

Perpetuals Funding rate Leverage Liquidation Margin

Figures are a dated snapshot from public sources — they move constantly and are for reference only, not financial advice. Updated Oct 10, 2026. Spotted an error? Tell us.