What it does
Entropy is the project at entropy.io, with the HIP-3 deployer identifier io. It creates markets on Hyperliquid rather than operating a separate settlement chain. The product is particularly relevant to traders looking beyond crypto-native assets, but its contracts remain derivatives: exposure to a company’s price or valuation is not ownership of that company.
The pre-IPO design needs particular attention. A quoted dollar can represent a billion dollars of company valuation, rather than one dollar of share price. That means comparing the screen price directly with a private share transaction can be misleading. Read the contract definition and valuation reference before deciding what a position actually tracks.
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Which network does Entropy use?
Entropy’s io perpetual markets execute and settle on Hyperliquid Layer 1 through HIP-3. The Entropy website is the interface and market deployer, not a new chain. Depositing USDC from an external network should not be confused with the network executing the contract.
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Where it stands out
- A single deployment covers several types of traditional-asset exposure while using Hyperliquid’s trading infrastructure.
- The documentation explains the difference between public-session reference prices and the methodology used while underlying markets are closed.
- Published margin and rebate rules make it possible to compare individual markets and referral offers without relying on a headline percentage.
What you can do
- 01USDC collateral with cross, isolated and strict-isolated margin arrangements; availability and leverage depend on the market.
- 02Pre-IPO perpetuals provide cash-settled valuation exposure, with no shares, voting rights, dividends or guaranteed IPO allocation.
- 03Oracle methodology combines external references with an order-book-based process outside regular sessions. RedStone is named as the oracle infrastructure provider.
Who’s behind it
The published terms identify Bursa Global Inc. as the interface operator. Entropy deploys and configures its own markets; Hyperliquid supplies the underlying execution infrastructure. Official documentation names RedStone for oracle infrastructure. The reviewed primary sources do not provide enough biographical detail to publish a reliable founder or employee roster.
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Funding and investors
Entropy announced a $14 million raise led by Ribbit Capital on 24 August 2026. The same announcement separately mentioned a $40 million HYPE stake. These are different categories: the stake is not presented here as an additional equity round or combined into a $54 million financing total.
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- 2026-08-24$14 million
Funding round; stage not specified
Reported investorsRibbit Capital
The official announcement also describes a separate $40 million HYPE stake. It does not identify that stake as proceeds of the funding round.
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Referral benefits and conditions
The published early-bird schedule offers referred-user rebates of 25–100% of Entropy’s own share of fees, depending on the code tier. These percentages are not discounts on the entire trading fee.
A user’s own trading rebate and referred-user benefit do not stack: the higher applicable rate is used. Claims require at least $5 and follow the published payout schedule. Only eligible Entropy-deployed activity qualifies; anti-abuse review applies. No tier is promised until an actual referral code is supplied and checked.
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Fees & availability
Fees and costs
The fee documentation lists a base 0.030% maker and 0.090% taker charge before applicable discounts. Eligible growth-mode markets reduce those rates by 90%. Trading tiers, HYPE staking and market settings can change the final charge; confirm the specific instrument rather than assuming every Entropy market has the same fee.
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Eligibility and availability
Pre-IPO and equity contracts do not convey ownership of the underlying company. Price formation outside public-market hours can differ from the next exchange opening. Market-specific bounds, oracle methodology and margin modes affect both tracking and liquidation risk. Access remains subject to the published terms.