Entropy io (N/A)

Entropy.io is a HIP-3 markets provider on Hyperliquid under the “io” namespace, launched by researchers from Citadel Securities, Optiver, Polymarket and Millennium. 

It is powered by Hyperliquid’s HIP-3 technology, which lets the DEX leverage Hyperliquid’s order book and margin engine, while Entropy io sets fees, risk limits and runs the oracles, splitting revenue 50/50 with Hyperliquid and staking 500 $HYPE to become a HIP-3 provider. On top of that, Entropy DEX supports and expands Hyperliquid order types, offering Market, Limit, Chase, Scale, TWAP, Stop and Take Profit orders.

As a result, Entropy can create custom trading pairs, add exotic perp markets and apply its own fee with enhanced trading functionality. As of October 2026, it supports 24/7 trading of 300 perp markets, with exposure to 9 commodities, 3 forex pairs and 16 indices, as well as Pre-IPO perps on Anthropic, OpenAI and Shein. Next to them sit equity perps on SanDisk, Nebius, IonQ, GoPro and Tencent, plus the Roundhill Memory (DRAM) and iShares South Korea (EWY) ETFs.

To value private companies with no live price source, Entropy Hyperliquid DEX built its own calculation method powered by the RedStone oracle. It blends a 5-minute EMA of the book’s mid-price with an aggregate of private-market data: secondary deals, funding rounds and other derivatives. The more two-sided depth sits within 200 bps of mid, the more the book’s price counts, capped at 95%. When depth disappears, the weight swings back to the external feed.

Since its launch on August 24, 2026, the Entropy crypto project has generated over $1.6B in perp volume and $66K in revenue, according to DeFiLlama.

🪙 Entropy token: As of October 2026, no native token, points program or Entropy airdrop campaign has been confirmed. However, considering the airdrop history of Lighter, Aster, Hyperliquid and others, there’s quite a solid chance the project will launch its own token and distribution.

At the same time, it runs an active $HYPE fee rebate program, letting new users farm potential rewards through activity on Entropy at what is effectively a discounted fee rate. If a token does come, fee-sharing and governance would be the usual pattern for perp venues.

✅ Entropy pros:

• Very impressive product concept, replacing Ventuals’ Pre-IPO trading after its shutdown;
• $1.6B in perp volume generated within the first 1.5 months of operation;
• Above-average digital marketing score;
• Raised $14M from Ribbit Capital;
• The team claims a background in market making and trading at Citadel Securities, Optiver, Millennium, and Polymarket.

❌ Entropy cons:

• No token, points, or airdrop confirmed;
• No public security audit or CertiK listing found;
• The team is pseudonymous, and its work experience cannot be verified on LinkedIn or X (Twitter);
• Once the Anthropic and OpenAI IPOs go live, the product’s key feature might become less important;
• Lack of top-tier partnerships.