Entropy

Pre-IPO market-cap perpetuals alongside global equity and index markets

24시간 거래량

$52.0M

마켓

총 OI

$5.5M

미결제

자산

상장

독점

자산

Growth

시장

담보

USDC

증거금

01 /

실시간 시장

Entropy에 상장된 모든 활성 시장입니다. 열 제목을 클릭해 거래량, 미결제약정 또는 펀딩 비율로 정렬할 수 있습니다.

자산	카테고리	가격				Max Lev	교차	거래
SNDK SNDK	주식	$1,511.90	$47.6M	$2.8M	+0.0022%	10x	격리 마진만	거래↗
ANTH ANTH	Pre-IPO독점	$2,003.500	$4.4M	$2.7M	+0.0000%	3x	격리 마진만	거래↗

02 /

Entropy 소개

자산 범위, 아키텍처, 가격, 위험 및 수수료를 체계적으로 살펴봅니다.

Protocol Overview & Architecture

Pre-IPO market-cap perpetuals alongside global equity and index markets, all margined in USDC.

Entropy (ticker io) is a HIP-3 market deployer on Hyperliquid offering perpetual futures across three product lines: global equities, indices, and its distinguishing product, long-dated pre-IPO equities. USDC is the sole collateral asset across every position and market type.

Its pre-IPO contracts reference private companies before any public listing, enabling continuous price discovery on an issuer's implied valuation without private-share inventory or secondary-market access. Because share counts in private financing rounds are uncertain, these contracts are denominated in market capitalization rather than share price — each $1 of a pre-IPO perpetual represents $1B of the underlying company's market cap. A pre-IPO perpetual is not equity: it conveys no ownership, voting rights, dividends, information rights, or IPO allocation.

Markets & Asset Directory

A concentrated book led by AI-infrastructure names.

Pre-IPO — ANTH (Anthropic) trades at up to 3x with a 3M open interest cap and cross margin. OAI (OpenAI) and IONQ (IonQ) are registered on-chain but currently delisted.
Equities — SNDK (SanDisk) at up to 10x with a 5M open interest cap under isolated margin. The documented directory also lists SMCI (Super Micro Computer), which is not yet registered on-chain.
Growth Mode — Both live markets launched with Growth Mode enabled, scaling fees, rebates and volume contribution by 0.1.
Per-Market Parameters — Each pre-IPO market publishes its catastrophic bounds L and U, a depth normalization constant a, a funding multiplier m, and a no-IPO resolution date. ANTH is configured with L=300, U=4,200, a=100, m=0.125, resolving 18 August 2028.

Pricing & Oracle Mechanics

Blended Oracle — The oracle publishes roughly every 3 seconds and blends two independent inputs: an internal price derived from the local order book, and an external price aggregated from private-market data sources. The blend weight is governed by realized two-sided executable depth on the local book — the deeper the book, the more the oracle trusts it.
Continuous-Time EMAs — Every moving average in the specification is continuous-time, updating as a function of elapsed time rather than tick count. This handles irregular sampling intervals correctly without requiring a fixed cadence.
Equity Sessions — For listed underlyings the oracle follows the public-equity price during the cash session. At the close it switches to an outside-hours regime built on the approved venue's best bid and ask, falling back to the last good observation if that feed goes stale. EMA states run continuously across session boundaries and are not reset.
Hyperp Mode — Three calendar days before an announced listing, a pre-IPO market's oracle becomes a 1-hour EMA of the mark. Once a public price is observable it adopts the equity oracle regime — though it continues to quote market cap, since Hyperliquid does not yet support scaling markets by a constant. A postponed or withdrawn listing returns the market to the standard pre-IPO oracle.

Risk Controls & Protections

Limit Up / Limit Down (LULD) — A circuit breaker ported from traditional equity venues. Outside the underlying's cash session there is no live external reference, so internal order flow alone should not move the mark arbitrarily far. LULD bounds the closed-hours excursion to the initial margin fraction, measured against the last oracle value published while the external feed was live.
Catastrophic Bounds — Each pre-IPO market defines discretionary bounds L and U on published mark and oracle prices. They apply throughout the pre-listing regime, including hyperp mode and the 30-day TWAP settlement window, and are lifted only after a public listing.
No-IPO Resolution — Each pre-IPO market is scheduled to end two years after its contract announcement. If the issuer has not listed by the resolution timestamp, the contract cash-settles to the 30-day trailing TWAP of the mark price. The operator may issue an early-settlement notice when no listing is expected. Funding accrues and settles normally through resolution, with no wind-down ramp.
Margin Modes — Cross margin is the default, sharing collateral across all cross positions. Isolated margin is available per position and contains liquidation to that position alone. Strict isolated is not enabled, so margin can be removed from open isolated positions in the standard manner.

Fees & Funding Rates

Trading Fees — Entropy follows the standard Hyperliquid HIP-3 fee schedule: 0.030% maker and 0.090% taker, which is 2x the validator-operated perp rate. The protocol fee is split evenly between Hyperliquid and the deployer.
Growth Mode — Where Growth Mode is enabled, all fees, rebates and volume contribution scale by 0.1 — a 90% reduction. Both currently live markets launched with it enabled.
Volume Tiers & Discounts — Volume tiers, staking discounts and referral rebates apply on the same basis as all other Hyperliquid markets. Fee tier is computed across a user's combined 14-day weighted volume spanning spot, perps and HIP-3 perps.
Funding Rates — Pre-IPO markets apply a per-market funding multiplier m to damp the rate on assets whose valuation moves in large, infrequent steps. ANTH is configured at m=0.125.

◆

자산 범위

Entropy에 상장된 무기한 선물 시장의 카테고리 분포입니다.

주식1

Pre-IPO1

✦

교차 증거금 안내

Entropy의 교차 증거금 적용 범위입니다.

교차 증거금 범위는 계정 모드에 따라 달라집니다. Standard Account에서는 동일한 HIP-3 DEX 내로 제한됩니다. Unified Account／Portfolio Margin에서는 같은 담보 자산을 사용하는 DEX끼리 공유할 수 있습니다. DEX Abstraction은 교차 증거금과 호환되지 않습니다. 배포자가 시장별로 활성화하므로 모든 상장 종목이 지원되는 것은 아닙니다.

Standard Account에서는 USDC 증거금이 Entropy 내로 제한됩니다. Unified Account에서는 다른 USDC DEX(Trade XYZ, Markets by Kinetiq, Paragon)와 공유할 수 있습니다. 시장별로 활성화되므로 Entropy의 모든 상장 종목이 출시 시 교차 증거금을 지원하는 것은 아닙니다.