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활성 시장 9개
DEX 프로필

Entropy

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

24시간 거래량
$65.3M
마켓
총 OI
$61.8M
미결제
자산
9
상장
독점
5
자산
Growth
9
시장
담보
USDC
증거금
01 /

실시간 시장

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

자산카테고리가격Max Lev교차거래
SNDK
SNDK
주식$1,639.70$32.8M$4.1M+0.0018%10x격리 마진만거래↗
ANTH
ANTH
Pre-IPO독점
$2,071.500$16.6M$42.3M+0.0011%6x격리 마진만거래↗
NBIS
NBIS
주식$226.1700$7.6M$8.0M+0.0007%15x격리 마진만거래↗
OAI
OAI
Pre-IPO독점
$1,687.900$5.7M$5.4M+0.0041%6x격리 마진만거래↗
DRAM
DRAM
지수$58.1040$1.9M$857.1K+0.0022%25x격리 마진만거래↗
EWY
EWY
지수$178.3900$305.6K$483.5K+0.0006%25x격리 마진만거래↗
IONQ
IONQ
주식독점
$40.2040$203.5K$124.5K+0.0006%10x격리 마진만거래↗
TCNT
TCNT
주식독점
$54.165$142.6K$133.4K+0.0006%10x격리 마진만거래↗
GPRO
GPRO
주식독점
$1.19990$82.7K$351.2K-0.0010%5x격리 마진만거래↗
02 /

Entropy 소개

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

01

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.

02

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. OAI (OpenAI) is registered on-chain but currently delisted.
  • Equities — SNDK (SanDisk) at up to 10x with a 5M open interest cap. IONQ — IonQ trades publicly on the NYSE, so this is an equity market rather than a pre-IPO one — is registered at up to 20x but currently delisted. 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, and resolves 18 August 2028; the chain reports its funding multiplier as 0.00125, against 0.5 for SNDK.
03

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.
04

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 — Every Entropy market is registered isolated-only on-chain, and both live markets run in strict isolated mode — margin is committed per position, liquidation cannot reach collateral behind any other position, and margin cannot be pulled back out of an open position. No account mode grants Entropy positions a shared margin pool. Note that Entropy's own margin-modes page still describes cross margin as the default and strict isolated as not enabled; the chain says otherwise, and the chain is what settles trades.
05

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 — Each market applies a per-market funding multiplier m that scales the standard rate — a heavy damper on assets whose valuation moves in large, infrequent steps. On-chain, ANTH carries m=0.00125 and SNDK m=0.5.
◆

자산 범위

Entropy에 상장된 무기한 선물 시장의 카테고리 분포입니다.

주식5
Pre-IPO2
지수2
✦
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.

Entropy의 모든 마켓은 온체인에서 격리 전용으로 등록되어 있어 증거금이 포지션별로 묶이며 공유되지 않습니다. 어떤 계정 모드에서도 동일합니다. 시장별로 활성화되므로 Entropy의 모든 상장 종목이 출시 시 교차 증거금을 지원하는 것은 아닙니다.

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