Entropy

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

24小时成交量

$52.0M

市场

总 OI

$5.5M

未平仓

资产

已上线

独家

资产

Growth

市场

抵押品

USDC

保证金

01 /

实时市场

Entropy 上线的全部活跃市场。点击列标题可按成交量、未平仓量或资金费率排序。

资产	类别	价格				Max Lev	全仓	交易
SNDK SNDK	股票	$1,511.90	$47.6M	$2.8M	+0.0022%	10x	仅逐仓	交易↗
ANTH ANTH	Pre-IPO独家	$2,003.500	$4.4M	$2.7M	+0.0000%	3x	仅逐仓	交易↗

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关于 Entropy

系统了解资产覆盖、架构、定价、风险和费用。

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.

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资产覆盖

Entropy 上线永续合约市场的类别分布。

股票1

Pre-IPO1

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全仓保证金说明

Entropy 的全仓保证金范围。

全仓保证金范围取决于账户模式。标准账户：全仓保证金仅限同一 HIP-3 DEX。统一账户／投资组合保证金：使用相同抵押品的 DEX 可共享全仓保证金。DEX Abstraction 与全仓保证金不兼容。部署者按市场启用全仓保证金，并非所有市场都支持。

在标准账户下，USDC 保证金仅在 Entropy 内共享；在统一账户下，可与其他 USDC DEX（Trade XYZ, Markets by Kinetiq, Paragon）共享。全仓保证金按市场启用，因此 Entropy 并非每个上线市场在发布时都一定支持。