Entropy (entropy.io) is a perpetual futures platform for private-market assets and other hard-to-access markets. In August 2026 it announced a $14M seed round led by Ribbit Capital; the team comes from Citadel Securities, Optiver, Polymarket and Millennium.

On Hyperliquid, Entropy is a HIP-3 market deployer running the "io" perp dex. It launched on 24 August 2026 with an Anthropic pre-IPO perp and a SanDisk perp, backed by a reported $40M HYPE stake. Markets settle in USDC and use a liquidity-weighted mark price built with RedStone. By late October 2026 it also listed OpenAI, Nebius and other equity perps.