Entropy is a new perpetual DEX focused on pre-IPO stocks, including Anthropic and OpenAI.
[1][2]← Narrative indexSep 28 – Oct 4 UTC Every claim links to the posts behind it01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 6 posts on X 1 week
Microtrend / Rank 02 / Week of Sep 28 – Oct 4
Entropy's Hyperliquid pre-IPO perps turn OpenAI and Anthropic valuations into tradable markets
Peak / day22tracked accounts
Peak dayTueSep 29 · busiest day in the panel
Rest of X / peak day—not measured outside the panel
Cited claims16source links retained
Market—no token attached
Attention
Who was talking, day by day
Tracked paneldistinct tracked accounts / day
What happened
Entropy is a new perpetual DEX focused on pre-IPO stocks, including Anthropic and OpenAI. Entropy is built on Hyperliquid's HIP-3. Entropy announced a $14M round led by Ribbit Capital and launched its own markets on Hyperliquid.
+ 13 more in the evidence register ↓Why it matters
Entropy is turning private AI company valuations into public, 24/7 perp markets on Hyperliquid, giving crypto traders direct exposure to OpenAI and Anthropic without private shares or IPO allocations.
Observed reaction
neutral_to_ bullish_on_ai_trading
Spread
Where it started and who carried it
- First seen
- Sep 28, 00:02 UTC by @kropanchik
- Accounts
- 27 tracked · 26 elsewhere on X
- Communities
- general ct (5), ai crypto (5), perps trading (4), bitcoin (3)
- Key accounts
- @polymarket, @kalshi, @polymarketjapan, @kalshi_finance, @polymarketmoney
Explainability
Evidence register
Entropy is built on Hyperliquid's HIP-3.
[1][2]Entropy announced a $14M round led by Ribbit Capital and launched its own markets on Hyperliquid.
[1]On October 1, the OpenAI market on Entropy alone showed $2.76M in 24h volume.
[1]Entropy's total trading volume has already surpassed $1 billion.
[1]On Entropy, traders can trade OpenAI's implied valuation before an IPO; the market runs 24/7 with USDC collateral and is a perp, not private shares or an IPO allocation.
[1]@entropyIO returns part of the trading fees on its own IO markets; at the base tier, the docs' example works out to roughly $30 back per $100 in total fees before funding, spreads and trading PnL.
[1]The Anthropic perp on Entropy sits at $38M of open interest today, October 4.
[1]Entropy's fees are almost zero while growth mode is on, with rebates every 2 weeks.
[1]Entropy has no points yet and a leaderboard is coming.
[1]@kropanchik first posted about the Entropy OpenAI perp on 2026-09-28T00:02:44.000Z.
[1]@sevenup27 framed Entropy as 'instead of Variational' and said Elon Musk realized there’s a new perp DEX where you can trade pre-IPO stocks of Anthropic and OpenAI.
[1]@0xtimberj called the Anthropic and OpenAI perps on Hyperliquid 'lol' and pointed to @entropyIO as a HIP-3 market on Hyperliquid's own infra.
[1]@kropanchik and @sevenup27 included register/referral links for Entropy, while @0xtimberj promoted its near-zero fees, biweekly rebates and coming leaderboard.
[1][2][3][4]@unvint posted that Polymarket has a market on when OpenAI announces bankruptcy, with a 20% chance they announce by December 31, 2026.
[1]@unvint also posted about a Polymarket market asking which company's AI model acquired the #1 rank in Chat Arena, where Google already resolves to YES; xAi has 13% chance, Meta 11%, Zai 8%.
[1]Angles
- hyperliquid_openai_anthropic_perps
Formats in use
- deep_dive
- data_snapshot
- market_analysis
Risks
- Likely paid promotion/coordinated shilling: @kropanchik, @sevenup27 and @0xtimberj promote Entropy with referral links, fee rebates and a promised future leaderboard/airdrop-style setup.
- Polymarket percentages are market-implied odds posted by @unvint, not predictions by this card.
- No financial advice or price predictions are made here.
Observed content
Most-engaged posts
If you don't love AI and think it could steal your job, then Polymarket got you. You can predict when OpenAI announced bankruptcy 20% chance they will announce by December 31, 2026 https://t.co/rg8asoaNKs https://t.co/THk9L0IeP4Open on X →
Elon Musk realized that instead of Variational, there’s a new perp DEX where you can trade pre-IPO stocks of Anthropic and OpenAI https://t.co/KcnB9qXe65Open on X →
🚨🤖🧠♾️ $ICP — “MINUS 12 MONTHS.” READ THAT AGAIN. @BobbyO_ At a U.S. Senate hearing on AI-agent risks, Senator Ruben Gallego asked Apollo Research CEO Marius Hobbhahn: How far away are AI models from developing forms of reasoning humans cannot understand? His answer: “MINOpen on X →
I think we should keep an eye on this market on Polymarket. Check: https://t.co/d37gGtFij7 This market is asking which company's AI model acquired the #1 rank in the Chat Arena not in the coding and other heavy work Google already resolves to YES So as you know, the top AI cOpen on X →
🚨🇺🇸🤖♾️ $ICP — FLORIDA IS TAKING OpenAI TO COURT. AND THIS SHOULD GET EVERYONE’S ATTENTION. Florida Attorney General James Uthmeier is pursuing OpenAI and Sam Altman, alleging ChatGPT was marketed as safe while serious risks — particularly involving children — were inadequatOpen on X →
You want the next big perp drop. But you're waiting for a points counter to tell you where to look Entropy is one I'm already using: [https://t.co/ewc3jEC4WM] They announced a $14M round led by Ribbit Capital and launched their own markets on Hyperliquid When I checked on OctoOpen on X →
History