Entropy is a perpetual DEX built on Hyperliquid's HIP-3 infrastructure.
[1][2][3]← Narrative indexSep 28 – Oct 4 UTC Every claim links to the posts behind it01 02 03 04 05 06 6 posts on X 1 week
Microtrend / Rank 12 / Week of Sep 28 – Oct 4 / Back after a break
Entropy's pre-IPO OpenAI and Anthropic perps on Hyperliquid draw trading and yield farming chatter
Peak / day22tracked accounts
Peak dayTueSep 29 · busiest day in the panel
Rest of X / peak day—not measured outside the panel
Cited claims61 dropped by automated checks
Market—no token attached
Attention
Who was talking, day by day
Tracked paneldistinct tracked accounts / day
What happened
Entropy is a perpetual DEX built on Hyperliquid's HIP-3 infrastructure. Entropy launched pre-IPO stock markets including Anthropic and OpenAI. Entropy announced a $14M round led by Ribbit Capital.
+ 3 more in the evidence register ↓Why it matters
The launch gives crypto traders a way to take directional exposure to private AI companies without an IPO allocation, and it shows Hyperliquid's HIP-3 framework being used for non-crypto assets. It also feeds speculation about a future Entropy token drop, which the posts frame as unconfirmed.
Observed reaction
Mostly curious and promotional; several posts read like soft shills for the venue. The direct link tied to a separate Polymarket market about OpenAI bankruptcy adds a mocking, AI-doomer tone. No bearish takes on Entropy itself.
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 launched pre-IPO stock markets including Anthropic and OpenAI.
[1][2][3]Entropy announced a $14M round led by Ribbit Capital.
[1]When checked on October 1, the OpenAI market on Entropy alone showed $2.76M in 24h volume.
[1]Entropy returns part of the trading fees on its own IO markets, with rebates every 2 weeks and no points yet, though a leaderboard is coming.
[1][2]Polymarket has a market pricing a 20% chance OpenAI announces bankruptcy by December 31, 2026.
[1]Angles
- Break down what Entropy's OpenAI and Anthropic perps are, how the HIP-3 venue works, and why the OpenAI market saw $2.76M in 24h volume on Oct 1 while the Anthropic perp hit $38M OI by Oct 4.
- Compare the pre-IPO perp narrative with the Polymarket market that prices a 20% chance OpenAI announces bankruptcy by Dec 31, 2026, and note the tonal split between traders and AI doomers.
- Explain the $14M Ribbit Capital round and the fee-rebate mechanics without endorsing the product, and state clearly that any future token drop is speculation.
Formats in use
- quote-tweet threads
- screenshots of volume/OI
- referral links with notes
- short commentary
Risks
- Some posts contain referral links and may be paid or coordinated promotion.
- No token has launched; any points or airdrop talk is speculation and should be labeled as such.
- This is a trading venue for leveraged products; avoid any price prediction or advice framing.
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