NSA Intelligence · Weekly editionCrypto narratives on X, rankedPrice: 0 gwei · Not financial advice
by NSA Intelligence. Never sidelined again.
← Week of Sep 28
Archive

Last seen in the week of Sep 28 – Oct 4. It didn't make the newest report, so the figures below are from that week.

Latest: week of Oct 25 – Oct 31 →

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

By NSA Intelligence · Report published

peakedopenai
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

Sep 28 – Oct 4 UTC
Tracked paneldistinct tracked accounts / day
7
22
15
12
12
11
9

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

Every claim links to the posts behind it
01

Entropy is a perpetual DEX built on Hyperliquid's HIP-3 infrastructure.

[1][2][3]
02

Entropy launched pre-IPO stock markets including Anthropic and OpenAI.

[1][2][3]
03

Entropy announced a $14M round led by Ribbit Capital.

[1]
04

When checked on October 1, the OpenAI market on Entropy alone showed $2.76M in 24h volume.

[1]
05

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]
06

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

6 posts on X
UN@unvint50 likes
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/THk9L0IeP4
Open on X →
SE@sevenup2746 likes
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/KcnB9qXe65
Open on X →
IC@icplegend196638 likes
🚨🤖🧠♾️ $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: “MIN
Open on X →
UN@unvint35 likes
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 c
Open on X →
IC@icplegend196628 likes
🚨🇺🇸🤖♾️ $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 inadequat
Open on X →
KR@kropanchik22 likes
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 Octo
Open on X →

History

Weeks this story made the report

1 week
  1. μ12peakedEntropy's pre-IPO OpenAI and Anthropic perps on Hyperliquid draw trading and yield farming chatter