Ripening
Go to Entropy
Entropy
PerpsWe farm it
HIP-3 market deployer on Hyperliquid offering perpetual futures on private market assets, equities, commodities and indices.
- HIP-3 market deployer on Hyperliquid (ticker io), with oracle feeds by RedStone
- Perps on US and international stocks, indices, commodities and pre-IPO companies
- Pre-IPO perps trade 24/7; $1 of price equals $1B of company market cap
- USDC is the only collateral; max leverage is set per asset (5x to 15x on listed stocks)
- HIP-3 fees are 2x Hyperliquid's base rate (0.030% maker, 0.090% taker), cut 90% on growth mode markets
6.3 of 10
Seven criteria on a scale of 10, the fee and market numbers computed from the data. Compare it with other perp DEXs only. How we score
- Taker
- 0.009%
- Maker
- 0.003%
- Volume a day
- $53M
- Open interest
- $109M
- Rewards 6.0
- No token or points; early bird rebates return 60% to 200% of its fee share
- Taker fee 8.8
- No taker fee is a 10, 0.07% or more is a 1. A venue that earns from the spread tops out at 7.
- Volume 4.1
- Average a day: $5M is a 1, $5B is a 10, on a log scale. Volume past ten times open interest does not count.
- Safety 4.0
- Live since Aug 2026, no public audit of its own
- Open interest 7.1
- $1M is a 1, $1B is a 10, on a log scale. Harder to farm than volume.
- Ease 8.0
- Gas-free trading on Hyperliquid, but 11 markets and stocks only
- Access 6.0
- No KYC, but closed in US, UK, Canada, Australia and most of the EU
- Connect your wallet at entropy.io and create an account
- Fund it with USDC, the only collateral
- Pick a stock, index, commodity or pre-IPO market
- Open a position within the market's leverage limit
- Claim fee rebates from your profile page (minimum $5)
Pre-IPO prices come from sparse private-market data and can differ sharply from later prints. Positions can be liquidated or closed by auto-deleveraging, which you cannot opt out of. Rebates are reviewed and can be withheld at Entropy's discretion.
No security incidents found in our check of Oct 30, 2026.
