Entropy: Perps on Anthropic and Pre-IPO Names

Most perp DEXs list the same thirty tokens and compete on fees. Entropy lists Anthropic. That is not a metaphor - ANTH is a live perpetual market on Entropy, alongside ZHIPU, MINIMAX and other private AI companies, and it is the single most interesting thing on any perp board right now.

Entropy is a perpetual futures venue for global equities, commodities, indices and private, pre-IPO companies, powered by Hyperliquid. Its board mixes three things that normally live in three separate products:

• Private / pre-IPO names: ANTH (Anthropic), ZHIPU, MINIMAX and other unlisted AI and tech companies.
• Public equities: TSLA, NVDA, META, AMZN, IBM, ARM, PLTR, MSTR, SMCI, COST, EBAY, ZM, GLW, LRCX, MRVL, NBIS, CRWV, RKLB, plus international names like SOFTBANK and HYUNDAI.
• Commodities and thematics: PLATINUM, URNM and similar.

Sign-in runs through Privy, so an email gets you in without a browser wallet. The terminal itself is complete: orderbook and trade tape, isolated or cross margin, market, limit and pro order types, TP/SL with gain and loss preview, max-slippage control, reduce-only, funding countdown and funding history, plus account equity split across spot and perps.

Liquidity is real rather than nominal. At the time of writing, the ANTH-USDC market alone showed $4.51M in 24h volume against $2.72M open interest.

Until now, exposure to a private company meant being an accredited investor, buying into an SPV, or waiting years for an IPO. A perpetual on ANTH collapses that into an order you can place with USDC - long or short, which is the part nobody else offers. If you have a view that private AI valuations are stretched, this is one of the only venues where that view is expressible at all.

Be precise about what you are buying, though: it is a synthetic exposure. You do not own anything, and the mark comes from an oracle rather than a live exchange feed. That distinction drives the whole risk section below.

No. There is no announced token. This is a speculative positioning play and should be treated as one.

The signals are still worth naming honestly:

• The app ships a public Leaderboard, a Referrals program, and a Funding section - the three components a venue builds when it intends to rank and reward its users.
• Real volume and open interest, so activity is being measured against genuine flow rather than a ghost book.
• It is built on Hyperliquid, whose own airdrop is the benchmark the sector measures every perp distribution against.
• The category is differentiated. Venues with a unique primitive tend to get funded and tend to reward the traders who bootstrapped their books.

None of that is a promise. Anyone telling you Entropy has a confirmed airdrop is making it up.

• Project: Entropy
• Type: Perpetuals on equities, commodities, indices and private / pre-IPO companies
• Powered by: Hyperliquid
• Login: Privy (email works, no wallet extension needed)
• Token: none announced
• Visible reward surface: Leaderboard, Referrals, Funding
• Automation: already integrated with TreadFi
• Trade: entropy.io

1. Get in and get funded. Open entropy.io and sign in with Privy. Deposit USDC. The account view splits spot and perps balances, so check you have margin where you intend to trade.

2. Start on markets you actually understand. The public equities (TSLA, NVDA, META) behave like equities and are the sane place to learn the venue's mechanics - funding intervals, slippage settings, how the book fills. Get comfortable there before touching the exotic side.

3. Then use the edge nobody else has. The private names are the reason to be here. Whether you are long the AI buildout or think private valuations have run too far, ANTH, ZHIPU and MINIMAX let you express it directly. Just size these smaller than your equity positions, for the reasons in the risk section.

4. Automate it through TreadFi. This is the part most people will miss. Entropy is already on TreadFi , so you do not have to hand-place every trade to build volume. Automated flow through TreadFi builds your Entropy footprint and your TreadFi standing at once - one execution stack, two prospects. If you have been frustrated that Liquid Trade has no API and no TreadFi integration, this is the venue that solves that complaint.

5. Watch the leaderboard, and use referrals. Both exist in-app. On a tokenless venue, public ranking is the closest thing to a visible scoreboard, and referrals are a lever that costs you nothing.

6. Stack it against the rest of the perp cluster. Volume is fungible as a signal even when points are not. Hedge delta-neutral against zero-fee Lighter , run maker-only automation on Arbital , and keep Variational in the mix for its confirmed 50% community allocation. One capital base, several prospects.

Real money. You need USDC margin, you pay trading fees and funding, and leverage means liquidation risk. There is no free-tier version of this. A sensible approach is to trade positions you would take anyway and let the farming be a by-product, rather than manufacturing volume you cannot afford.

On the infrastructure side it is credible: built on Hyperliquid, a full professional terminal, real volume and open interest, standard Privy auth, and published docs, support and bug-reporting channels.

The risks specific to this venue deserve to be spelled out rather than boilerplated:

• Oracle risk on private names. ANTH is not backed by Anthropic shares. Its mark comes from an oracle, and pricing a private company is far more contestable than pricing a Nasdaq listing. Expect wider spreads and jumpier marks.
• Thin-book risk. The exotic markets will not have equity-grade depth. Slippage on size is a real cost, and the max-slippage control exists for a reason.
• Funding behaviour. Perps on illiquid synthetics can carry funding rates that behave very differently from crypto perps. Check the funding countdown and history before holding overnight.
• Leverage and liquidation. Standard, and still the way most people lose money here.
• No token confirmed. You may generate volume and receive nothing.

Only use the official domain, and never share a seed phrase or sign a transaction you did not initiate.

Can I really trade a perp on Anthropic? Yes - ANTH is a live market on Entropy, and you can go long or short. It is synthetic exposure priced by oracle, not equity ownership.

Does Entropy have a token? No, nothing announced. The Leaderboard, Referrals and Funding surfaces are signals, not confirmation.

Can I automate it? Yes. Entropy is already integrated with TreadFi, which is the cleanest way to build volume without trading manually.

Which chain is it on? It is powered by Hyperliquid. Login is via Privy, so you can start with an email.

Is this riskier than a normal perp DEX? In one specific way, yes: pricing private companies is harder than pricing listed ones, so the exotic markets carry oracle and liquidity risk that a BTC perp does not. The ordinary leverage risks apply on top.

What are related airdrops? TreadFi for the automation leg, Arbital for maker-only volume, Lighter for zero-fee hedging, and Variational for a confirmed 50% community allocation. Full board: confirmed airdrops 2026 .