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EntropyIO lists pre-IPO perps on Hyperliquid, but OpenAI contract was delisted before anyone traded it
The HIP-3 deployer raised $14M to bring private company speculation to DeFi, though its OpenAI offering quietly disappeared due to zero activity
EntropyIO, a new perpetual futures deployer built on Hyperliquid’s HIP-3 infrastructure, launched with ambitions to let traders speculate on private companies before they go public. The platform registered a contract for OpenAI under the ticker io:OAI, but the market was delisted without recording a single trade.
The actual story is both more interesting and more complicated than a simple OpenAI listing. EntropyIO’s real flagship products are an Anthropic pre-IPO perpetual contract (io:ANTH) at 3x max leverage and a SanDisk equity perp (io:SNDK) at 10x leverage, both of which went live when the platform launched on August 24, 2026.
What EntropyIO actually built
The platform operates as a HIP-3 market deployer on Hyperliquid, a designation that lets it create and manage perpetual futures markets on the decentralized exchange.
EntropyIO raised $14 million in a funding round led by Ribbit Capital. On top of that, roughly $40 million in HYPE tokens were reserved for staking to support the deployer’s operations.
The team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium.
Pre-IPO perps work differently from typical crypto perpetuals. The pricing model tracks implied company valuations rather than a spot price, since these companies don’t have publicly traded shares. A $1 price unit on the Anthropic contract translates to a $1 billion implied valuation. After launch, Anthropic’s implied market cap briefly touched around $2 trillion.
The OpenAI contract that wasn’t
EntropyIO did register an OpenAI perpetual contract under the io:OAI ticker. But the contract was subsequently delisted due to inactivity, meaning no one actually traded it before it was removed.
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A prior HIP-3 operator called Ventuals had previously run markets for both OpenAI and Anthropic pre-IPO perps on Hyperliquid. Ventuals shut down and delisted those offerings in June 2026, roughly two months before EntropyIO’s launch.
How the pricing and risk systems work
EntropyIO uses custom oracles combined with liquidity-weighted designs to generate price feeds. Settlement mechanics rely on either on-chain consensus or Time-Weighted Average Price calculations, which help smooth out price swings that thin order books tend to produce.
These bespoke oracle systems exist to prevent transactional manipulation that naturally follows when trading volumes are low.
It’s worth noting what these contracts don’t provide: any form of equity ownership, voting rights, or dividends. Traders are purely speculating on implied valuations. The contracts are synthetic instruments with no claim on the underlying company whatsoever.
What this means for on-chain derivatives
The HIP-3 framework allows third-party deployers to create markets on Hyperliquid’s infrastructure, effectively turning the exchange into a platform rather than just a trading venue.
The OpenAI delisting serves as a useful reality check. Just because you can create a perpetual market for something doesn’t mean anyone will show up to trade it. Anthropic, by contrast, appears to have attracted enough trading interest to justify its continued listing.
The $2 trillion implied valuation for Anthropic that appeared shortly after launch suggests that early price action in these markets may reflect speculative froth rather than genuine price discovery. Anthropic’s last private funding rounds valued the company at a fraction of that figure.