Entropy listed an AAPL perp with up to 25x leverage on Hyperliquid's HIP-3 framework, priced by RedStone's oracle infrastructure
Apple stock now has another home on Hyperliquid. Entropy, a builder in the HIP-3 ecosystem, has listed an Apple (AAPL) perpetual futures market offering up to 25x leverage.
The timing was hard to miss. The market went live on November 2, 2026, the same day Apple was set to report earnings after the closing bell.
Pricing for the new market comes from RedStone, whose oracle infrastructure feeds real-world asset data into Entropy’s listings.
What Entropy actually launched
A perpetual future, or perp, is a derivative that tracks an asset’s price with no expiry date. Think of it as a futures contract that never ends, kept tethered to the real price through periodic payments between long and short traders.
Entropy’s AAPL perp lets traders take positions with up to 25x leverage. That means a trader can control a position 25 times larger than the collateral they post.
Entropy did not get the ticker for free. The builder paid 575.23 HYPE for the AAPL ticker, a sum valued at approximately $51,000.
HYPE is Hyperliquid’s native token.
The oracle question and RedStone’s role
Every onchain derivative has the same problem. The blockchain has no idea what Apple shares cost on Nasdaq unless someone tells it.
That messenger is called an oracle. It pulls price data from the outside world and delivers it to smart contracts, which then use it to settle trades and trigger liquidations.
RedStone supplies that service for Entropy’s markets through its proprietary infrastructure. The firm is known for delivering fast, liquidity-weighted price data for real-world assets.
Liquidity-weighted means the feed gives more importance to prices from deeper, more active markets. A thin quote from a sleepy venue counts for less than one from where real size trades.
RedStone has already handled meaningful flow on this front. The oracle provider has powered over $3.4 billion in volume within HIP-3 markets, including Entropy’s earlier launches.
Competition inside the same exchange
Entropy is not the first to list Apple on Hyperliquid. A trade.xyz AAPL perp market has been running since early 2026.
That incumbent offers 20x maximum leverage. As of early November 2026, it carried around $75 million in open interest and roughly $9 million in 24-hour trading volume.
Entropy’s pitch, at least on paper, is the higher leverage ceiling: 25x versus 20x.
How HIP-3 makes this possible
HIP-3 is a Hyperliquid framework that allows permissionless deployment of perpetual markets. Builders can launch their own markets without waiting for the core team to approve each listing.
Entropy has been one of the more prominent builders using this setup. In August 2026, it rolled out pre-IPO and equity perpetuals that included names like Anthropic and SanDisk.
Entropy arrived with serious backing. It raised $14 million in a round led by Ribbit Capital and secured an additional ~$40 million in HYPE staking before its August 2026 debut.
Ribbit Capital is a fintech-focused venture firm.
