Entropy
C Tier
LATEST UPDATE · OCTOBER 27, 2026
No points program as of Oct 26, 2026. ~$78m real open interest, #2 among HIP-3 deployers. $14M Ribbit-led seed (Aug 24, 2026).The numbers
Expected FDV
$150m
$50m – $500m
Airdrop pool
$22m
Unknown, 15% assumed
Team score
7/10
founders, exits, backers, flags
Token window
None; retroactive only
$10m$100m$1b$10b
How we got the FDV: HIP-3 deployer with ~$78m of real open interest (#2 among deployers), a $14M Ribbit seed and the pre-IPO perps narrative. No program, so retro only.
Where the whales already are, but there is no program: only a PnL leaderboard. Trade the pre-IPO perps you would trade anyway; nothing to grind.
bizyugo and NMTD.HL route Hyperliquid-airdrop-sized accounts through Entropy ($8M of volume there vs $0.17M on Hyperliquid in one week). The 'bought open interest' allegation turned out to be Hyperliquid's paid ticker auctions, not fake positions. Volume quality is still mixed: SanDisk was 60% of a month's volume and fees run at 0.1x in growth mode.
Cut it if: the whales leave, or a points program launches with flat per-wallet emissions (that would mean a sybil race).
Who's farming it: 0xchewa (Oct 24) on bizyugo's $8M week; KyleDeWriter names NMTD.HL (said to hold a $76M Hyperliquid airdrop) there too. Cumberland's market-making wallet quotes ANTH on it.
What is Entropy?
A HIP-3 deployer on Hyperliquid listing pre-IPO (Anthropic, SpaceX-style), equity and semiconductor perps. Built by researchers and traders from Citadel Securities, Optiver, Polymarket and Millennium; $14M seed led by Ribbit Capital (August 24, 2026); ~$40M of HYPE staked to run the deployer slot. No token and no points program, so this is a pure retroactive bet on a team with a strong desk pedigree.
Airdrop parameters
POINTS / CLAIM END
No program; retroactive only
ALLOCATION
Nothing announced
METHOD
No points. Cash rebates on Entropy's share of fees: 60% self / 25% referrer at tier 1, up to 200% / 100% at $50M of 30-day volume, paid bi-weekly
TGE
None
ACCESS
No code, no KYC, but the strictest geo-block on the list: not for US, Canada, UK, Australia, Singapore or most of the EU; VPNs banned. Needs a Hyperliquid perps balance (USDC via Arbitrum).
CHAIN
Hyperliquid
How to farm
01
Fund Hyperliquid perps from a non-restricted location
Entropy markets settle on Hyperliquid (they show up as io:ANTH and so on). Bridge USDC via Arbitrum.
02
Sign up with a referral code, then make your own
A referral puts you on the 50% rebate tier from day one; your own code earns a share of referees' fees.
03
Trade the pre-IPO and equity perps while Growth Mode lasts
ANTH, OAI, SNDK, NBIS, IONQ, DRAM, EWY and more at 10% of normal fees (0.3 / 0.9 bps effective). Volume is cheap right now.
04
Carry open interest in the pre-IPO books
Funding runs at 0.125x the Hyperliquid rate. Retro drops reward sustained, real activity.
05
Claim rebates bi-weekly and watch for a points program
The only leaderboard is PnL-ranked ('rankings are based on PNL', Sept 23). A points page or snapshot post would be the first real signal.