EntropyIO Launches Pre-IPO Perps on Hyperliquid, But OpenAI Contract Fizzles

EntropyIO has launched its platform for perpetual futures on Hyperliquid's HIP-3 infrastructure. The platform allows traders to speculate on private companies before they go public, and it listed pre-IPO perps for Anthropic at 3x max leverage and SanDisk equity at 10x leverage.

The actual flagship products of EntropyIO are these contracts, which went live when the platform launched on August 24, 2026. The company raised $14 million in a funding round led by Ribbit Capital and reserved roughly $40 million in HYPE tokens for staking to support its operations.

EntropyIO's team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium. Pre-IPO perps work differently from typical crypto perpetuals, as the pricing model tracks implied company valuations rather than a spot price. A $1 price unit on the Anthropic contract translates to a $1 billion implied valuation.