EntropyIO Launches Pre-IPO Perpetual Futures on Hyperliquid, OpenAI Contract Delisted

EntropyIO, a new perpetual futures deployer utilizing Hyperliquid’s HIP-3 infrastructure, has launched its platform aimed at allowing traders to speculate on private companies before they go public. The platform debuted on August 24, 2026, with notable contracts including an Anthropic pre-IPO perpetual contract and a SanDisk equity perpetual contract, offering leverage options of 3x and 10x respectively. The company successfully raised $14 million in funding, led by Ribbit Capital, and has set aside approximately $40 million in HYPE tokens for staking to support its operations.

Despite registering a perpetual contract for OpenAI under the ticker io:OAI, the contract was delisted due to a lack of trading activity, with no trades recorded before its removal. This follows a similar situation with a previous operator, Ventuals, which had also offered markets for OpenAI and Anthropic before shutting down in June 2026. In contrast, the Anthropic contract has shown enough interest to remain listed, with its implied market cap briefly reaching around $2 trillion shortly after launch, despite previous funding rounds valuing the company significantly lower.

EntropyIO's pricing model for pre-IPO perpetuals is based on implied company valuations rather than traditional spot prices, as these companies do not have publicly traded shares. The platform employs custom oracles and liquidity-weighted designs to generate price feeds, aiming to mitigate risks associated with low trading volumes. However, it is important to note that these contracts do not confer any equity ownership, voting rights, or dividends, as they are purely speculative instruments.

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Source: KLEA News