Pre-IPO perps · Hyperliquid HIP-3

Entropy

HIP-3 perp DEX for pre-IPO and markets with no price yet.

These are referral links. If you sign up through them I may earn rewards or a share of fees, at no cost to you. Teams that also paid for research are marked Partner on the pieces.

Research: 5
Posts: 10
Covering since: Aug 2026
Partner pieces: 3

In numbers · from my research

tradexyz holds ~97% of HIP-3 OI ($3.83B), Entropy $86M20 Oct 2026 · Thesis Entropy OI $28M on 12 Sep to $86M, 3x in five weeks20 Oct 2026 · Thesis Growth mode off would pay the deployer roughly $3M to $9M a year20 Oct 2026 · Thesis Komargodski and Weinstein PoUW paper, April 2025, 1+o(1) overhead17 Oct 2026 · Thesis PRL ~19% below $2.10 ATH, ~$594M mcap17 Oct 2026 · Thesis ~1M new PRL a day, float +87% over the next year17 Oct 2026 · Thesis

My research · newest first

21 Oct 2026Pearl thesis update: Coinbase roadmap listing, new ATH and the io:PRL perpPRL went from $594M to ~$815M mcap in four days after a Coinbase roadmap listing, and io:PRL OI on Entropy tripled to $9.3M. The bull case still lacks proof of paid demand through mining and faces ~1M new PRL a day.ThesisPartner

20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.ThesisPartner

17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.ThesisPartner

20 Aug 2026Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueSeven-part recap of two weeks on Hyperliquid: US regulatory signals, xStocks and spot equities on HyperCore, HIP-3 deployer competition, HIP-4 rollout, AQAv2 yield accrual, HyperEVM and distribution via Coinbase. Concludes no other ecosystem has this level of activity.Thesis

20 Aug 2026Entropy's ANTH pre-IPO perp on Hyperliquid: $1.83T implied valuationEntropy's HIP-3 ANTH perp prices Anthropic at about $1.83T, roughly 90% above the $965B Series H but about 9% below the $2T+ IPO target reported by the FT. Compares the setup to the Unitree pre-IPO perp.Thesis

From my posts · on X

21 Oct 2026The "Bitcoin of the AI age" thesis is getting tested faster than I expected. Four days ago $PEARL traded on two thin CEX books and sat 19% below ATH. Since then: Coinbase added it to the listing roadmap, spot printed a new ATH at $2.46, mcap went from $594M to ~$815M, and Entropy had to raise the io:PRL OI cap twice to keep up. Longed it in the dip around 1.7 via @entropyIO. Up ~40% on price since, +120% on margin On X 20 Oct 2026As a Hyperliquid maxi + day one io:ANTH trader, I'm looking forward to see how this ambitious vision plays out. I'm still actively trading on @entropyIO btw, and the main position I hold rn is my $PRL long (see post below). Join via my ref link here:On X 20 Oct 2026What is Anthropic worth? Or OpenAI? Trillions? One venue on Hyperliquid with >$1.2B in 30D volume has a realtime answer, and keeps shipping new markets, empowering you to trade the frontier onchain. Time to announce that I joined the @entropyIO affiliate program (see my fancy batch), and share my personal bull thesis. I ) Building Markets On Hyperliquid Before going too deep down the rabbit hole, we need to set tOn X 18 Oct 2026Market hasn't been too kind in Rektober so far. However, I'm more locked in than ever. For a long time, I rly didn't see much (aside from Hyperliquid) that truly excited me. That has changed: - Quantum and AI threats made ppl think and talk about the tech again (PQ roadmaps, or e.g. @Starknet's L1 migration vote), and narrative-driven infra trades are back. Meanwhile, privacy is (finally) catching a serious bid tOn X 17 Oct 2026NFA but if you've done your research and are looking for pearl-2:native exposure too, @entropyIO is probs the best place for it rn:On X 17 Oct 2026AI spends hundreds of billions on GPUs that mostly multiply matrices. Bitcoin spends its entire security budget on hashes nobody can reuse. @prlnet makes them the same computation, and could become the Bitcoin of the AI age. Finally longed pearl-2:native in the recent (smol) dip via @entropyIO on Hyperliquid. Here's why ↓ Proof of useful work has been an open problem since Bitcoin launched. A key challenge is thOn X 20 Aug 2026@anglio @entropyIO @AnthropicAI def not cheap tbh but its likely one of the most hyped IPOs ahead, and if they match/exceed $SPCX IPO valuation and we see a debut day pump as retail piles in, I can see it work out as a trade.On X 20 Aug 2026HIP-3 markets are perpetual futures markets deployed permissionlessly on Hyperliquid by third-party builders. Anyone who stakes 500k $HYPE can launch their own perp markets with its own order books, margining, and market specs, using Hyperliquid's existing matching engine and liquidity infra. The deployer picks the assets (incl. things like equities, commodities, or pre-launch tokens), runs the oracle, sets leveragOn X 20 Aug 2026@entropyIO @AnthropicAI And in case this shows up in your feed bc you're a Hyperliquid maxi, check out this post too:On X 20 Aug 2026So @entropyio launched its first two HIP-3 markets on Hyperliquid, and one of them is @AnthropicAI pre-IPO perps (ticker $ANTH). Looks like a pretty interesting opportunity and reminds me of the $UNITREE setup (see quoted post). Perps currently price $ANTH at ~$1.83T, equalling roughly a 90% premium vs. the last private round ($965B Series H in May). That's still a ~9% discount vs. IPO expectations tho, as per @FTOn X

Ready to try it?

HIP-3 perp DEX for pre-IPO and markets with no price yet.

Trade on Entropy

The rest of my stack

TxFlowL1 · Onchain CLOB

BulkSolana perps · Validator-embedded

TrueNorthAgentic brokerage

MetricTokenized stocks · propAMM

SharePrediction markets · HIP-4 + Polymarket

These are referral links. If you sign up through them I may earn rewards or a share of fees, at no cost to you. Teams that also paid for research are marked Partner on the pieces. Nothing here is financial advice.

Trade on Entropy