Farming Entropy: the complete guide

The essentials

This content is general information, not investment advice. Entropy hasn't announced any airdrop: everything below rests on the assumption that early activity might be rewarded someday.

Our link: open Entropy with the AddictCrypto link. It's a referral link: it costs you nothing and supports the site. At our current tier, it doesn't change your fees (see "What about referrals?").

Entropy in two minutes

• What it is: a HIP-3 deployer, the system that lets independent teams launch their own markets on Hyperliquid. Your orders go through Hyperliquid's order book.
• What you trade: perps on unlisted companies (Anthropic, for example), on US stocks and on an index. The list changes: check it in the app.
• Prices: they come from RedStone oracles.
• Collateral: USDC only.
• Funding: $14M raised in a seed round led by Ribbit Capital (August 2026), and 500,000 HYPE staked, the bond Hyperliquid requires from HIP-3 deployers.
• Launch: August 24, 2026.
• Airdrop status: no token, no official points program. Referrals are live and, according to farmers, a trader leaderboard appeared in the app at the end of September.

Check the io: prefix

The Entropy app also shows markets from other HIP-3 deployers. Only those whose ticker starts with io: are Entropy markets: io:ANTH (Anthropic), io:SNDK (SanDisk)… Only they get the rebates, and probably any future points program. Check the ticker before every trade.

Who can use it

Entropy's documentation excludes, among others, the United States, Canada, the United Kingdom, Australia and much of the European Union, including Belgium, Luxembourg, Spain and Italy. France, Switzerland, Germany and the Netherlands weren't on the list checked on September 29, 2026. Check the official list before depositing: it can change.

Why look at it now

• Few farmers: without a points program, activity comes mostly from real traders. At the end of September, the app's leaderboard had about 10,500 traders, according to one farmer.
• Real traction: more than a billion dollars of cumulative volume since launch, again according to farmers. The product is used, not just farmed.
• Very low fees: thanks to "growth mode" (see below), $100,000 of maker volume costs about $3 before rebates.
• Unique markets: pre-IPO perps barely exist anywhere else. Trading them looks like real usage, not artificial volume.

Nothing guarantees that Entropy will reward its early users. It's a low-cost bet, not a certainty.

The real fees

HIP-3 markets charge double Hyperliquid's standard rate. These fees are split equally between Hyperliquid and Entropy. When growth mode is active on a market, fees, rebates and counted volume are divided by ten. According to the documentation, it was switched on at the launch of each market: check the rate shown in the order ticket.

In practice, farmers measure between $26 and $36 in fees per million of volume, i.e. $2.60 to $3.60 per $100,000. That's consistent with growth mode.

The automatic rebate

Every account gets a rebate on its own fees, the "Self Rebate". At tier 1, available with no conditions, it's 60% of Entropy's share, about 30% of total fees. On $100,000 as maker, you therefore get back about $0.90 out of $3. Rebates can be claimed from the profile page from $5, with a distribution every two weeks.

All these percentages apply to Entropy's share of the fees, not the total.

What about referrals?

The rebate on your own fees and the referee benefit don't stack: you get the higher of the two. And every new account already has a 60% rebate. A link from a tier 1 or 2 referrer (25% or 50%) therefore changes nothing on your fees. Only a tier 3 or 4 referrer gives you a bigger rebate, if the referee benefit does follow the referrer's tier, which the documentation doesn't specify.

Step 1: prepare your wallet and your USDC

1. Use an EVM wallet (Rabby, MetaMask…) dedicated to farming, separate from your savings.
2. Put USDC on Arbitrum: that's the route for deposits to Hyperliquid, with a minimum of 5 USDC.
3. Deposit them into your Hyperliquid account. Our Hyperliquid guide details the deposit rules.

Entropy runs on Hyperliquid: your Hyperliquid account, and its USDC, serve as margin. Depending on the interface, you may be asked to transfer margin to the Entropy markets.

Step 2: connect to Entropy

1. Open the app from the official site entropy.io. Check the address: fake DEX sites are common.
2. Connect your wallet and sign the login.
3. If you're using a referral link, do it on this first connection: the referee benefit applies to accounts that sign up through the link.

According to the documentation, rebates and referrals apply to Entropy markets whatever interface you use to trade.

Step 3: place your first maker order

1. Choose an io: market. Start with io:SNDK, the most liquid (about $22M of daily volume and a 0.03% spread according to one farmer), or io:ANTH (spread of about 0.04%). Look at its maximum leverage: 6x on pre-IPOs, up to 25x on the index. Set it between 1x and 2x.
2. Check the margin mode: Entropy markets use isolated margin. Each position has its own margin and doesn't benefit from another's gains.
3. Place a limit order at the best bid (to buy) or best ask (to sell), with the post-only option, called ALO on Hyperliquid. If the order would execute immediately, it's canceled: you stay maker and pay the lowest rate.
4. Close the same way, with a post-only limit order. A market order at closing triples the cost of the trade.

For the full method and its limits, see our guide Building volume with maker orders.

The strategy we use

Without a points program, the goal is credible, regular, low-cost activity:

1. Small capital, regular activity: a few trades a week for several weeks rather than a big volume in one day.
2. Maker everywhere: at 0.003%, $100,000 of volume comes to about $2.10 after rebates.
3. Several markets: one pre-IPO, one stock and the index, rather than a single market on a loop.
4. Positions genuinely held: a few hours or a few days. Entropy states that wash trading, pre-arranged trades and self-referral forfeit all rewards. Some farmers also leave their positions open, betting that open interest will count toward the leaderboard someday: that's an assumption.
5. Low leverage: between 1x and 2x, especially before a weekend (see the risks).
6. A hedge on Arcus or Lighter: our best current plan is a SanDisk long and short of the same size, io:SNDK on Entropy and SNDK on Arcus, with each platform's side chosen based on funding. You farm both programs without being exposed to the price (see our guide The SanDisk delta-neutral: Arcus + Entropy). In the meantime, according to several farmers, ANTH and SNDK also exist on Lighter and on Robinhood x Lighter. An io:ANTH long on Entropy hedged by an ANTH short on Robinhood x Lighter puts the same capital to work on two programs: Entropy and the LIT pool. Check that the market really exists on both sides before opening.

Multi-farming

• Entropy and Hyperliquid: your Entropy trades go through your Hyperliquid account and show up in your Hyperliquid volume. In growth mode, however, they only count for 10% toward its fee tiers.
• Cross-platform arbitrage: on ANTH, Entropy's and Lighter's prices regularly drift apart and come back together, according to a farmer (unverified) who arbitrages the gap. The delta-neutral can then earn on top of the points. Our guide Delta-neutral between two Perp DEXs details the method.

What about tools?

As of September 29, 2026, Entropy isn't among the platforms supported by VOOI. VOOI does support Lighter and Robinhood x Lighter, though: handy for the hedge leg. Tread supports Hyperliquid, but its documentation doesn't say whether HIP-3 markets like Entropy's are included. We'll update this guide after our tests.

The risks specific to Entropy

Pre-IPOs without a continuous reference price

A pre-IPO oracle relies on rare and sometimes outdated private-market data. Funding there is deliberately low (multiplier of 0.0125), so the perp's price forms mostly through supply and demand and can drift from the oracle. Extreme bounds cap the published mark price (300 to 4,200 for the Anthropic market), without stopping trading or closing positions.

If the company never goes public

Each pre-IPO contract has an expiry set two years after its announcement (August 18, 2028 for Anthropic). Without an IPO by that date, it's cash-settled at the average mark price over the last six months. In case of early settlement, it's the 30-day average. If the company is acquired, settlement is at the deal price if confirmed. The operator reserves the right to change these rules.

Stocks outside trading hours

At night, at weekends and on public holidays, a stock perp's price can't move away from the last reference by more than a fraction of the initial margin: 20% for a 5x market. Orders beyond that are rejected. When the market reopens, the price can jump all at once and liquidate a position opened with too much leverage.

Liquidation and ADL

A position is liquidated with market orders when the account value falls below the maintenance margin, which is half the initial margin. If a liquidation leaves a negative balance, auto-deleveraging (ADL) forcibly closes the most profitable and most leveraged opposite positions, at the liquidated position's bankruptcy price.

Hourly funding and a new platform

Funding is paid every hour: if the perp trades above the oracle, longs pay shorts, and vice versa. Finally, Entropy is a new protocol: protocol, oracle and bridge-to-Hyperliquid risks come on top.

Checklist before starting

• Your country isn't on the list of excluded jurisdictions.
• A dedicated wallet, with USDC in your Hyperliquid account.
• Leverage between 1x and 2x, in isolated margin.
• Post-only limit orders for both opening and closing.
• Activity spread over several weeks, with positions genuinely held.
• Rebates claimed from your profile from $5.

Sources

• Entropy Docs — Architecture
• Entropy Docs — Referrals
• Entropy Docs — Pre-IPO fees
• Entropy Docs — Pre-IPO assets
• Entropy Docs — No-IPO resolution
• Entropy Docs — Limit Up Limit Down
• Entropy Docs — Margin modes
• Entropy Docs — Auto-deleveraging
• Entropy Docs — Restricted jurisdictions
• CryptoRank — EntropyIO raises $14M seed