EntropyIO lists pre-IPO perps on Hyperliquid, but OpenAI contract was delisted before anyone traded it

EntropyIO, a new perpetual futures deployer built on Hyperliquid’s HIP-3 infrastructure, launched with ambitions to let traders speculate on private companies before they go public. The platform registered a contract for OpenAI under the ticker io:OAI, but the market was delisted without recording a single trade. The actual story is both more interesting and more complicated than a simple OpenAI listing. EntropyIO’s real flagship products are an Anthropic pre-IPO perpetual contract (io:ANTH) at 3x max leverage and a SanDisk equity perp (io:SNDK) at 10x leverage, both of which went live when the platform launched on August 24, 2026. What EntropyIO actually built The platform operates as a HIP-3 market deployer on Hyperliquid, a designation that lets it create and manage perpetual futures markets on the decentralized exchange. EntropyIO raised $14 million in a funding round led by Ribbit Capital. On top of that, roughly $40 million in HYPE tokens were reserved for staking to support the deployer’s operations. The team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium. Pre-IPO perps work differently from typical crypto perpetuals. The pricing...