Entropy is live on via HIP-3 Builder-deployed perpetuals, with the first liquid market for Anthropic’s pre-IPO on Hyperliquid alongside equity perpetuals.
TL;DR
- Entropy is live on Hyperliquid via HIP-3, with the first liquid market for Anthropic’s pre-IPO alongside equity perpetuals.
- RedStone is the data layer these markets run on: integrating custom sources, pushing the data onchain through a 4-of-6 multisig config, and delivering the reference prices they price against.
- RWA and Pre-IPO perps trade 24/7 while their home markets keep hours, so RedStone Live continues to price them through the close, sourcing live venues with low latency.
- Entropy liquidity-weighted methodology blends the order book with RedStone’s external reference, weighting each by executable depth so the mark rests on the sounder source.
- RedStone secures the large majority of oracle-protected value on HyperEVM and built HyperStone, the first oracle dedicated to HIP-3.
Entropy Launches HIP-3 Equity Perps Market
Entropy, a perpetuals exchange offering 24/7 trading for real-world assets and pre-IPO equity, is now live on Hyperliquid. Built via the HIP-3 standard, Entropy’s opening markets feature Anthropic’s pre-IPO stock, the first way to trade the stock at scale on Hyperliquid, along with SNDK.
RedStone is the official data layer powering Entropy’s markets, integrating custom sources for assets that have no clean feed of their own and implementing the liquidity-weighted methodology behind their pricing. The data reaches the exchange through RedStone Live, a low-latency service built for RWAs trading onchain.
A weak key setup is a direct attack surface, the kind that cost DeFi over $600M in 2026. RedStone pushes prices to Entropy’s markets through a 4-of-6 multisig, meaning four of six independent signers have to agree before any update goes onchain. No single compromised key can move the price, making any oracle-related attack vector highly unlikely.
RedStone Live: 24/7 Pricing Data For RWAs
Entropy’s perps are live 24/7. The market where its underlying asset trades is not. SanDisk trades on Nasdaq during US hours, and goes quiet overnight and over the weekend.
RedStone Live closes the gap between traditional markets and onchain venues. During market hours it sources pricing from licensed institutional providers. When those markets close, it switches to the CEX derivatives and other venues where the asset keeps trading on its own order flow. This method ensures that feeds keep tracking live prices through the night instead of freezing on the last print.
Price feeds are built per asset and aggregated from multiple sources rather than a single venue, which keeps the price stable when any one source thins out or drops. RedStone Live delivers data at low latency, and every input is cryptographically signed at each step.
Liquidity-weighted Methodology
Standard perp markets can usually lean on an external price since the asset trades openly. Entropy’s markets are different. Stocks have strict trading hours and a pre-IPO stock like Anthropic has no public price at all. That means that a lot of time, pricing is pulled from Entropy’s own order book. Oftentimes, the mark that drives funding and liquidations has to be built from an order book whose liquidity shifts from one moment to the next.
RedStone implements a liquidity-weighted methodology, designed by Entropy, that reads the executable depth behind a price. The book and RedStone’s external reference for the same asset are blended into one mark, and the depth decides the mix. When there is real, fillable size resting in the book, the mark leans on the book. As that depth thins, it shifts weight onto RedStone’s reference, so the price always rests on whichever source is sounder at that moment.
The two launch markets show it working at both extremes. Anthropic has no official market price, only informal reference points, so its mark leans hardest on the book itself. The equity perps carry uneven depth through the day, and the methodology prices them on what is fillable at each point.
RedStone on HyperLiquid
HIP-3 has democratized perp markets, lowering the entry barrier for teams building onchain trading venues. But once a market is launched, choosing a reliable data provider becomes one of the decisions the whole market rests on.
RedStone is the oldest oracle on HyperEVM, securing the large majority of oracle-protected value on the network. We have also built the first oracle dedicated to HIP-3, which has powered more than $3.4B in volume across 15 HIP-3 markets since going live with Felix.
About RedStone
RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.
About Entropy
Entropy is a new perpetuals DEX on Hyperliquid via HIP-3, backed by a $14M seed round and a $40M HYPE stake required for deployment.
The goal of Entropy is to have the highest quality perps on real-world assets and indices, and Entropy achieves that by treating market design as a research problem. Their team brings deep market microstructure expertise, with backgrounds spanning Citadel Securities and Polymarket. This experience is focused on rigorous oracle design and robust mark price construction, which will allow us to list novel pre-IPO equity perps, rates, and index products, along with more liquid and efficient global equity perps.
