{ "schemaVersion": 1, "reviewedAt": "2026-09-10", "publisher": "Freeport Markets", "scope": "Entropy io:ANTH and io:OAI perpetuals available through Freeport; not spot tokens or retired vntl listings.", "markets": [ { "id": "anthropic", "name": "Anthropic", "symbol": "io:ANTH", "referenceIssuer": "Anthropic PBC", "instrument": "Pre-IPO perpetual future", "productType": "Derivative", "deployer": "Entropy", "venue": "Hyperliquid HIP-3", "collateral": "USDC", "settlement": "Cash-settled in USDC", "actualEquity": false, "usdMarketCapPerPricePoint": 1000000000, "tradingHours": "24/7, subject to market halts and lifecycle changes", "fundingIntervalHours": 1, "maximumLeverageAtReview": 6, "marginModeAtReview": "strictIsolated", "sizeDecimalsAtReview": 3, "terminalMinimumOrderNotionalUsd": 10, "noIpoScheduledResolutionDate": "2028-08-18", "preListingMarkOracleBoundsAtReview": [ 300, 4200 ], "fundingMultiplier": null, "fundingMultiplierNote": "Unresolved: asset directory says 0.125; funding mechanics says 0.0125. Use current exchange funding rate.", "ipoTreatment": "Three calendar days before announced listing, oracle switches to a one-hour EMA of mark. Following listing, public-equity oracle applies; market-cap units remain under current rules. No shares are delivered.", "noIpoTreatment": "Scheduled no-IPO resolution uses a six-month trailing mark TWAP. Early settlement uses a 30-day mark TWAP. Operator may change criteria.", "fundraisingTreatment": "Private financing rounds may enter the external oracle aggregate. No automatic reset or shareholder entitlement is specified.", "shareStructureTreatment": "Contract references market capitalization. No automatic per-share rebase for private share changes is specified in the reviewed Entropy documentation.", "fees": "Venue maker/taker fees, possible Freeport builder fees, funding and execution costs. Check the final order preview; published venue base rates are not all-in Freeport fees.", "eligibility": "Subject to Freeport terms, applicable law, and venue restrictions. Entropy excludes the United States and other listed jurisdictions.", "sources": { "assets": "https://docs.entropy.io/asset-directory/pre-ipo-assets", "contract": "https://docs.entropy.io/market-types/pre-ipo-perpetuals", "oracle": "https://docs.entropy.io/pre-ipo-perp-mechanics/oracle-price", "mark": "https://docs.entropy.io/pre-ipo-perp-mechanics/mark-price", "funding": "https://docs.entropy.io/pre-ipo-perp-mechanics/funding-rate", "fees": "https://docs.entropy.io/pre-ipo-perp-mechanics/fees", "resolution": "https://docs.entropy.io/pre-ipo-perp-mechanics/no-ipo-resolution", "liquidation": "https://docs.entropy.io/risk-and-margining/maintenance-margin-and-liquidation", "margin": "https://docs.entropy.io/risk-and-margining/margin-modes", "restrictions": "https://docs.entropy.io/legal-and-disclaimers/restricted-jurisdictions", "terminal": "https://app.freeportmarkets.com/trade?market=ANTHROPIC", "freeportTerms": "https://www.freeportmarkets.com/terms-conditions.html", "exchangeMetadata": "https://api.hyperliquid.xyz/info (POST type=metaAndAssetCtxs, dex=io)" }, "canonicalUrl": "https://www.freeportmarkets.com/research-anthropic.html", "terminalUrl": "https://app.freeportmarkets.com/trade?market=ANTHROPIC", "documentationUrl": "https://www.freeportmarkets.com/docs/anthropic-perpetual.md", "oracleMethodology": "Entropy blends a five-minute EMA of its local order-book mid with an external private-market aggregate. Local executable depth sets the blend weight. The published pre-listing oracle is clipped to the market bounds.", "markMethodology": "The mark uses a five-minute EMA of the local mid, clipped to the pre-listing bounds. It does not directly blend external sources. It drives unrealized PnL and liquidation inputs.", "liquidationMechanism": "Liquidation is triggered when position equity falls below tiered maintenance margin. The mark drives the trigger; order-book execution and remaining collateral depend on liquidity and the liquidation process.", "acquisitionTreatment": "The operator may settle to a confirmed acquisition market capitalization; without a confirmed value, reviewed rules use a 30-day trailing mark TWAP. Operator discretion applies.", "risks": "Loss of collateral, leverage and liquidation, slippage, thin liquidity, variable funding, sparse private-market inputs, oracle and operator discretion, changed lifecycle terms, smart-contract failures, and collateral risk.", "fieldSources": { "maximumLeverageAtReview": "exchangeMetadata", "marginModeAtReview": "exchangeMetadata", "sizeDecimalsAtReview": "exchangeMetadata", "terminalMinimumOrderNotionalUsd": "terminal", "oracleMethodology": "oracle", "markMethodology": "mark", "liquidationMechanism": "liquidation", "ipoTreatment": "contract", "noIpoScheduledResolutionDate": "assets", "noIpoTreatment": "resolution", "acquisitionTreatment": "resolution", "eligibility": "restrictions", "fees": "fees" } }, { "id": "openai", "name": "OpenAI", "symbol": "io:OAI", "referenceIssuer": "OpenAI Group PBC", "instrument": "Pre-IPO perpetual future", "productType": "Derivative", "deployer": "Entropy", "venue": "Hyperliquid HIP-3", "collateral": "USDC", "settlement": "Cash-settled in USDC", "actualEquity": false, "usdMarketCapPerPricePoint": 1000000000, "tradingHours": "24/7, subject to market halts and lifecycle changes", "fundingIntervalHours": 1, "maximumLeverageAtReview": 6, "marginModeAtReview": "noCross", "sizeDecimalsAtReview": 3, "terminalMinimumOrderNotionalUsd": 10, "noIpoScheduledResolutionDate": "2028-09-02", "preListingMarkOracleBoundsAtReview": [ 200, 3000 ], "fundingMultiplier": null, "fundingMultiplierNote": "Unresolved: asset directory says 0.125; funding mechanics says 0.0125. 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Check the final order preview; published venue base rates are not all-in Freeport fees.", "eligibility": "Subject to Freeport terms, applicable law, and venue restrictions. Entropy excludes the United States and other listed jurisdictions.", "sources": { "assets": "https://docs.entropy.io/asset-directory/pre-ipo-assets", "contract": "https://docs.entropy.io/market-types/pre-ipo-perpetuals", "oracle": "https://docs.entropy.io/pre-ipo-perp-mechanics/oracle-price", "mark": "https://docs.entropy.io/pre-ipo-perp-mechanics/mark-price", "funding": "https://docs.entropy.io/pre-ipo-perp-mechanics/funding-rate", "fees": "https://docs.entropy.io/pre-ipo-perp-mechanics/fees", "resolution": "https://docs.entropy.io/pre-ipo-perp-mechanics/no-ipo-resolution", "liquidation": "https://docs.entropy.io/risk-and-margining/maintenance-margin-and-liquidation", "margin": "https://docs.entropy.io/risk-and-margining/margin-modes", "restrictions": "https://docs.entropy.io/legal-and-disclaimers/restricted-jurisdictions", "terminal": "https://app.freeportmarkets.com/trade?market=OAI", "freeportTerms": "https://www.freeportmarkets.com/terms-conditions.html", "exchangeMetadata": "https://api.hyperliquid.xyz/info (POST type=metaAndAssetCtxs, dex=io)" }, "canonicalUrl": "https://www.freeportmarkets.com/research-openai.html", "terminalUrl": "https://app.freeportmarkets.com/trade?market=OAI", "documentationUrl": "https://www.freeportmarkets.com/docs/openai-perpetual.md", "oracleMethodology": "Entropy blends a five-minute EMA of its local order-book mid with an external private-market aggregate. Local executable depth sets the blend weight. The published pre-listing oracle is clipped to the market bounds.", "markMethodology": "The mark uses a five-minute EMA of the local mid, clipped to the pre-listing bounds. It does not directly blend external sources. It drives unrealized PnL and liquidation inputs.", "liquidationMechanism": "Liquidation is triggered when position equity falls below tiered maintenance margin. The mark drives the trigger; order-book execution and remaining collateral depend on liquidity and the liquidation process.", "acquisitionTreatment": "The operator may settle to a confirmed acquisition market capitalization; without a confirmed value, reviewed rules use a 30-day trailing mark TWAP. Operator discretion applies.", "risks": "Loss of collateral, leverage and liquidation, slippage, thin liquidity, variable funding, sparse private-market inputs, oracle and operator discretion, changed lifecycle terms, smart-contract failures, and collateral risk.", "fieldSources": { "maximumLeverageAtReview": "exchangeMetadata", "marginModeAtReview": "exchangeMetadata", "sizeDecimalsAtReview": "exchangeMetadata", "terminalMinimumOrderNotionalUsd": "terminal", "oracleMethodology": "oracle", "markMethodology": "mark", "liquidationMechanism": "liquidation", "ipoTreatment": "contract", "noIpoScheduledResolutionDate": "assets", "noIpoTreatment": "resolution", "acquisitionTreatment": "resolution", "eligibility": "restrictions", "fees": "fees" } } ], "$schema": "https://www.freeportmarkets.com/data/pre-ipo-specs.schema.json" }