Vesper · Entropy Market-Making Guide

Entropy, market-made.
One signature to start.

Entropy is a new exchange built on Hyperliquid (HIP-3). Vesper quotes ANTH for you around the clock with a trade-only key minted in a single signature. No API keys to copy, and withdrawals stay with your wallet.

HIP-3 on Hyperliquid · one signature · non-custodial · free beta

Before you start

Three things you need

01

An EVM wallet. MetaMask, Rabby or OKX. It signs one approval message. Your private key is never requested.

02

A Hyperliquid account with USDC. Entropy runs on Hyperliquid rails. A brand-new wallet gets its account created by the first deposit.

03

Funds on the Entropy balance. $40–50 is enough to start; just size the clip to match in step 3. With $120+ the default clip works untouched.

1Fund

Move USDC to the Entropy account

Hyperliquid keeps three separate balances: Spot, Perps and the Entropy pocket. Only the last one trades ANTH, and money never moves there on its own — until it does, your Vesper balance reads $0.00 and no orders are placed.

The catch: the Entropy pocket stays hidden in the transfer list until you open its market once. That is the step almost everyone misses, so follow this order on Hyperliquid.

1. Portfolio → Transfer — move your USDC Perps → Spot.

2. Trade — open the Anthropic (IO) market once. The Entropy pocket now appears as a transfer route.

3. Portfolio → Transfer — pick the route named Spot <> Perps (IO) and send the USDC back. It lands in the Entropy pocket, and your Vesper balance stops reading zero.

Want to support the project? Open Entropy through entropy.io/?r=vesper or add the code vesper under Referrals. Optional, and it costs you nothing.

2Connect

One signature, no keys to copy

Open sypherscore.com/vesper/connect, switch the venue to Entropy and connect your wallet. Sign the single ApproveAgent message. That mints a trading key that can place orders and nothing else.

Entropy trading key on file - Vesper can trade for you. This line means the key is registered. Disconnect removes it in one click.
Connect page with Entropy selected

The connect page with Entropy selected. One signature mints the trade-only key.

If the wallet signs but the venue refuses: Hyperliquid allows at most 3 named agents per wallet. Revoke one you no longer use at app.hyperliquid.xyz under More → API, then retry in a fresh tab. A wallet that has never deposited to Hyperliquid needs a deposit first.

3Size

Match the clip to your balance

The clip is dollars per order. At 3× leverage a $350 clip needs about $117 of margin, and if your Entropy balance is below that the venue quietly rejects every quote. A simple rule: keep the clip at your balance × 2 or less. With $50 on the account, set the clip to $100 or lower in settings.

Margin and clip section in settings

Margin and clip live in Strategy & risk. Keep the clip at balance × 2 or less.

4Launch

Press Start and close the tab

Press Start. Vesper quotes both sides of ANTH within seconds and runs server-side, so the tab can be closed freely. The dashboard shows every fill as it happens.

Dashboard hero for Entropy

The dashboard between sessions: equity, the live pulse and the Start button.

While it runs

Reading the dashboard

  • Live status

    Making markets, holding, or flattening, as it happens.

  • Margin breathes

    Entropy shows the margin currently in use, so the figure can read $0 between fills while everything is fine. Your funds sit on the account either way.

  • Totals

    Volume, fills, fees and CPM: the session's cost per $1M of volume made.

  • Stop

    Cancels orders, closes the position, halts the session. Wallet-signed; only you can trigger it.

Security

What the key can never do

  • Withdraw. The agent key places orders only. Funds stay on Hyperliquid in your account and move only by your wallet's signature.

  • See your wallet key. Only signed messages, ever.

  • Outlive your consent. Disconnect deletes the key on our side any time, and Stop is wallet-authenticated and global.

Keep reading

Other Vesper guides

All guides  ·  How market making works  ·  About Vesper