OpenAI on Hyperliquid: Entropy OAI contract, valuation units and risks

The active Entropy OpenAI perpetual is io:OAI. The Hyperliquid market screen may display the company name OpenAI; the public API identifies this contract as OAI on the io deployment. Open the OAI market and check the full contract name before placing an order. This guide was checked against live Hyperliquid metadata and Entropy documentation on September 25, 2026.

The former vntl:OPENAI contract is closed. It is a different instrument, not an earlier ticker for Entropy. Its closure and settlement are documented in the Ventuals sunset guide. Old Ventuals quotes and instructions do not describe a position in OAI.

Entropy defines its pre-IPO contracts in market-cap units: one price point represents $1 billion of company market capitalization. A hypothetical quote of 1,000 therefore represents $1 trillion, not $1,000 per OpenAI share. This is market capitalization, not enterprise value. The distinction matters when comparing a financing headline with the chart. See the product definition.

A position is a cash-settled derivative. It does not buy OpenAI shares, voting rights or an IPO allocation. The contract can trade above or below a reported private financing valuation; the two are different observations rather than interchangeable fair-value marks.

On September 25, the API reported a 6x maximum leverage cap, isolated-only margin and USDC collateral for io:OAI. The maximum is a venue limit, not a suggested position size. The API margin mode was noCross; Anthropic’s io:ANTH instead reported strictIsolated, so do not assume identical margin controls across the pair.

Entropy’s asset directory lists pre-listing mark/oracle bounds of 200–3,000 and a scheduled no-IPO resolution date of September 2, 2028. These are dated specifications and can change. They are not promises about where OpenAI will list or how far an executable order-book price can move.

Entropy’s mark specification uses a smoothed internal order-book price, clipped to the configured bounds before listing. The mark is used for margin and liquidation. The oracle specification instead blends internal pricing with an external private-market aggregate; its weight changes with executable depth.

An order fills against available bids or asks. Those fills need not equal the mark or oracle. Entropy explicitly says the order book can trade outside the mark bounds. A bounded published mark therefore does not guarantee a bounded entry or exit price.

The asset directory lists a funding multiplier of 0.125, while the funding mechanics page says 0.0125. We could not resolve that mismatch from the published specifications. Read the rate actually shown for the live contract; do not build a funding-cost forecast from either constant alone.

The dedicated resolution page currently specifies a six-month trailing mark TWAP for a scheduled no-IPO settlement and a 30-day TWAP after an early-settlement notice. The general legal disclosure still describes a 30-day no-IPO window. That inconsistency is material for anyone planning to hold through resolution. Check the latest market notice and obtain clarification from the operator before relying on a settlement formula.

Start with the contract name and valuation units. Then compare the bid/ask spread, available depth, mark, oracle, current funding and margin mode. A quoted maximum leverage says nothing about how much size the book can absorb. A limit order controls its limit price but can remain unfilled; a stop is not a guarantee of an exit at its trigger price.

For an illustrative linear contract, 0.5 units bought at 1,000 and sold at 1,100 produce 50 USDC of gross price P&L. Fees, funding and execution costs change the result. This arithmetic describes contract exposure; it does not turn the position into a fractional shareholding.

The short OAI trading checklist covers the interface checks. For the other AI-company market, read the Anthropic contract guide.