Perelman has discovered two integral quantities, the shrinker entropy and the (backward) reduced volume, that are monotone under the Ricci flow $\pa g_{ij}/\pa t=-2R_{ij}$ and constant on shrinking solitons. Tweaking some signs, we find similar formulae corresponding to the expanding case. The {\it expanding entropy} is monotone on any compact Ricci flow and constant precisely on expanders; as in Perelman, it follows from a differential inequality for a Harnack-like quantity for the conjugate heat equation, and leads to functionals and . The {\it forward reduced volume} is monotone in general and constant exactly on expanders. A natural conjecture asserts that converges as to a negative Einstein manifold in some weak sense (in particular ignoring collapsing parts). If the limit is known a-priori to be smooth and compact, this statement follows easily from any monotone quantity that is constant on expanders; these include (Hamilton) and (Perelman), as well as our new quantities. In general, we show that if grows like (maximal volume growth) then , and remain bounded (in their appropriate ways) for all time. We attempt a sharp formulation of the conjecture.

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