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Wide-field surveys are discovering a growing number of rare transients whosephysical origin is not yet well understood. Here, we present optical and UVdata and analysis of iPTF16asu, a luminous, rapidly-evolving, high velocity,stripped-envelope supernova. With a rest-frame rise-time of just 4 days and apeak absolute magnitude of $M_{\rm g}=-20.4$ mag, the light curve of iPTF16asuis faster and more luminous than previous rapid transients. The spectra ofiPTF16asu show a featureless, blue continuum near peak that develops into aType Ic-BL spectrum on the decline. We show that while the late-time lightcurve could plausibly be powered by $^{56}$Ni decay, the early emissionrequires a different energy source. Non-detections in the X-ray and radiostrongly constrain any associated gamma-ray burst to be low-luminosity. Wesuggest that the early emission may have been powered by either a rapidlyspinning-down magnetar, or by shock breakout in an extended envelope of a veryenergetic explosion. In either scenario a central engine is required, makingiPTF16asu an intriguing transition object between superluminous supernovae,Type Ic-BL supernovae, and low-energy gamma-ray bursts.

iPTF16asu: A Luminous, Rapidly-Evolving, and High-Velocity Supernova