OpenETF, a tokenized fund platform, launched a testnet system on Oct. 6, 2026 that packages Hyperliquid portfolios into funds whose shares exist as wallet-held tokens, according to ChainCatcher.
The current deployment uses valueless test assets. Its documentation says real money should not enter the system, and describes the rollout as testnet-only. No mainnet launch date was provided.
Fund setup and share structure
Each fund comes with a name, symbol, public terms and an ERC-20 compatible share token. Managers trade the portfolio on Hyperliquid, while investors hold the shares in their own wallets.
Initial subscriptions are made in USDC at net asset value, with a minimum of 100 USDC. Managers can set a higher minimum.
Vault spans HyperCore and HyperEVM
The fund is structured as a vault across HyperCore and HyperEVM. On HyperEVM, the vault contract issues shares and handles pricing and payments for subscriptions and redemptions. The same vault on HyperCore acts as the trading account that holds and trades the portfolio.
Investors hold the share tokens. Managers direct trading, but they do not obtain the vault’s trading key.
Creation rules and fee settings
Creating a fund requires neither approval nor a creation fee. Managers must buy at least 100 USDC of shares and select a commitment ratio of at least 5%.
Performance fees can be chosen from 0% to 50% of aggregate profits, with a default of 20%. Management fees range from 0% to 2% per year, with a default of 0%. Both fee settings are frozen after shares are issued.
Redemption adjustment fee on testnet
For the portion of redemptions that has already been priced, the testnet charges an exit adjustment fee starting at 0.1%, with an added 0.05% for each unit of nominal leverage, capped at 1%. The fee remains in the fund.