Fund contracts are deployed as immutable clones — no proxy upgrades, no admin keys, no ability to change parameters after finalization. The strategy is code-enforced.
How it works
any.fund turns market theses into ERC-20 tokens backed by real perpetual futures positions on Hyperliquid. No custody, no admin keys, no discretionary management.
Mechanism
The lifecycle of a fund
Step 1
Create
A creator picks assets, direction, leverage, and fees. The protocol deploys an immutable ERC-20 vault.
Step 2
Deposit
Investors deposit USDC and receive fund shares proportional to NAV. The vault opens perpetual positions on Hyperliquid.
Step 3
Rebalance
An on-chain keeper monitors leverage and triggers rebalancing automatically. Anyone can call it — permissionless.
Trust
Security model
Immutable contracts
Non-custodial
All USDC flows through smart contracts. No entity holds your funds. Deposits, withdrawals, and rebalancing are on-chain operations verifiable by anyone.
Permissionless rebalancing
Rebalance triggers are public functions — anyone can call them. No reliance on a single operator. The protocol incentivizes timely rebalancing through keeper economics.
Alpha stage risks
any.fund is in alpha. TVL caps ($50K per fund, $5K per wallet) limit exposure. Smart contract risk, oracle risk, and Hyperliquid platform risk are present. Only deposit what you can afford to lose.
FAQ
Common questions
What is Hyperliquid?
Hyperliquid is the deepest on-chain perpetual futures exchange, consistently ranking in the top 3 by volume ($5-15B daily). any.fund uses Hyperliquid's order book and oracle infrastructure to manage positions.
How are funds different from copy-trading?
Copy-trading mirrors a leader's discretionary decisions in real time — they can change strategy at any moment. any.fund funds are thesis-first: the strategy is declared upfront (assets, weights, leverage) and enforced by protocol. No style drift, no discretionary override.
What happens when I withdraw?
When idle USDC is available in the vault, withdrawals are instant. If all USDC is deployed in positions, a bridge withdrawal is initiated — your shares are burned upfront and you claim USDC when liquidity arrives (typically within minutes).
Who can create a fund?
Anyone with a wallet. Pick assets, set leverage and fees, deploy on-chain. The protocol handles execution, rebalancing, and settlement. Creators earn the configured deposit, redemption, and rebalance fees.
What is emergency mode?
If a fund's NAV drops to critical levels, the protocol can enter emergency mode to protect remaining capital. Deposits are paused and users can emergency-redeem their shares. This is a safety mechanism, not an admin action.