OpenETF Launches Hyperliquid Testnet

The tokenized fund platform OpenETF launched the Hyperliquid testnet on October 6, 2026. The portfolio exists in the form of a fund, with shares represented by tokens held in wallets. Currently, worthless test assets are used, and the documentation emphasizes that real funds should not enter the system. Each fund has a name, symbol, public terms, and shares in the form of ERC-20 compatible tokens. Managers trade the portfolio on Hyperliquid, while investors hold shares in their wallets, with the initial offering being subscribed in USDC at net asset value, with a minimum amount of 100 USDC, although managers can set higher thresholds. The fund spans the treasury of HyperCore and HyperEVM, with contracts on HyperEVM responsible for issuing shares and pricing for subscriptions and redemptions, while the same treasury holds and trades the portfolio as a trading account on HyperCore. Investors hold share tokens, and managers direct trades but do not obtain the treasury trading keys. Creating a fund requires no approval or creation fee, and managers must purchase at least 100 USDC worth of shares and choose a commitment ratio of at least 5%. Performance fees can be selected from 0% to 50% of the merged profits, with a default of 20%; management fees range from 0% to 2% per year, with a default of 0%, and both rates are frozen after shares are issued. The testnet charges an exit adjustment fee for priced redemption portions, starting at 0.1%, with an additional 0.05% for each unit of nominal leverage, capped at 1%, with fees remaining in the fund. The documentation describes this deployment as a testnet only, with no timeline provided for the mainnet launch.

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