Pooled over-the-counter desk · USDT
Read the whole trade.
Defund runs a single pooled book trading Hyperliquid over the counter, explained by the decisions that touch your account rather than by a headline figure.
The only rate on this page
10%
of profit per trade, currently
No lock-up.
No management fee.
Losses are written down.
What is different here
The premise
Your capital is not locked.
There is no term attached to your capital, no notice window and no exit penalty.
Because the book is still trading right up to the moment a payment goes out, the amount is struck then rather than quoted to you in advance.
A withdrawal is a request to the desk, not a button that invents a number.
The detail
- Request a withdrawal on any day, in full or in part, and cancel a request you have not been paid on yet.
- The desk pays it to a destination you confirmed in advance.
- The final figure is worked out when the payment is sent, so what you are told is what actually moved rather than an estimate that drifted.
Where the edge lives
The edge is at acquisition, not prediction.
The desk buys HYPE over the counter, in size, below the screen price. The ledger records what the market said that parcel was worth and what the desk actually paid for it as two separate figures, so the gap between them is written down at the fill rather than reconstructed afterwards.
None of that makes a trade safe. A position can still be disposed of for less than it cost. When that happens the loss is charged to the capital that was eligible when the position was acquired — someone who joined afterwards is not exposed to a trade that predates them — and it reaches your statement as a loss, in words, rather than folded quietly into a net figure. The loss is also carried forward, so the next equivalent profit is not charged a fee.
A discount is a recorded fact. It is not a promise that a trade cannot lose.
The detail
- A counterparty needs to move HYPE in size without pushing it through the order book.
- The desk runs a stop from entry.
- Profit or loss is allocated to the capital that was eligible when the position was acquired.
The agreement
Ten percent of profit, and nothing else.
The desk currently takes 10% of the profit on each trade, per client, after any fee-free allowance.
If someone introduced you, they are paid out of the desk’s own side of that fee — the terms you are quoted are the same terms every client is quoted, whoever introduced them.
No management fee. Nothing on deposits. Nothing on withdrawals.
The detail
- Each allocation lists the gross result, the allowance applied, the fee and your share.
- A losing trade is not charged at all, and the loss is carried forward.
- Referral compensation comes out of the desk’s own side of the fee.
How a trade reaches your account
A counterparty needs to move HYPE in size without pushing it through the order book.
The desk buys it for USDT, over the counter, at a discount to the screen price.
The position is carried with a stop at entry, and disposed of when the desk chooses to.
The result — profit or loss — is allocated across the pool in proportion to the capital that was eligible when the position was acquired, and the fee is taken only where there is a profit.
The allocation lands on your statement as its own numbered entry, with the gross result, the allowance applied, the fee and your share each on their own line.
What you can actually see
Capital and profit, kept apart
Your position is never collapsed into a single number. What you paid in and what the desk earned for you are tracked separately for as long as they are in the fund, so you can always see which part you funded and which part was earned.
Every fee, on its own line
Each trade that touched your account is listed with the gross result, the fee-free allowance applied, the fee taken and the amount added to your position. Figures are in USDT and written out in full — never rounded to a headline.
Corrections, not edits
The ledger only ever appends. If something recorded turns out to be wrong, the correction is written as a new entry rather than by changing the old one, so the record of what was booked, and when, stays intact behind whatever you are shown.
How an account opens
The desk opens every account by hand.
There is no signup form on this page, and that is deliberate rather than missing: there is no public way into the ledger at all, so there is nothing here for a stranger to write to. Deposits are recorded by the desk against your account, and a payout destination is confirmed with you before anything can be sent to it.
If someone introduced you, quote their referral code when you make contact. It has to be recorded before your first trade — an introduction recorded afterwards does not reach backwards.
Accounts open by conversation — contact the desk directly
Existing client? Sign in