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DEFUND
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Principal guarantee · ActiveIn effect now through the end of 2026 · deposited principal only

Pooled over-the-counter desk · Hyperliquid · USDT

We don’t predict the price. We buy under it.

Defund is a pooled over-the-counter desk trading Hyperliquid’s HYPE token. We buy HYPE directly from large holders below the market price and sell it at the market rate. You do none of the trading — you deposit USDT and earn a share of the profit, and every trade is recorded in a ledger you can read line by line.

The discount is fixed at the moment we buy, rather than forecast — though what the position finally sells for still decides the result.

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At a glance

Target ceiling
Up to 8%Per 30-day cycle. A target ceiling, not a fixed rate — your actual return depends on trading results.
Minimum deposit
$10,000In USDT. No maximum.
Performance fee
10% of profitCharged only on a profitable trade. The only fee the desk takes.
Management & withdrawal fee
0%No exit penalty, no lock-up and no notice period.

These are the desk’s standing offer terms, set in advance — not a record of results. Crypto deposits are free; a fiat bank transfer is converted at a 0.1% conversion fee before it joins the fund. Nothing on this page is a forecast.

01How a trade reaches your account

The edge is acquisition, not prediction.

The margin is set by the price we buy at, not by a forecast that has to come true. What the position finally sells for still decides the result.

  1. A large holder — often a counterparty in Asia — wants to sell a big block of HYPE without pushing the price down on the public order book.

  2. We buy that block privately, over the counter, paying in USDT below the current market price.

  3. We sell it back into the open market at the market rate. When we expect the price to rise, we hold instead of selling straight away — and whenever we hold, we place a stop-loss at the price we bought in, so the downside is capped rather than left exposed.

  4. The result — profit or loss — is split across the capital that was in the fund when the position was bought, in proportion to each client’s share.

  5. The trade lands on your statement as its own numbered entry: the gross result, the fee-free allowance, the 10% fee and your net share, each on its own line.

02What you can earn

Up to 8% per 30-day cycle.

A target ceiling, not a fixed rate. Your actual return depends on how the trading goes.

Each 30-day cycle is figured on your principal — not on principal plus profit, so a cycle does not compound into itself.

You choose what happens to your profit. Withdraw it, or reinvest it — roll it into your principal so the next cycle is figured on the larger balance. That is how returns compound here.

Fig. 02One cycle, two things profit can do

Withdrawn

Principal
Profit this cycle
Paid out
Next cycle is figured on

Reinvested

Principal
Profit this cycle
Rolled in
Next cycle is figured on
  • Principal — what the cycle is figured on
  • Profit — yours to withdraw or roll in

03What you can actually see

The ledger only ever appends.

Fig. 03A correction is appended — the original stays
  • An entry, as it was booked
  • Superseded — struck, never removed
  • The correction, appended below

iCapital 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.

iiEvery 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.

iiiCorrections, not edits

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.

04Your protection, right now

Your deposited principal is protected.

Principal guarantee · ActiveIn effect now through the end of 2026 · deposited principal only

Your principal is guaranteed through the end of 2026, and that guarantee is active right now. The money you deposit is protected — you will not lose your deposited principal while the guarantee is in effect.

It covers the principal you deposit, not your profit — reinvested profit earns like principal but is never added to the guaranteed amount.

The program is reviewed at the end of 2026, so it may change or end after that. Anything already guaranteed is honoured on the terms it was given.

Fig. 04What the guarantee closes around
Deposited
12 MarCovered
04 Jun
18 Sep
ProfitNever covered
  • Deposited principal — covered
  • Reinvested profit — never covered

05What it costs

Ten percent of profit, and almost nothing else.

A losing trade is never charged, and the loss is set against your next profit before any new fee applies.

Crypto deposits are free. A fiat bank transfer is converted to crypto at a 0.1% conversion fee before it joins the fund.

Performance fee
10% of profit
Management fee
0%
Withdrawal fee
0%
Exit penalty
none
Losing trade
no fee
Crypto deposit
free
Fiat bank transfer
0.1% conversion
Fig. 05A loss is carried into the next fee basis

Illustrative figures

Trade 41Result+2,000.00Fee basis2,000.00Fee−200.00
Trade 42Result−800.00Fee basis—Feeno fee

A loss is never charged. The 800.00 is carried into the next fee basis.

Trade 43Result+1,500.00Fee basis700.00Fee−70.00

The basis is 1,500.00 less the 800.00 carried — so the fee is taken on 700.00.

  • Illustrative figures, at the 10% of profit on the sheet beside them. Shown to explain the carry-forward, not to set out every fee.

06Getting your money out

Any day. No lock-up, no notice, no penalty.

Fig. 06The figure is struck when the payment is sent

Illustrative figures

At the request

Requested
14 Mar · 09:12
Sent
—
Amount
not struck yet
Status
Open

At the payment

Requested
14 Mar · 09:12
Sent
14 Mar · 18:40
Amount
4,182.60 USDT
Status
Paid
  • Illustrative record. The amount is struck at the payment because the book is still trading until it is sent.

  1. Request a withdrawal on any day, in full or in part — and cancel a request you have not been paid on yet.

  2. Payouts are usually sent within 12 hours, and almost always within 48, to a destination you confirmed in advance.

  3. Take it in fiat to your bank, or in crypto — USDT or USDC. If you would rather spend it directly, the desk can set you up to load it onto a debit card.

  4. The final figure is worked out when the payment is sent, because the book is still trading until then — so what you are told is what actually moved, not an estimate that drifted.

07The risk, plainly

A trade can lose.

Trading carries risk. Buying below the market does not guarantee a profitable sale, and a position can be sold for less than it cost. A loss is recorded against client capital in the same way a profit is.

Your principal guarantee covers your deposited principal while it is in effect (through the end of 2026); it does not cover reinvested profit.

This page describes how the desk operates. It is not an offer, not a solicitation, and not a promise of any result.

08Opening an account

Apply in a few minutes.

Fill in the application with your details and the referral code of whoever introduced you. The desk reviews every request by hand and will be in touch to confirm the terms and set up your deposit — nothing moves until then.

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