OpenETF launched a testnet system on October 6, 2026, to turn Hyperliquid portfolios into tokenized funds with shares held as wallet-based tokens. According to ChainCatcher, the deployment uses worthless test assets, and the documentation says real funds should not enter the system.

Each fund includes a name, ticker, public terms, and ERC-20-compatible share tokens. Managers trade the portfolio on Hyperliquid while investors hold fund shares in their own wallets.

The first subscription is priced in USDC at net asset value, with a minimum of 100 USDC, though managers may set a higher threshold. The fund structure spans HyperCore and HyperEVM: the vault contract on HyperEVM issues shares and handles subscription and redemption pricing and payments, while the same vault on HyperCore serves as the trading account for the portfolio.

Creating a fund does not require approval or a creation fee. Managers must buy at least 100 USDC in shares and choose a commitment ratio of at least 5%. Performance fees can range from 0% to 50% of combined profits, with 20% as the default, while management fees range from 0% to 2% annually, with 0% as the default. Once shares are issued, both fee rates are frozen.

The testnet charges an exit adjustment fee on priced redemption portions, starting at 0.1% and rising by 0.05% for each unit of notional leverage, capped at 1%. The fee remains inside the fund. The documentation describes the deployment as testnet-only and does not give a mainnet launch timeline.