The next-gen hedge fund

Built for regulated funds, with on-chain units and on-chain execution.

MidenDelta is building institutional trading strategies as a fund whose units live on-chain. Vault 01, a delta-neutral ETH cash and carry for professional and semi-professional investors, is in preparation and runs on testnet today.

How the fund is set up Investor access
01Subscribe

You subscribe with USDC.

Your USDC waits in the fund's vault contract until the next dealing day. Subscriptions and redemptions settle daily at the NAV struck by the fund administrator.

USDC inDaily dealingVerified investors
02Issue

The fund issues units to you.

MDELTA units are ERC-3643 tokens: the fund's unit register, on-chain. They are issued at the administrator's NAV, so every investor enters at a fair value.

units=USDC in÷NAV per unit

Units move only between verified, eligible investors and are redeemed at NAV on dealing days.

03Inside the vault

Now look inside.

Your USDC goes to work in one market-neutral trade, the cash & carry. It earns yield without betting on where ETH goes next.

04Buy spot

Buy spot ETH.

Holding ETH alone means full exposure to its price. That's a delta of +1. On its own, it tips the scale.

Spot ETH, Δ +171% of NAV in spot
05Short the perp

Short an equal ETH perpetual.

A short perpetual future of exactly the same size cancels the price exposure: +1 − 1 = 0. The scale levels out. The vault is delta-neutral.

ETH-PERP short, Δ −1Leverage capped at 3×
06Delta 0

ETH moves. The scale doesn't.

If ETH rallies, the spot leg gains what the short loses. If it crashes, the short gains what spot loses. Net price exposure stays close to zero.

ETH price
$2,500
Net delta
0.00
Spot leg
+$0
Perp leg
−$0
07Collect the carry

Get paid to hold the hedge.

Perpetual futures pay a funding rate. When the market leans long, longs pay shorts. The fund collects that payment every hour and reinvests it, so it accrues to the NAV. Funding varies and can turn negative.

Funding → NAVAccumulating units
08Zoom out

One token. A trading desk inside.

Everything you just saw lives behind one fund unit in your wallet. Positions and funding are visible on-chain; the official NAV is struck by the fund administrator.

09Security

How we keep it sound.

  1. 01

    Delta-neutral, leverage capped at 3×

    Spot and short are sized equally. A keeper re-hedges when delta drifts and tops up margin from a 5% buffer.

  2. 02

    To be supervised by a licensed AIFM

    The strategy runs on-chain; a licensed Liechtenstein fund manager will set its limits, own risk and hold the kill switch.

  3. 03

    Permissioned units

    ERC-3643 units that only KYC-verified professional and semi-professional investors can hold. No US persons.

  4. 04

    Controlled keys and breakers

    Admin changes go through the manager's multisig and a timelock. The keeper executes but can't withdraw, and circuit breakers pause the fund.

  5. 05

    Orderly dealing

    Daily dealing at NAV, a redemption gate with pro-rata fills, and an anti-dilution levy that stays in the fund.

  6. 06

    Audited, then multi-venue

    Formal verification and a tier-1 audit before mainnet. Fully on Hyperliquid today; more venues later to spread platform risk.

Structure

On-chain strategy, to be supervised by an AIFM.

Vault 01 is being set up as a Liechtenstein alternative investment fund. The strategy runs on-chain, and a licensed fund manager (AIFM) will supervise it: it sets the limits, owns risk management and answers to the regulator. The smart contracts enforce who can do what. Over time, MidenDelta plans to obtain its own AIFM licence in Liechtenstein.

Fund
Liechtenstein AIFIn formation. Fund units are ERC-3643 tokens on HyperEVM.
Fund manager
Licensed AIFMTo be appointed. Supervises the on-chain strategy: sets its limits, runs risk management, holds the admin and kill-switch keys.
Depositary
Bank depositaryOversees the fund's assets and co-signs movements out of the strategy.
Administrator
NAV and registerStrikes the NAV each dealing day, keeps the investor register, runs KYC.
Venue
HyperliquidSpot ETH and the perp short both run on Hyperliquid today. More venues later to spread platform risk.
Investors
Professional onlyProfessional and semi-professional investors. No US persons, no retail.
Roadmap

One vault today.
A fund of tokens tomorrow.

Each strategy gets its own vault and share class with its own risk profile, so allocators can build a portfolio from on-chain building blocks.

Testnet liveVAULT 01

ETH Cash & Carry

Delta-neutral funding capture on Hyperliquid, starting as a capacity-capped proof of concept.

In researchVAULT 02

Next strategy

More hedge fund strategies, each in its own vault and share class.

PlannedINDEX

Multi-strategy

A single token allocating across MidenDelta vaults.

PlannedLICENCE

Own AIFM licence

Obtain our own AIFM licence in Liechtenstein and manage the MidenDelta funds directly.

In preparation

Follow the launch.

Vault 01 is not yet open for subscriptions. It will open to professional and semi-professional investors once the fund is authorised and its offering documents are available. Register your interest and we'll keep you posted.

Register interest Try the testnet demo
Limited capacity

The first $10M is capped.

Vault 01 opens with a hard $10M proof-of-concept cap for professional and semi-professional investors. Founding investors pay no performance fee in year one, subject to the final fund documents. Allocation follows the waitlist.

Join the waitlist Try the testnet demo