HyperFunFactory

VaultFactory (HyperFunFactory.sol)

HyperFunFactory.sol is the UUPS upgradeable factory for deploying HyperFun Vaults and managing global settings.

Inheritance

contract HyperFunFactory is
    Initializable,
    UUPSUpgradeable,
    OwnableUpgradeable

Constants

uint256 public constant MAX_PERFORMANCE_FEE = 3000;  // 30%
uint256 public constant MAX_EXIT_FEE = 5000;         // 50%
uint256 public constant L1_INIT_FEE = 1000000;       // 1 USDC (6 decimals)

State Variables

Implementation Contracts

address public coreImplementation;      // HyperFunToken implementation
address public tradingImplementation;   // HyperFunTrading implementation

Platform Settings

address public treasury;        // Protocol treasury
address public usdc;            // USDC token address
uint256 public creationFee;     // Fee to create vault (0 = free)
bool public paused;             // Pause vault creation

Default BC Parameters

uint256 public defaultBcVirtualBase;     // Default 2,000,000 * 1e18
uint256 public defaultBcVirtualTokens;   // Default 2,000,000 * 1e18
uint256 public defaultInitialAssets;     // Default 100,000 * 1e18

Builder Fee Settings

address public defaultBuilder;           // Default builder for new vaults
uint64 public defaultBuilderFeeRate;     // Fee rate in decibps (50 = 0.05%)

Vault Registry

address[] public allVaults;
mapping(address => address[]) public vaultsByLeader;
mapping(address => bool) public isVault;
mapping(address => bool) public isVerified;
mapping(address => VaultInfo) public vaultInfo;

struct VaultInfo {
    address core;
    address trading;
    address leader;
    string name;
    string symbol;
    uint256 performanceFeeBps;
    uint256 createdAt;
    bool verified;
}

---

Global Vault Settings

All vaults read these settings via getGlobalSettings() and getGlobalSettingsExt().

Core Settings

uint256 public globalTradingFeeBps;      // Default 100 (1%)
uint256 public globalMaxPremiumBps;      // Default 10000 (100%)
uint256 public globalMaxDiscountBps;     // Default 5000 (50%)
uint256 public globalMinDepositUsdc;     // Default 5 * 1e6 (5 USDC)

Rebalance Settings

uint256 public globalRebalanceLowBps;    // Default 4800 (48%)
uint256 public globalRebalanceHighBps;   // Default 5200 (52%)
uint256 public globalReserveRatioBps;    // Default 5000 (50%)
uint256 public globalMinReserveRatioBps; // Default 3000 (30%)

Buy Limit

uint256 public globalMaxBuyBps;          // Default 100 (1% of vault per tx)

NAV Virtual (Legacy)

uint256 public globalNavVirtualAssets;   // Default 500,000 * 1e18
uint256 public globalNavVirtualShares;   // Default 500,000 * 1e18

Exit Fee

bool public globalExitFeeEnabled;        // Default true

struct ExitFeeTier {
    uint256 daysHeld;    // Minimum days held
    uint256 feeBps;      // Fee in bps
}
ExitFeeTier[] public globalExitFeeTiers;

// Default tiers:
// <7 days:   15%
// 7-30 days:  8%
// 30-90 days: 3%
// >90 days:   0%

BC Virtual Settings

uint256 public globalBcVirtualMinimumBps;  // Default 500 (5% floor)
uint256 public globalMaxBcRatioBps;        // Default 0 (disabled), or 18000-50000

Dynamic NAV Virtual (V35-V36)

uint256 public globalNavVirtualMode;              // 0=fixed, 1=dynamic, 2=auto-dynamic
uint256 public globalNavVirtualMultiplierBps;     // Min multiplier (mode 2)
uint256 public globalNavVirtualMaxMultiplierBps;  // Max multiplier (mode 2)
uint256 public globalNavVirtualTargetAssets;      // Target for max multiplier
uint256 public globalNavVirtualMinimum;           // Minimum NAV Virtual value

Graduation Tiers (V37-V38)

struct GraduationTier {
    uint256 threshold;        // Asset threshold (18 decimals)
    uint256 bcVirtual;        // BC Virtual pool size
    uint256 navMinMulBps;     // NAV min multiplier (2000 = 0.2x)
    uint256 navMaxMulBps;     // NAV max multiplier (5000 = 0.5x)
    uint256 squaredRatioBps;  // Squared effect (10000=100%, 0=linear)
}
GraduationTier[] public graduationTiers;
bool public graduationTieredMode;

---

Vault Creation

Simple Creation

function createVault(
    string calldata _name,
    string calldata _symbol,
    uint256 _performanceFeeBps
) external returns (address core, address trading);

Creates vault with default BC parameters.

Advanced Creation (Owner Only)

function createVaultAdvanced(
    string calldata _name,
    string calldata _symbol,
    uint256 _performanceFeeBps,
    uint256 _bcVirtualBase,
    uint256 _bcVirtualTokens,
    uint256 _initialAssets
) external onlyOwner returns (address core, address trading);

Creates vault with custom BC parameters.

Creation Flow

1. Validate parameters (name, symbol, fee <= 30%)

2. Collect creation fee (if set)

3. Collect L1 init fee (1 USDC) from leader

4. Deploy Trading proxy (ERC1967)

5. Deploy Token proxy (ERC1967)

6. Initialize Trading with Token reference

7. Initialize Token with:

   • Leader = msg.sender

   • Admin = Factory (temporary)

   • Trading module

   • BC parameters

8. Approve builder fee (if configured)

9. Set admin to factory owner

10. Initialize L1 account (deposit 1 USDC)

11. Register vault in registry

12. Emit VaultCreated event

---

View Functions

Vault Registry

function totalVaults() external view returns (uint256);

function getVaults(uint256 offset, uint256 limit) external view returns (address[] memory);

function getAllVaults() external view returns (address[] memory);

function getVaultsByLeader(address leader) external view returns (address[] memory);

function getVaultCountByLeader(address leader) external view returns (uint256);

function getVaultInfo(address vault) external view returns (VaultInfo memory);

function getVerifiedVaults() external view returns (address[] memory);

Global Settings

function getGlobalSettings() external view returns (
    uint256 tradingFeeBps,
    uint256 maxPremiumBps,
    uint256 maxDiscountBps,
    uint256 minDepositUsdc,
    uint256 rebalanceLowBps,
    uint256 rebalanceHighBps,
    uint256 reserveRatioBps,
    uint256 minReserveRatioBps
);

function getGlobalSettingsExt() external view returns (
    uint256 maxBuyBps,
    uint256 navVirtualAssets,
    uint256 navVirtualShares,
    bool exitFeeEnabled
);

function getGlobalExitFeeTiers() external view returns (ExitFeeTier[] memory);

function getGlobalMaxBcRatio() external view returns (uint256);

Default Parameters

function getDefaultBcParams() external view returns (
    uint256 bcVirtualBase,
    uint256 bcVirtualTokens,
    uint256 initialAssets
);

NAV Virtual Parameters

function getGlobalNavVirtualDynamic() external view returns (
    uint256 mode,
    uint256 multiplierBps,
    uint256 minimum
);

function getGlobalNavVirtualParams() external view returns (
    uint256 mode,
    uint256 minMultiplierBps,
    uint256 maxMultiplierBps,
    uint256 targetAssets,
    uint256 minimum
);

Graduation Tiers

function getGraduationTiers() external view returns (GraduationTier[] memory);

function getGraduationTierCount() external view returns (uint256);

function getGraduationTier(uint256 index) external view returns (
    uint256 threshold,
    uint256 bcVirtual,
    uint256 navMinMulBps,
    uint256 navMaxMulBps,
    uint256 squaredRatioBps
);

function isGraduationTieredMode() external view returns (bool);

---

Admin Functions (Owner Only)

Implementation Management

function setImplementations(address _core, address _trading) external;

Updates implementations for future vaults. Existing vaults unaffected until upgraded.

Platform Settings

function setCreationFee(uint256 _fee) external;
function setTreasury(address _treasury) external;
function setPaused(bool _paused) external;

Default Parameters

function setDefaults(
    uint256 _bcVirtualBase,
    uint256 _bcVirtualTokens,
    uint256 _initialAssets
) external;

Builder Fee

function setDefaultBuilder(address _builder, uint64 _feeRate) external;

function approveBuilderFeeForVault(address vault, address builder, uint64 feeRate) external;

function batchApproveBuilderFee(address[] calldata vaults, address builder, uint64 feeRate) external;

Vault Verification

function setVaultVerified(address vault, bool verified) external;

function batchSetVaultVerified(address[] calldata vaults, bool verified) external;

Global Settings

function setGlobalTradingFee(uint256 _feeBps) external;  // Max 5%

function setGlobalPriceLimits(uint256 _maxPremiumBps, uint256 _maxDiscountBps) external;

function setGlobalMinDeposit(uint256 _minUsdc) external;

function setGlobalRebalanceThresholds(uint256 _lowBps, uint256 _highBps) external;

function setGlobalReserveRatio(uint256 _ratioBps, uint256 _minRatioBps) external;

function setGlobalMaxBuyBps(uint256 _maxBuyBps) external;  // 0.1%-10%

function setGlobalBcVirtualMinimum(uint256 _minimumBps) external;  // 1%-50%

function setGlobalMaxBcRatio(uint256 _ratioBps) external;  // 0 or 1x-5x

function setGlobalNavVirtual(uint256 _assets, uint256 _shares) external;

function setGlobalExitFeeEnabled(bool _enabled) external;

function setGlobalExitFeeTiers(
    uint256[] calldata _daysHeld,
    uint256[] calldata _feeBps
) external;

Dynamic NAV Virtual

// Mode 0 or 1
function setGlobalNavVirtualDynamic(
    uint256 _mode,
    uint256 _multiplierBps,
    uint256 _minimum
) external;

// Mode 2 (auto-dynamic)
function setGlobalNavVirtualAutoDynamic(
    uint256 _minMultiplierBps,
    uint256 _maxMultiplierBps,
    uint256 _targetAssets,
    uint256 _minimum
) external;

Graduation Tiers

function setGraduationTiers(
    uint256[] calldata _thresholds,
    uint256[] calldata _bcVirtuals,
    uint256[] calldata _navMinMuls,
    uint256[] calldata _navMaxMuls,
    uint256[] calldata _squaredRatios
) external;

function setGraduationMode(bool _tiered) external;

Emergency Functions

function emergencyWithdrawL1SpotToEVM(address vault, uint256 amount6) external;

function emergencyWithdrawEVM(address vault, uint256 amount6) external;

function rescueTokens(address token, uint256 amount) external;

---

Events

event VaultCreated(
    address indexed leader,
    address indexed core,
    address indexed trading,
    string name,
    string symbol,
    uint256 performanceFeeBps
);

event ImplementationUpdated(address newCore, address newTrading);

event VaultVerified(address indexed vault, bool verified);

event CreationFeeUpdated(uint256 oldFee, uint256 newFee);

event DefaultsUpdated(uint256 bcVirtualBase, uint256 bcVirtualTokens, uint256 initialAssets);

---

Upgrade Authority

function _authorizeUpgrade(address) internal override onlyOwner {}

Only factory owner can upgrade the factory itself.

---

Default Values Summary

Setting	Default	Description
globalTradingFeeBps	100	1% trading fee
globalMaxPremiumBps	10000	Max 100% premium over NAV
globalMaxDiscountBps	5000	Max 50% discount from NAV
globalMinDepositUsdc	5 USDC	Minimum buy amount
globalRebalanceLowBps	4800	Rebalance when EVM < 48%
globalRebalanceHighBps	5200	Rebalance when EVM > 52%
globalReserveRatioBps	5000	Target 50% EVM reserve
globalMinReserveRatioBps	3000	Warning at 30%
globalMaxBuyBps	100	Max 1% of vault per buy
globalBcVirtualMinimumBps	500	5% BC Virtual floor
globalMaxBcRatioBps	0	Disabled (0) or ratio cap
defaultBcVirtualBase	2M	Virtual USDC pool
defaultBcVirtualTokens	2M	Virtual token pool
defaultInitialAssets	100K	BC scaling baseline
L1_INIT_FEE	1 USDC	L1 account init fee

---

Exit Fee Tiers (Default)

Days Held	Fee
< 7 days	15%
7-30 days	8%
30-90 days	3%
> 90 days	0%

---

Related Contracts

Contract	Role
HyperFunToken	Core vault, reads global settings
HyperFunTrading	Trading module, reads rebalance settings