# What is Hypers.fun?

<figure><img src="/files/Qd6Z3BIlMtSZR1qbr0Yy" alt=""><figcaption></figcaption></figure>

Verified Contracts

All smart contracts have been verified on [HyperEVMScan](https://hyperevmscan.io).

#### Production Addresses

<table data-full-width="true"><thead><tr><th width="180.3333740234375">Contract</th><th width="174.3333740234375">Type</th><th>Address</th></tr></thead><tbody><tr><td><strong>HyperFunFactory</strong></td><td>Proxy </td><td><a href="https://hyperevmscan.io/address/0xeE7dB1582e46c054792AdD4bb52b8D4D6ab45555">0xeE7dB1582e46c054792AdD4bb52b8D4D6ab45555</a></td></tr><tr><td><strong>HyperFunFactory</strong></td><td>Implementation</td><td><a href="https://hyperevmscan.io/address/0xD52004ecD92D8004731BdB3758Cef51A808d2a57#code">0xD52004ecD92D8004731BdB3758Cef51A808d2a57</a></td></tr><tr><td><strong>HyperFunToken</strong></td><td>Implementation</td><td><a href="https://hyperevmscan.io/address/0xFa0A82a463F1501b86aaf415c1A1638ff7B0db7f#code">0xFa0A82a463F1501b86aaf415c1A1638ff7B0db7f</a></td></tr><tr><td><strong>HyperFunTrading</strong></td><td>Implementation</td><td><a href="https://hyperevmscan.io/address/0x6086d078a06c4080113698E8548a53A7fdeeF364#code">0x6086d078a06c4080113698E8548a53A7fdeeF364</a></td></tr></tbody></table>

### How it works

#### For Leaders (Fund Creators)

You're a trader with alpha.

You want others to follow your trades.

Here's what you do:

1. **Create a fund** — Set your fund name, token symbol, and performance fee
2. **Attract followers** — Share your fund and build your track record
3. **Trade** — Execute trades on Hyperliquid perpetuals
4. **Earn** — Collect performance fees when your followers profit

#### For Followers (Investors)

You want exposure to a trader's performance without copying trades manually:

1. **Find a fund** — Browse funds by performance, TVL, or strategy
2. **Buy tokens** — Deposit USDC and receive fund tokens
3. **Sit back** — Your tokens automatically reflect the fund's PnL
4. **Sell anytime** — Burn your tokens to withdraw USDC

#### The Mechanics

<table><thead><tr><th width="104.66665649414062">Action</th><th>What Happens</th></tr></thead><tbody><tr><td><strong>Buy</strong></td><td>Your USDC enters the vault → You receive newly minted tokens</td></tr><tr><td><strong>Sell</strong></td><td>Your tokens are burned → You receive USDC from the vault</td></tr></tbody></table>

#### Capital Flow

```
Your USDC deposit
      │
      ├──► 50% stays on EVM (instant liquidity)
      │
      └──► 50% goes to Hyperliquid L1
                  │
                  └──► Leader trades perpetuals
                              │
                              └──► PnL updates NAV
                                        │
                                        └──► Your token value changes
```

### Pricing Mechanism

How is the token price calculated?

**1. NAV Anchor**

> The fundamental price is simply: `Total Assets ÷ Total Tokens`
>
> If the fund has $100,000 in assets and 100,000 tokens, NAV = $1.00

**2. Bonding Curve**

> A virtual AMM adjusts price based on supply and demand.
>
> * More buyers → Price increases
> * More sellers → Price decreases
> * Always liquid, no LP needed

**3. Dynamic Scaling**

> As the fund grows, the bonding curve scales proportionally.
>
> This ensures a $10,000 buy has the same % price impact whether the fund is $100K or $10M.

All tokens are freely transferable and tradeable from day one.


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