Get paid today. Not when the fund's window opens.
Earlyout buys your pending redemption in a tokenized fund for USDC, now, at the fund's real net asset value (NAV) minus a spread that explains itself.
- Price explainedFour terms, shown before you sign
- Paid in one transactionUSDC reaches you on Arc immediately
- Guarded by the contractIt refuses or halts when it should
Arc testnet. Quotes are read live from the Vault contract; fund tokens and the issuer are stand-ins.
The fund is liquid on paper. The investor is not.
Private credit funds limit how much can leave each quarter. When requests exceed the gate, investors wait. Tokenizing the fund did not change the schedule.
Quarterly windows
No secondary market
Gates in 2026
Tokenized money-market funds already pay within a day. Funds that redeem on a schedule do not, and that is the gap Earlyout fills.
- Daily-liquidity fundUSTB, JTRSY, USTBL and others
- about 1 day
- ACRED, the normal waywait for the quarterly window
- up to 90 days
- ACRED with Earlyoutsell the pending redemption
- Todaytoday, same transaction
You sign once. USDC arrives in the same transaction.
- You send fund tokensYour pending redemption, in one transaction.
- Earlyout makes a claimThe redemption is filed with the issuer and becomes a claim.
- The vault buys itUSDC reaches you in the same transaction.
- The issuer pays the vaultOn the payout date, at the fund's NAV.
One Chainlink pipeline, ten NAV feeds.
Every fund below publishes its net asset value (NAV) through a Chainlink feed on Ethereum mainnet, and our Chainlink Runtime Environment (CRE) workflow carries each price to Arc. Earlyout buys from funds with a wait before payout: ACRED, JAAA and USCC. The money-market funds pay within a day, so they are priced for comparison, not bought.
| Fund | Holds | Issuer | On Earlyout | Chainlink NAV feed |
|---|---|---|---|---|
| ACREDApollo Diversified Credit Securitize Fund | Private credit | Apollo, via Securitize | Buys your redemption | 0x35DD…07EB |
| JAAAJanus Henderson Anemoy AAA CLO Fund | AAA-rated CLOs | Janus Henderson, via Centrifuge | Buys your redemption | 0x3Bbc…3B1a |
| JTRSYJanus Henderson Anemoy Treasury Fund | US T-bills | Janus Henderson, via Centrifuge | Price only | 0x0C2e…Ca74 |
| USTBSuperstate Short Duration US Government Securities Fund | US government securities | Superstate | Price only | 0x289B…5AAC |
| USCCSuperstate Crypto Carry Fund | Crypto basis trade | Superstate | Buys your redemption | 0xAfFd…00d9 |
| USTBLSpiko US T-Bills Money Market Fund | US T-bills | Spiko | Price only | 0x477e…7Abe |
| SAFOSpiko Amundi Overnight Swap Fund | Overnight rate swaps | Spiko with Amundi | Price only | 0xC1E5…B2fB |
| CASH+Asseto CASH+ Money Market Fund | Money market instruments | Asseto | Price only | 0x66C0…4583 |
| Treasury+EPOCH Treasury+ Fund | US Treasuries | EPOCH | Price only | 0x0c82…E0cd |
The tenth listing, ACREDd, is ACRED with a 15-minute payout so a sale can be tried end to end today. Payout times for the daily-liquidity funds are illustrative. On Arc the fund tokens are stand-ins, because the real ones only move between issuer-approved wallets. The prices are real.
A disclosed spread, not a negotiated discount.
Spread = base + vault usage + volatility × √(time to payout) + issuer credit. A 90-day ACRED claim with an empty vault:
- Base
- Vault usage
- Time to payout
- Issuer credit
It grows with the square root of time, so a short wait costs very little.
Show as tableHide table
| Days to payout | Spread |
|---|---|
| 0 | 2.00% |
| 7 | 3.11% |
| 30 | 4.29% |
| 60 | 5.24% |
| 90 | 5.97% |
| 180 | 7.62% |
The contract decides. The interface cannot overrule it.
- You ask for a quotePick a fund and an amount.
- HALTIf the issuer has failed or the price is stale, nobody can trade the fund.
- REFUSEIf the sale would pass the fund's cap, the vault lacks USDC, or the claim is already due.
- BUYOtherwise the vault buys, at the price on screen.
Chainlink sets the price. Arc settles it. Arkiv records it.
- Chainlink NAV feedThe fund's net asset value, on Ethereum mainnet.
- Issuer statusWhether the issuer is paying: OK or FAILED.
- Chainlink CRENodes read both, agree, and sign one report.
- NavOracle on ArcAccepts only signed reports from the forwarder.
- VaultPrices every sale from it, and halts on bad news.
- Arkiv bookEach sale is written to a public database.
Verify it in two minutes.
Every claim on this page links to its proof: a contract, a transaction, a log or a query you can run yourself.
Contracts tested, reviewed and deployed in Arc Studio
The Studio project, its security review and the 34 deploy transactions.
Open the Studio projectLive on Arc testnet
The Vault contract, owned by our ops wallet after Studio handed it over.
View the Vault on ArcA real sale, settled in USDC
One transaction: fund tokens in, claim to the vault, USDC to the seller.
View the saleChainlink Runtime Environment (CRE) drives the oracle
Three broadcast runs: issuer OK, issuer FAILED and the halt, then restored.
Read the CRE logsThe book lives on Arkiv
The Book screen reads only from Arkiv; anyone can run the same query.
Open the bookTested and open source
63 contract tests, 66 end-to-end checks on phone, tablet and desktop, MIT licence.
Read the code- 1. Open the app and connect a wallet on Arc testnet.
- 2. Press Try as judge to get demo fund tokens and gas.
- 3. Sell 0.001 ACREDd and watch it appear in the book.
Every abbreviation, spelled out.
What one fund unit is worth, published by the fund.
A dollar stablecoin issued by Circle. Arc uses it for gas too.
Runs our workflow across Chainlink nodes and signs what they agree on.
Someone who deposits USDC into the vault and earns the spread.
A pool of corporate loans split into rated slices; AAA is the safest slice.
Hundredths of a percent: 100 bps is 1%.
One contract holding many token types; each claim is its own type.
A shared interface for vaults: deposit assets, receive shares.
An address that software calls to get data.
Short-term US government debt.
What is real, and what stands in.
| Component | Status | Note |
|---|---|---|
| ACRED NAV | Real | Chainlink feed on Ethereum mainnet |
| USDC and every Earlyout contract | Real | Arc testnet |
| CRE workflow and reports | Real | Simulated with broadcast on Arc |
| Order book | Real | Arkiv Rabdi testnet |
| Fund tokens | Stand-in | Real ones only move between issuer-approved wallets |
| Issuer redemption desk | Stand-in | Same reason |
| Issuer status API | Stand-in | In production, the issuer's attestation |
Stop waiting for the window.
One transaction, with the price explained before you sign.