# What is the lockup / liquidity of the fund?

The Betoken fund runs in [investment cycles](https://betoken.gitbook.io/docs/betoken-investment-cycle), and at the start of each cycle there are **3 days** where users can **deposit & withdraw** their funds: the Intermission phase. Redemptions are available each 27 days  in the Betoken Fund. Redemptions incur no withdrawal [fee](https://betoken.gitbook.io/docs/deposit-withdraw/what-is-the-fees-structure).

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A countdown is displayed at the top of the [Investors portal](https://betoken.fund/portal/#/investing-dashboard) on desktop and in the menu on mobile, to indicate when Betoken accepts deposits and withdrawals. It's happening every 27 days during a 3-day period.
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