Enigma ONE is the second strategy on Syntetika: market-neutral statistical arbitrage, one strategy from the Enigma platform, run by Hilbert Capital in a fund built for it, held as a token (oneUSD).
What the strategy does
Enigma ONE is a market-neutral statistical arbitrage strategy that generates alpha by exploiting short-term pricing dislocations between digital assets. It uses quantitative models to identify pairs and baskets of assets with historically stable relative behaviour, and takes offsetting long and short positions when they temporarily diverge. The strategy is market neutral and has no directional exposure to the digital asset market.
Who runs it
Enigma is built by Enigma Nordic, a Swedish company that Hilbert Group acquired in December 2025. Hilbert Capital, the asset management arm of Hilbert Group, manages the strategy.
Note: the Enigma figures in Hilbert Group's reporting are the performance of Hilbert's proprietary capital across all Enigma strategies, most of which are not available to external investors. Enigma ONE is one strategy from that platform, made available to external investors through Syntetika with limited capacity at launch. It has its own NAV, struck by the administrator, and its figures are not comparable with the Group's.
How the token works
A licensed fund exists first, with a manager and an independent administrator. A vault on Ember's audited contracts, on Ethereum, takes your deposit. The Holder owns the fund position on the vault's behalf, and Tulipa Capital curates the vault. oneUSD comes back to you, priced at the fund's NAV.
How to deposit
Connect a wallet at app.syntetika.io, choose Enigma ONE, deposit your tokens. Your request joins the queue.
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