Frequently asked questions
Direct answers on hBTC, where the yield comes from, fees, deposits and withdrawals, reserve verification, and how Syntetika relates to Hilbert Group.
What is hBTC?
hBTC is the token for BTC Basis+, Syntetika's delta-neutral Bitcoin yield strategy. Holding hBTC represents a position in the strategy, which runs through a licensed, third-party-verified fund and is tokenized as an ERC-4626 vault.
hBTC is not related to Huobi BTC, an older wrapped-Bitcoin token that shares the ticker.
Is there a Syntetika platform token?
No. Syntetika has no platform token, no points program, and no farming mechanics. Each strategy is accessed through a single token; for BTC Basis+ that token is hBTC. Any third-party claim of another Syntetika token is inaccurate.
Where does the yield come from?
The return is generated from Bitcoin's interest-rate structure, not from a bet on its price direction. It comes from four sources:
- Basis trading — delta-neutral capture of the spread between spot and perpetual futures.
- Yield-curve arbitrage — proprietary models exploit term-structure dislocations across the Bitcoin yield curve.
- Options premium — front-end options sold and delta-managed to expiry, monetising implied-versus-realised volatility.
- Collateral yield — yield-bearing stablecoin collateral earns a passive return underneath the book.
What is the APR?
The current and historical net performance is displayed on the platform. The return is variable, not fixed: it is driven by market conditions, and shown net of fees.
Who runs the strategy?
Hilbert Capital, the asset-management arm of Nasdaq-listed Hilbert Group, has traded digital-asset markets since 2017 with a 16-person team including four quant PhDs. The strategy runs with independent NAV attestation by a fund administrator and an external auditor. Tulipa Capital, a strategic partner, curates the onchain vault.
How do deposits work?
Deposits are processed asynchronously — in settlement cycles rather than instantly. A deposit request enters the next settlement, and the interface shows when that settlement occurs and tracks pending deposits in the portfolio. There is no minimum deposit.
How long do withdrawals take?
Withdrawal requests are processed at settlement. The underlying fund provides monthly liquidity, with a liquidity buffer at the vault level designed to serve withdrawals faster when capacity allows. The Syntetika interface shows the next settlement and tracks pending withdrawals.
What are the fees?
At the underlying fund level, a 1.5% management fee and a 15% performance fee. At the vault level, a 10% performance fee. The performance shown on the platform is net of all fees, so the displayed return is what a participant actually receives.
What happens when funding turns negative?
The basis the strategy collects can compress or turn negative in calm or bearish markets, and in those periods the position can pay rather than earn. Risk is actively managed with hard limits — including delta exposure and monthly stop-losses — and leverage is capped at 1:1.
How can reserves be verified?
Onchain. Reserves are verified through Chainlink Proof of Reserves, NAV is attested by an independent fund administrator, and the fund is externally audited. A transparency dashboard with custody breakdowns is part of the platform.
What is the relationship between Syntetika and Hilbert Group?
Hilbert Group, a publicly traded digital-asset investment company, incubated Syntetika and owns its development company. The Syntetika protocol and its foundation are independent: Hilbert has no ownership or control over either. Hilbert Capital manages the strategy behind hBTC.
