Frequently asked questions

Syntetika is a tokenization hub for regulated investment strategies. Each strategy runs in a licensed, third-party-verified fund and is accessed onchain through a single token. The first strategy is BTC Basis+, a delta-neutral Bitcoin basis strategy, accessed through hBTC. Syntetika launched on Base.

hBTC is the vault token for BTC Basis+, the strategy managed by Hilbert Capital. It is an ERC-4626 vault token on Base. You deposit cbBTC, receive hBTC, and the token is your entire position. Returns accrue in the value of the token.

hBTC is not related to Huobi BTC, an older wrapped-Bitcoin token that shares the ticker.

From Bitcoin's interest-rate structure, not from a bet on its price direction. It comes from four sources.

1. Basis trading. Delta-neutral capture of the spread between spot and perpetual futures.
2. Yield-curve arbitrage. Proprietary models exploit term-structure dislocations across the Bitcoin yield curve.
3. Options premium. Front-end options sold and delta-managed to expiry, monetising implied versus realised volatility.
4. Collateral yield. Yield-bearing stablecoin collateral earns a passive return underneath the book.

Hilbert Capital, the asset-management arm of Nasdaq-listed Hilbert Group. Hilbert has traded digital-asset markets since 2017. The strategy runs in a licensed fund with an independent fund administrator, NAV Consulting, and an external auditor. Tulipa Capital is the curator.

BTC Basis+ ran inside Hilbert's fund before hBTC existed, with a live trading record since 2024 and a monthly NAV calculated under fund-industry rules. In 2025, its most recent full year, the strategy returned +20.18% net in BTC terms, as published by Hilbert Group, in a year when Bitcoin itself returned -6.3%. Hilbert publishes the strategy's results in its shareholder updates. The app shows the fund's cumulative performance alongside hBTC's price.

Hilbert Group shareholder updates ↗

A deposit is a request. Your cbBTC joins the queue and closes with its cohort at the next cutoff. The cohort is priced at the NAV struck after the cutoff and processed once that NAV is published. Your hBTC is minted at that price and arrives in your wallet. Until the cutoff you can cancel; between the cutoff and processing the cohort is fixed. The UI shows the next cutoff and tracks pending deposits in your portfolio. There is no minimum deposit.

Every deposit and redemption in a cohort is priced at the NAV struck after the cutoff, once it is published. The NAV is calculated by the fund's independent administrator, which takes five to fifteen days after the strike. One cohort, one price, struck after the queue closes.

Exposure to the strategy begins at your cohort's strike, which is also the NAV you enter at. Campaign rewards, when a campaign is running, accrue from the moment your hBTC is minted.

A withdrawal is a request, served on the same cycle as deposits. Your hBTC joins the queue, closes with its cohort at the next cutoff, and is paid in cbBTC at the NAV struck after that cutoff, once it is published. From cutoff to payment usually takes one to three weeks. A request placed after a cutoff waits for the next one. There is no instant exit and no liquidity buffer. Requests can be cancelled up to the cutoff. The UI shows the next cutoff and tracks pending withdrawals.

At the vault level, a 10% performance fee, charged on the period's positive performance only. At the fund level, a 1.5% management fee and a 15% performance fee. Fund-level fees are taken inside the fund, so the NAV the vault receives is already net of them, and the vault fee applies to that net figure. Everything displayed in the app is net of all fees, so the displayed return is what a participant receives.

Reserves are verified via Chainlink Proof of Reserve, linked from the app. The NAV is calculated by NAV Consulting, the fund's independent administrator, and published onchain from the administrator's statement. Each statement can be downloaded from the app. Publishing a price onchain requires sign-off from more than one party, so no single party can move it. The vault's total assets and the hBTC supply are readable onchain; the token contract on Base is 0x9c2dcdbdb3f0a0f628d1112bbcabd9ae75353df3. The fund is externally audited.

The vault and deposit contracts hBTC runs on are Ember Protocol's infrastructure. Ember's contracts are independently audited by external security firms and covered by a bug bounty, and the audit reports are published at ember.so/security.

Ember Protocol security and audits ↗

Yes. hBTC is a standard ERC-4626 token, transferable from the moment it is minted. It is live on Royco as the base asset of a tranched market with Senior, Junior and Senior Liquidity Provider positions. More integrations are on the way.

While an incentive campaign is running, hBTC holders earn rewards paid in hBTC through Merkl. Rewards are separate from the strategy's return, accrue from the mint, and are claimable through the UI or through the Merkl UI. Campaign terms are shown in the app.

Hilbert Group, a publicly traded digital-asset investment company, owns Syntetika's development company. The Syntetika protocol and its foundation are independent.