# Syntetika Overview Syntetika offers on-chain access to institutional-grade strategies through tokenized vaults, one per strategy. Participants deposit a vault's asset and hold its vault token, which reflects the performance of a CIMA-registered, market-neutral fund. *** ## Key Features
**Tokenized positions.** Each allocation is represented as an ERC-4626 token on the network the vault is deployed on; a transparent, on-chain claim on the vault's position, priced from independently attested NAV. **Single point of access.** Enter and monitor a position through one vault, without the minimums, paperwork, and gatekeeping that usually stand between allocators and institutional funds. **Separation of duties.** Responsibilities are partitioned across four layers, so no single party can move capital or set the vault price alone. Capital flows only along defined paths, under multi-signature control, to whitelisted addresses. *** ## How Returns Accrue Each position is an ERC-4626 vault share, a proportional claim on the vault's assets. Participants receive no separate payouts, and there is nothing to claim or restake. As the underlying strategy performs, the value of the share moves with the fund's NAV, and\ the return accrues inside the token already held. When a NAV strike is published, the share's exchange rate against the deposit asset updates\ on-chain, up or down, and the position reflects the new value automatically. Gains compound in place, realizing them is simply a matter of redeeming. *** ## The Vaults Syntetika operates one vault per strategy, each with its own deposit asset, network, and subscription and redemption queue. Syntetika currently offers two vaults: **hBTC** (cbBTC on Base, Hilbert Basis+) and **oneUSD** (USDC on Ethereum mainnet, Enigma One). Each vault's terms are on its page under Our Vaults. The architecture is built to onboard further assets and strategies on the same basis, each operating with its own queue and NAV cycle.
*** ## Vault Access The vault contracts are permissionless at the protocol level. Entities contracting directly with Syntetika, distribution partners and institutional counterparties, complete business verification through an independent provider. *** ## Operational Cadence
Syntetika runs on a twice-monthly cycle. Queues close two days before each strike, at 16:00 UTC, shown in your local time in the app; if that day falls on a weekend or holiday the cutoff moves back to the preceding business day. Strike dates do not move. Exact cutoffs are shown in the app. Deposits and redemption requests can be submitted at any time. Requests in by the cutoff are dealt at the next strike NAV; later requests roll to the following cycle. Deposit cancellations close at the cutoff and reopen after processing; redemption requests can be cancelled at any time before they are paid. Once the strike NAV is published, deposits are minted and the net is routed to the fund through a whitelisted gateway, the same day. Redemptions are paid once the strike NAV is published and settlement runs. Where a fund offers liquidity less often than the strike cadence, withdrawals from that vault are dealt on the fund's dealing days. # Protocol Operations At Syntetika, our FinOps are engineered to combine the transparency of on-chain infrastructure with the strict risk controls of institutional asset management. Operational authority is partitioned across four strictly scoped on-chain roles, each held by a different party. This isolates cross-liability, contains operational risk, and ensures no single party can move capital or set the vault price alone.
# The Layered Architecture Our architecture divides operational responsibilities across four layers, each holding one function and none holding another's authority. Capital moves on the network each vault is deployed on, in both directions.
*** ### 1 — The Vault Layer Built on the vault's network using Ember Protocol's infrastructure, the user-facing vault is accessible via Syntetika's official interface, the entry point for participant deposits and redemptions. A participant deposits the vault's asset and receives its vault token, a vault share token representing a pro-rata claim on the vault's position. Deposits are accepted but not minted on arrival. Issuance is gated to the NAV cadence, not to the deposit timestamp. Pending deposits remain cancellable until the cutoff, and a deposit typically waits up to roughly three weeks before the vault token mints at the finalized NAV of the strike that follows its cutoff, longer if finalization is delayed. Shares mint at the finalized NAV of their own strike and reprice at each subsequent publish. *** ### 2 — The Curator Layer Tulipa is the external curator that runs the vault end to end. It manages the deposit and redemption queues, nets the two every cycle, executes the mint at each NAV publish, and co-signs on-chain price updates. The curator holds capital only in transit, at its own institutional custodian. It never holds the deployed investment, and cannot move the vault price alone. *** ### 3 — The SPV Layer SYNT (BVI) Ltd is the special-purpose vehicle that holds legal title to the fund investment and stands as investor of record in the fund or share class behind each vault. It receives the net from the curator, subscribes it into the fund or submits the redemption, processes the fund's subscription and redemption forms, and maintains the master ledger. The SPV exercises no discretion over the strategy and warehouses no capital beyond a small operational float for rounding and fees. Assets are held at Utila in segregated sub-accounts. *** ### 4 — The Strategy Layer The fund is where the strategy executes. Each vault is backed by its own fund or share class, running its own market-neutral strategy inside a CIMA-registered fund, with NAV struck twice monthly. The strategy behind each vault is described on the vault's page. All discretionary management sits here; no Syntetika entity directs the strategy. # The End-to-End Operational Workflow Our financial operations run on a twice-monthly cadence, with NAV struck on the 15th and at month-end. Every step follows one rule: the finalized NAV publishes as soon as it is verified, and nothing is dealt at a price that was already public when it was requested.
*** ### 1 — Accumulation Participants deposit the vault's asset at any time. Deposits accumulate as pending, unminted balances, and redemption requests queue alongside them. Deposit cancellations close at the cutoff and reopen once the cycle has been processed; redemption requests can be cancelled at any time before they are paid. *** ### 2 — Cutoff Queues close two days before each strike, at 16:00 UTC, shown in your local time in the app; if that day falls on a weekend or holiday the cutoff moves back to the preceding business day. From that moment the deposit side of the cohort is fixed; a redemption may still be withdrawn until it is paid. Strike dates do not move. Exact cutoffs for each cycle are shown in the app. Every request parked at the cutoff joins the cohort and transacts at the finalized NAV of the strike that follows, once NAVC has delivered it. Later requests roll into the next cohort. The curator nets the cohort at the cutoff. Pending deposit capital is compared against what is owed to the redemption queue, and the balance between the two determines the cycle:
For participants, the cycle type changes only timing, never price. Deposits mint identically in both cases, and redeemers are paid at the same strike NAV either way. *** ### 3 — Strike On the 15th and at month-end, the fund takes its NAV snapshot and the cohort's flows become effective as of that date. This is the valuation that prices the cohort itself. *** ### 4 — Finalization, NAV Publish and Mint Typically within five business days of the strike, and up to fifteen in exceptional cases, NAV Fund Services (Cayman) Ltd, the fund's administrator, and NAV Consulting Inc., its NAV calculation agent (together NAVC), finalizes the official NAV. The attested figure is published on-chain promptly after verification, from a designated operator address under a joint approval policy in which each operating party must sign. No single party can publish alone. Only attested, finalized figures are ever published. On the day the finalized NAV is published on-chain, the cohort mints as one lot at that price: deposits mint the vault token at the strike NAV, and the redemptions in the cohort are valued at the same figure. The NAV publish, the mint and the wire all happen that day. The published figure prices the cohort that closed before its strike, and nothing after. Until the next figure is finalized, it remains the live on-chain price, but nothing later is dealt at it. Two cycles can be in flight at once, since a strike's NAV may finalize after the next cutoff. If a strike's NAV is not final by the next cutoff, the later cohort still closes and waits for its own strike; deposit cancellations may stay closed across both. Each cohort mints at its own price. *** ### 5 — Routing, Payout and Settlement The SPV routes only the net, and gives the fund notice of it at the cutoff. Net subscriptions are wired into the fund on the day the NAV is published and admitted as of the strike date at the strike NAV. NAV and wire move on the same day. Net redemptions are submitted as a withdrawal request at the cutoff, priced at the strike NAV, and paid once the NAV is published and settlement runs. Where a fund offers liquidity less often than the strike cadence, withdrawals from that vault are dealt on the fund's dealing days. Capital is routed, not warehoused; the SPV holds nothing but a small operational float. On subscription cycles settlement is immediate, the redemption queue is paid in full the same day as the mint, at the strike NAV. On redemption cycles, the queue is paid in order once settlement with the fund runs, at the strike NAV. Deposits and redemptions are both dealt at the strike NAV. NAVs strike on the 15th and last day of each month and finalize typically within five business days, and up to fifteen in exceptional cases. Nothing transacts until that figure is in, so nobody is dealt at a price that was already public when they queued. # Our Vaults Syntetika operates one vault per strategy. Every vault runs on the same infrastructure, follows the protocol dealing rule and strikes NAV twice monthly. Each has its own deposit asset, network, strategy and fund fees. More vaults, funds and asset classes are coming.
# hBTC The hBTC vault is a Bitcoin-denominated tokenized yield vault. Participants deposit cbBTC and receive hBTC, an ERC-4626 vault share whose on-chain price is derived from the attested NAV of the underlying fund. The vault is deployed natively on Base. The underlying is Class BTC Basis+ of Hilbert V100, a CIMA-registered Cayman fund. The class runs Hilbert Basis+, a market-neutral strategy built around the BTC basis. All discretionary management sits with Hilbert; no Syntetika entity directs the strategy. *** ## Contract Deposits are made through the **Syntetika app only**. The contract addresses are listed for verification. Never transfer cbBTC directly to either contract. A direct transfer registers no deposit request.
NetworkContractAddress
BaseVault0x9C2dCDbDB3F0A0F628D1112bBCABD9AE75353df3
Deposit0x30eCa7f3d0c099385e830314c51bB9e95657b84D
*** ## Fees There are two fee layers. Fund fees are charged inside the Hilbert V100 Fund and are already reflected in the fund NAV that Syntetika receives. Vault fees are charged by Syntetika at the vault level, at each settlement.
The 10% vault performance fee is charged on positive share-price change in each settlement period; losses in a prior period are not carried forward. All fees are deducted automatically before returns are displayed. Every figure you see on the user interface is net of the fees listed. # oneUSD The oneUSD vault is a USD-denominated tokenized yield vault. Participants deposit USDC and receive oneUSD, an ERC-4626 vault share whose on-chain price is derived from the attested NAV of the underlying fund. The vault is deployed on Ethereum mainnet. The underlying is Class USD Stat Arb of Hilbert V100, a CIMA-registered Cayman fund. Launch capacity is $5M. The class runs Enigma One, the market-neutral statistical arbitrage strategy run by Hilbert's Enigma team. Syntetika is the tokenization layer only: Hilbert manages the strategy, and no Syntetika entity holds discretion over the fund's trading. oneUSD uses the same structure as hBTC. SYNT (BVI) Ltd subscribes into the class, NAV Fund Services (Cayman) Ltd is the fund's administrator and NAV Consulting Inc. its NAV calculation agent (together NAVC), Tulipa Capital acts as curator, and Ember provides the vault infrastructure. Price updates are published from a designated operator address under a joint signing policy, the same as for hBTC. *** ## Contract Deposits are made through the **Syntetika app only**. The contract addresses are listed for verification. Never transfer USDC directly to either contract. A direct transfer registers no deposit request.
NetworkContractAddress
Ethereum mainnetVault0xbFdA6fB6E61BDeb2A2cE3bEfeBbD4939D0D828aa
Deposit0xC0E920eF95842161eA2Bf80E411dbD9B8fCb3091
*** ## Fees There are two fee layers. Fund fees are charged inside the Hilbert V100 Fund and are already reflected in the fund NAV that Syntetika receives. Vault fees are charged by Syntetika at the vault level, at each settlement.
The investor statement SYNT (BVI) Ltd receives from the fund is net of fund fees. The 10% vault performance fee is charged on positive share-price change in each settlement period; losses in a prior period are not carried forward. There is no vault management fee. The oneUSD share price therefore reflects both fee layers. All fees are deducted automatically before returns are displayed. Every figure you see on the user interface is net of the fees listed. # Custody & Security Capital sits in four places only. Participant deposits sit in the on-chain deposit contract until the cohort is processed. Capital in transit passes through the curator's custodian, Fordefi, and then through segregated custody accounts at Utila, held by SYNT (BVI) Ltd, which subscribes into the fund in its own name, as principal and investor of record. Once subscribed, it is held fund-side. Participants hold vault shares. They do not invest into SYNT (BVI) Ltd and hold no claim against it. *** ## Security Policy
The primary control is the whitelist. On the curator's wallet, outbound transfers can only reach pre-approved destinations, enforced at the infrastructure level. Even a complete signing quorum cannot send assets to an address that has not first been whitelisted, and the whitelist cannot be changed by the signers. Wires from the SPV vault go only to a fixed group of whitelisted counterparties, the fund and the curator, and execute only once approved by an admin who did not initiate them. Any transfer outside that group additionally requires one of the external signatories. The curator and Ember are not signers on this vault. Above that sits the approval layer. On-chain price updates execute only under a joint approval policy, enforced at the custody layer, in which each operating party must approve. Syntetika, Tulipa and Ember each give two approvals, drawn from their own signer groups. On-chain, these actions originate from designated operator addresses; the multi-party control sits in the signing policy behind those addresses, so no single party can set the price alone, and no capital can leave the settlement chain on one party's approval. *** ## MPC Key Management Utila operates on a Multi-Party Computation (MPC) architecture. No complete private key exists at any single point, and signing is performed collaboratively without key material ever being assembled, removing the single point of key compromise. Approval authority sits above the cryptography. The signing policy distributes it across the operating parties, so a compromise of any one party's infrastructure is insufficient to move assets. *** ## Account Architecture
Syntetika segregates capital across dedicated accounts, each with a defined purpose and its own approved transfer paths. Movements follow a fixed transfer matrix of whitelisted counterparties, monitored by Syntetika's Operations function. Any non-routine movement of capital from the SPV vault requires an admin and one of the external signatories before it executes. Once subscribed, capital leaves Syntetika's account structure and is held fund-side by Hilbert.
# Transparency *** ## Attested Valuation & Reserves Syntetika never publishes automated valuations or internal estimates. The on-chain price is set exclusively from formal NAV statements, independently attested by NAV Fund Services (Cayman) Ltd, the fund's administrator, and NAV Consulting Inc., its NAV calculation agent (together NAVC), and issued twice monthly. Publishing is a deliberate, manual action. The attested NAV is published on-chain only by joint sign-off under an approval policy in which each operating party is a required signer. No single party can update the price, and no figure reaches the platform that NAVC has not attested. Reserves are reconciled each NAV period by Syntetika against NAVC's attested strikes, across the curator and SYNT (BVI) Ltd wallets, with balances confirmed against their custody platforms, Fordefi for the curator and Utila for SYNT (BVI) Ltd, where assets are held in segregated sub-accounts. *** ## Reporting Every published figure originates from an independent source on a fixed cadence. Monthly performance and reconciliation reporting is prepared by Syntetika against NAVC's output. NAVC strikes and finalizes the fund NAV as independent administrator and calculation agent, valuing positions supplied by the fund manager.
# Risk Management Syntetika's architecture is built to isolate and contain risk. Each vault's strategy is market neutral in its own market, but no yield strategy is without exposure. Capital is at risk and past performance is not a guide to future returns. This page sets out the protocol's material risks, and the structural measures taken to address them. *** ## Smart-Contract & Infrastructure Risk **The risk**. An exploit or failure of the on-chain infrastructure Syntetika is built on, Ember Protocol's vault contracts, or the network a vault is deployed on. **How it's contained.** The vault and deposit contracts are Ember's infrastructure, independently audited by OtterSec and Asymptotic, with formal verification by Asymptotic; the reports are published on Ember's security page. Changes to the contracts are reviewed by the same firms before deployment. Syntetika does not run custom vault code. These contracts hold only capital in transit: pending deposits and the redemption queue. Capital that has been deployed is not held there, it is either in transit through the SPV's segregated custody accounts at Utila, under whitelist and approval-policy control, or held fund-side by Hilbert. An exploit at the contract level therefore cannot reach deployed capital, though, as with any on-chain system, the underlying infrastructure is not risk-free. *** ## Pricing & Liquidity Risk **The risk.** Every transaction is dealt at a NAV that is not yet known when the request is made, and only becomes known once NAVC finalizes it. A redemption settles only after the next strike and its finalization, so an exit can take a month or more. In a drawdown, the NAV a redemption settles at may differ from the last published figure, in either direction. **How it's contained.** This is a structural property of attested pricing, disclosed rather than engineered away. The cadence is fixed and public: strikes twice monthly, finalization within the published window, and every transaction prices at a published, NAVC-attested figure. The protocol offers no instant liquidity against unattested prices; participants should size positions with the exit timeline in mind. *** ## Fund Liquidity & Structure Risk **The risk.** Every redemption Syntetika makes is a redemption from the Hilbert V100 Fund, on the fund's terms. Under its offering memorandum, proceeds are payable within 15 business days; redemptions on any dealing day may be limited to 20% of the class's NAV, with the balance carried forward; up to 5% of a redemption of 90% or more may be held back until the next annual audit; redemptions may be suspended in the fund's interest; and the fund may redeem any investor compulsorily. One class's assets may be applied to another class's liabilities; Class BTC Basis+, behind hBTC, and Class USD Stat Arb, behind oneUSD, share the fund with each other and with its other classes. **How it's contained.** These are the fund's terms, disclosed rather than engineered away. Any gate, holdback or suspension passes through to the redemption queue: redeemers are paid in order as proceeds are received, at the strike NAV, and Syntetika does not advance liquidity it has not received. **hBTC.** Because SYNT (BVI) Ltd holds almost the whole class, a full exit would be spread over several dealing days under the 20% gate. **oneUSD.** The terms above are the fund-level default for Class USD Stat Arb. *** ## Service Provider Insolvency Risk **The risk.** An operating company in the service stack, the curator, or a service provider, suffers insolvency or financial distress. **How it's contained.** Capital does not sit with the operating companies. Capital in transit to or from the fund is held by SYNT (BVI) Ltd in segregated custody accounts at Utila. Deployed capital sits inside the fund. The curator holds capital only in transit at its own institutional custodian, and never holds the deployed investment. Because the SPV is a separate, Foundation-owned vehicle, the insolvency of a service provider does not reach capital in the settlement chain, and outbound movement in any case requires whitelisted destinations and approval-policy sign-off. *** ## Deposit-Asset Conversion Risk **The risk.** The asset participants deposit, cbBTC for hBTC and USDC for oneUSD, loses its peg, suffers a liquidity dislocation, or fails at the contract level. **How it's contained.** Neither strategy runs on the asset participants deposit. The deposit asset is held at rest, before deployment and after redemption, and converted fund-side. This exposure is disclosed and isolated from strategy execution. **hBTC.** When capital is deployed, Hilbert converts cbBTC to native Bitcoin fund-side and trades on BTC directly, so a cbBTC de-peg does not affect how the strategy performs. The protocol does hold cbBTC at rest, before deployment and after redemption. cbBTC is Coinbase's wrapped Bitcoin, redeemable 1:1 for BTC through Coinbase, rather than a synthetic token. Conversion between cbBTC and BTC is performed fund-side, where execution quality is managed. **oneUSD.** The class receives USDC, the book trades USDT-margined contracts, and the conversion between USDC and USDT is performed fund-side, where execution quality is managed. The protocol holds USDC at rest, before deployment and after redemption. *** ## Strategy Risk **hBTC: Hilbert Basis+** **The risk.** The strategy, a market-neutral strategy built around the BTC basis with options and arbitrage components, underperforms or loses value. Market-neutral describes the strategy's posture toward Bitcoin's price, it does not mean returns are guaranteed. The strategy is exposed to basis compression, funding-rate moves, and market stress, and returns can be negative; a mid-month strike can print negative in a month that ends positive. **How it's contained.** The strategy runs inside Hilbert's own risk framework, which Hilbert describes as hard limits monitored in real time and enforced by a dedicated Risk Officer independent of the trading desk. Among them: * a monthly stop-loss that caps portfolio drawdown; * a delta limit that holds the position close to market-neutral, so directional exposure to Bitcoin stays tightly bounded; * tail-risk and ruin limits that cap losses under extreme moves in price and volatility. Breaches escalate immediately. The fund notifies its investors at a defined loss threshold, for capital routed through Syntetika. That notice reaches SYNT (BVI) Ltd as investor of record, and risk is reduced to zero if the hard stop is reached. Hilbert describes these limits as its current practice rather than terms of the fund. **oneUSD: Enigma One** The strategy trades perpetual futures, which are margined instruments: the book's gross exposure exceeds its NAV, and the offering memorandum sets no leverage limit. The strategy has traded live since 21 August 2026; results before that date are a model backtest and are not a guide to live performance. *** ## Exchange Counterparty Risk **The risk.** The strategies hold their positions on trading venues. If a venue fails, halts withdrawals, or becomes insolvent while positions are open, the positions and any margin held there are exposed. **How it's contained.** Venue exposure sits inside the fund, not with Syntetika. The fund has no separate custodian: it holds its assets at the venues it trades on, which its offering memorandum names as the fund's custodians. Syntetika does not select trading venues or hold positions with them; that function sits entirely with the fund manager. **hBTC.** A basis strategy holds its hedge on trading venues; the short leg and any margin held there are exposed. The strategy is managed by Hilbert under the risk framework and hard limits described above, with positions monitored in real time. **oneUSD.** Orders currently go to Binance, and the class holds its assets at that venue. # Fees Every vault carries two fee layers: the fund's own fees, charged inside the fund and already reflected in the NAV Syntetika receives, and a vault performance fee charged by Syntetika at each settlement. All fees are deducted automatically before returns are displayed. Every figure you see on the user interface is net of the fees listed.
# Audits Both Syntetika vaults run on Ember Protocol's vault and deposit contracts. Syntetika does not run custom vault code. The contracts are independently audited by OtterSec and Asymptotic, with formal verification by Asymptotic; the reports are published on Ember's security page. Changes to the contracts are reviewed by the same firms before deployment. {% embed url="" %} # Brand Assets {% embed url="" %} *** Please don't recolour, stretch or redraw the marks. Need another format? Email # Our Partners
*** ## Hilbert Hilbert Group is a digital-asset investment and technology firm listed on Nasdaq First North Growth Market, running quantitative, delta-neutral strategies through its investment arm. Hilbert manages both share classes of the Hilbert V100 Fund behind the Syntetika vaults: Class BTC Basis+, running the Hilbert Basis+ strategy, behind hBTC, and Class USD Stat Arb, running Enigma One, behind oneUSD. All discretionary management sits with Hilbert. Enigma Nordic AB is Hilbert Group's systematic trading platform, acquired in full in December 2025. Its Enigma team runs the Enigma One strategy behind oneUSD. {% embed url="" %} *** ## Tulipa Capital Tulipa Capital is a digital-asset operations firm and the external curator of the vaults. It manages the deposit and redemption queue, nets flows each cycle, executes the mint at each NAV publish, and co-signs every on-chain price update. {% embed url="" %} *** ## Ember Ember Protocol is a vault infrastructure platform that tokenizes yield and fund strategies into structured vaults. Ember provides the on-chain vault infrastructure Syntetika is built on: the ERC-4626 contracts through which participants deposit and redeem. {% embed url="" %} *** ## NAV Consulting NAV Fund Services (Cayman) Ltd is the fund's administrator and NAV Consulting Inc. its NAV calculation agent (together NAVC); the NAV Consulting group provides NAV calculation, fund accounting, and reporting to investment funds worldwide. NAVC independently attests the fund's Net Asset Value, from which the vault price is derived. Only its attested figures are ever published as the on-chain price. {% embed url="" %} *** ## Carey Olsen Carey Olsen is a law firm with more than 300 lawyers across nine international offices and dedicated investment funds and digital assets practices. Carey Olsen is Syntetika's legal counsel. The firm works closely with Syntetika, helping build the legal structure, reviewing bylaws and constitutional documents, and advising on corporate and regulatory matters. {% embed url="" %} *** ## Utila Utila is an institutional MPC, multi-party computation, wallet platform providing digital-asset custody, treasury, and operations infrastructure, certified to SOC 2 Type II. Utila is the custody platform for SYNT (BVI) Ltd's capital in transit, held in segregated sub accounts. {% embed url="" %} *** ## Chainlink Chainlink is a decentralized infrastructure network providing data, interoperability, and off chain computation to blockchain applications. Chainlink will provide proof of reserves and make the vault's NAV verifiable on-chain. {% embed url="" %} *** ## Fordefi Fordefi is an institutional MPC wallet and security platform built for digital-asset operations and DeFi access. Fordefi serves as the curator's custodian, holding capital in transit before it reaches Utila. {% embed url="" %} *** ## Disclosure Syntetika's CEO also serves as Chief Investment Officer of Tulipa Capital, the curator of the vaults. The relationship is disclosed here in full. The protocol's safeguards do not depend on the individuals involved. Only NAVC-attested figures are ever published as the on-chain price. Price updates are published from a designated operator address under a joint approval policy in which each operating party must sign, so the curator cannot set the price alone. Capital can only move along pre-approved whitelisted paths under multi-party approval policies.