Underlying asset
hBTC
Issued by Syntetika. The facts below were checked on the date shown, from the sources listed.
hBTC is issued by Syntetika. What stands behind it: a basis trade run off chain. It is valued in BTC, not in dollars. It is redeemed through a queue.
Facts
- Issuer
- Syntetika
- What stands behind it
- a basis trade run off chain
- Strategy
- the funding spread between spot Bitcoin and futures
- Valued in
- BTC
- Position in the capital stack
- not a tranche
- Who has to keep a promise
- a manager off chain, an exchange holding the assets
- Redemption
- redeems through a queue
- Who can change it
- a timelock · 24 h delay 0x1281d2f0fcffa7e92765309c98b0b945ae29d786 (Base)
- Audits
- OtterSec, 2026-07 (Ember's vault code)
OtterSec, 2026-01 (Ember's vault code)
Also named by the issuer, without a linked report: Cyfrin - Bug bounty
- up to $15,000 on HackenProof (Ember's programme)
- Depends on
- none recorded
- Chains
- Base
- Checked
- 2026-09-22, from the issuer's own documents
- Sources
- https://docs.syntetika.io/
https://www.cyfrin.io/case-studies/syntetika-securing-bitcoin-defi-infrastructure
https://docs.syntetika.io/syntetika-overview
https://docs.syntetika.io/protocol-operations/the-end-to-end-operational-workflow
https://docs.syntetika.io/custody-and-security
https://docs.syntetika.io/risk-management
Pendle markets on it
Live Pendle markets on this asset, as of 6 Oct 2026. Rates are not shown. Market data: Pendle.
| Chain | Maturity | Principal token |
|---|---|---|
| Base | 2027-02-25 | PT-hBTC-25FEB2027 |
Not found
What the research has not answered for this asset, said rather than left blank.
- How long redemption takes at worst.
- Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.