Arthur Hayes Bets $2.2 Million on SYN, Backing Hypercall to Challenge Deribit

BitMEX co-founder Arthur Hayes has bought approximately $2.2 million worth of synapse (SYN) tokens, signaling support for an onchain options exchange called Hypercall that he believes could compete with Deribit within the Hyperliquid ecosystem. The purchase of 6.16 million SYN was executed on June 29 through over-the-counter trading firm Flowdesk.

Hayes publicly stated on X: “I still want to be long the Hyperliquid ecosystem but I need some asymmetry. It’s time for an options dex to properly take on Deribit. Hypercall, owned by $SYN, is that challenger. Let’s see if they can cook.”

Hypercall is an onchain options trading protocol built on Hyperliquid’s HyperEVM, the smart-contract layer of the Hyperliquid network. It allows users to trade options with round-the-clock availability and risk limited to the premium paid. The platform was developed by the team behind Synapse, whose SYN token Hayes acquired.

SYN had already surged more than tenfold in June prior to Hayes’s endorsement. Following his purchase and public backing, Synapse’s market capitalization climbed toward $55–60 million, with daily trading volume exceeding $95 million. Hayes holds significant influence among crypto traders due to his market commentaries and willingness to invest in his convictions. He has been a prominent advocate for the Hyperliquid network, previously setting a $150 price target for its HYPE token, though his trading activity has occasionally diverged from his public statements.

Deribit has long dominated crypto options trading, a segment that decentralized platforms have struggled to serve effectively due to the complexity of building options onchain. Hayes’s bet on Hypercall suggests confidence that Hyperliquid’s infrastructure can support a decentralized options market at scale, with SYN providing exposure to that potential. However, the ultimate success of Hypercall will depend on metrics like trading volume, open interest, and user adoption, rather than merely price spikes and endorsements.

Source: https://news.bitcoin.com/arthur-hayes-syn-hypercall-deribit/