Arthur Hayes Bets Big on Synapse's Hypercall as Deribit's Rival, SYN Token Jumps 26%

BitMEX co-founder Arthur Hayes has expressed strong support for Synapse Protocol’s Hypercall options DEX, labeling it a credible rival to crypto derivatives exchange Deribit. His endorsement led to a 26% surge in the SYN token over the past 24 hours.

On June 29, Hayes posted on X (formerly Twitter) that Hypercall, built by the Synapse team and settled on Hyperliquid, could compete with Deribit. He emphasized the token’s low fully diluted valuation (FDV) of $81 million, absence of venture capital overhang or unlocks, and 88% circulating supply, with the remainder in the treasury. SYN is also listed on major exchanges like Binance and Kraken.

Hayes drew parallels to his earlier successful call on Hyperliquid’s HYPE token, calling SYN one of the most asymmetric bets in crypto. Hypercall extends SYN’s utility, benefiting from revenue mechanisms such as buybacks.

On-chain data reveals Hayes purchased 6.16 million SYN tokens worth $2.2 million from Flowdesk at $0.3573 per token. While SYN later pared gains by 12%, Hayes remains in profit. The SYN token has rallied over 1,100% in the past month, even as the broader crypto market declined.

Derivatives data indicates profit-taking, with SYN futures open interest dropping 13% over four hours to $31.98 million, though still up 5% over 24 hours. Open interest fell 15% on Binance, over 14% on Bitget, and 10% on MEXC, suggesting selling pressure as traders exit.

Source: https://coingape.com/arthur-hayes-bets-big-synapse-hypercall-deribit-rival-syn-token-jumps/