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

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BitMEX co-founder Arthur Hayes has bought about $2.2 million of synapse (SYN), throwing his weight behind an onchain options exchange he says could take on Deribit within the Hyperliquid ecosystem.

Key Takeaways:

Arthur Hayes bought 6.16 million SYN worth about $2.2 million via Flowdesk on June 29. He named Hypercall, an options platform on Hyperliquid, as a challenger to derivatives venue Deribit. SYN has surged more than 10x in June, lifting Synapse’s market value toward $60 million.

A $2.2 Million Vote of Confidence

Arthur Hayes, the co-founder and former chief executive of derivatives exchange BitMEX, has placed a fresh bet on the Hyperliquid ecosystem, buying roughly $2.2 million of synapse (SYN) and publicly endorsing the project behind an onchain options exchange.

“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 fast-growing Hyperliquid network. The platform lets users trade options, with positions tradeable around the clock and risk capped at the premium a trader pays. Moreover, it has been developed by the team behind Synapse, whose SYN token is the asset Hayes bought.

A Run-Up in SYN SYN token’s 10x surge over the past month, per Coingecko Targeting Deribit’s Turf