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

A $2.2 Million Vote of Confidence

Arthur Hayes, the co-founder and erstwhile main enforcement of derivatives speech BitMEX, has placed a caller stake connected the Hyperliquid ecosystem, buying astir $2.2 cardinal of synapse (SYN) and publically endorsing the task down an onchain options exchange.

The purchase, made connected June 29 done over-the-counter trading steadfast Flowdesk, totaled astir 6.16 cardinal SYN tokens. Hayes, not 1 to support quiet, subsequently took to X and commented:

Hypercall is an onchain options trading protocol built connected Hyperliquid’s HyperEVM, the smart-contract furniture of the fast-growing Hyperliquid network. The level lets users commercialized options, with positions tradeable astir the timepiece and hazard capped astatine the premium a trader pays. Moreover, it has been developed by the squad down Synapse, whose SYN token is the plus Hayes bought.

A Run-Up successful SYN

The endorsement landed connected a token that was already connected a teardrop arsenic SYN surged much than tenfold successful June, and Hayes’s acquisition and nationalist backing added fuel, with Synapse’s marketplace capitalization climbing toward the $55 cardinal to $60 cardinal scope and regular trading volume moving supra $95 cardinal successful the aftermath of his comments.

SYN token’s 10x surge implicit the past month, per Coingecko

Hayes commands an unusually ample pursuing among crypto traders, some for his marketplace essays and his willingness to enactment superior down his theses. Not lone that, he has go 1 of the astir intimately watched voices successful the Hyperliquid orbit, repeatedly championing the network’s HYPE token, astatine 1 constituent mounting a $150 terms target, though his wallet enactment has not ever matched his rhetoric.

Bitcoin.com News reported precocious that a wallet linked to Hayes sold HYPE adjacent $54 earlier buying backmost successful astatine a higher price, a series that drew attraction to the spread betwixt his nationalist calls and his trades.

Targeting Deribit’s Turf

Deribit has been the ascendant venue for crypto options, a country of the marketplace agelong underserved by decentralized platforms due to the fact that options are harder to physique onchain than elemental spot oregon perpetual-futures trading. By putting distant Hypercall arsenic a credible challenger, Hayes is betting that Hyperliquid’s infrastructure tin yet enactment a decentralized options marketplace astatine standard and that SYN is the mode to summation vulnerability to that bet.

That said, an endorsement and a terms spike are not the aforesaid arsenic trading volume, unfastened interest, and users, the metrics that yet determine whether an options DEX tin unit an incumbent similar Deribit. For the clip being, Hayes and his $2.2 cardinal stake person enactment a sizeable megaphone down the thought and the adjacent happening to look retired for is whether Hypercall tin person the hype and superior into durable trading enactment earlier the attraction inadvertently fades.