{"id":74706,"date":"2026-06-29T13:30:36","date_gmt":"2026-06-29T13:30:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/arthur-hayes-bets-2-2-million-on-syn-backing-hypercall-to-challenge-deribit\/"},"modified":"2026-06-29T13:30:36","modified_gmt":"2026-06-29T13:30:36","slug":"arthur-hayes-bets-2-2-million-on-syn-backing-hypercall-to-challenge-deribit","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/arthur-hayes-bets-2-2-million-on-syn-backing-hypercall-to-challenge-deribit\/","title":{"rendered":"Arthur Hayes Bets $2.2 Million on SYN, Backing Hypercall to Challenge Deribit"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><span style=\"font-weight:400\"><\/p>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Arthur Hayes bought 6.16 million SYN worth about $2.2 million via Flowdesk on June 29.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">He named Hypercall, an options platform on Hyperliquid, as a challenger to derivatives venue Deribit.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">SYN has surged more than 10x in June, lifting Synapse\u2019s market value toward $60 million.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><\/span><\/p>\n<h2><span style=\"font-weight:400\">A $2.2 Million Vote of Confidence<\/span><\/h2>\n<p><span style=\"font-weight:400\">Arthur Hayes, the co-founder and former chief executive of derivatives exchange BitMEX, has placed a fresh bet on the Hyperliquid ecosystem, buying roughly $2.2 million of synapse (SYN) and publicly endorsing the project behind an onchain options exchange. <\/span><\/p>\n<p><span style=\"font-weight:400\">The purchase, made on June 29 through <span>over-the-counter<\/span> trading firm Flowdesk, totaled about <\/span><span style=\"font-weight:400\">6.16 million SYN tokens<\/span><span style=\"font-weight:400\">. <\/span><span style=\"font-weight:400\">Hayes, not one to keep quiet, subsequently took to X and commented:<\/span><\/p>\n<div class=\"css-175oi2r r-1s2bzr4\">\n<blockquote>\n<div id=\"id__n9ttbg8vr7\" class=\"css-146c3p1 r-bcqeeo r-1ttztb7 r-qvutc0 r-1qd0xha r-1inkyih r-16dba41 r-bnwqim r-135wba7\" dir=\"auto\" lang=\"en\" data-testid=\"tweetText\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">\u201cI still want to be long the Hyperliquid ecosystem but I need some asymmetry. It\u2019s time for an options <span>dex<\/span> to properly take on Deribit. Hypercall, owned by <\/span><span class=\"r-18u37iz\"><a href=\"https:\/\/x.com\/search?q=%24SYN&amp;src=cashtag_click\" class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21\" target=\"_blank\" rel=\"noopener noreferrer\">$SYN<\/a><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">, is that challenger. Let\u2019s see if they can cook.\u201d<\/span><\/div>\n<\/blockquote><\/div>\n<p><span style=\"font-weight:400\">Hypercall is an <\/span><span style=\"font-weight:400\">onchain options trading protocol<\/span><span style=\"font-weight:400\"> built on Hyperliquid\u2019s 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. <\/span><\/p>\n<h2><span style=\"font-weight:400\">A Run-Up in SYN<\/span><\/h2>\n<p><span style=\"font-weight:400\">The endorsement landed on a token that was already on a tear as SYN surged more than tenfold in June, and Hayes\u2019s purchase and public backing added fuel, with Synapse\u2019s market capitalization climbing toward the $55 million to $60 million range and daily <span>trading volume<\/span> running above $95 million in the wake of his comments. <\/span><\/p>\n<figure id=\"attachment_827142\" aria-describedby=\"caption-attachment-827142\" style=\"width:964px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-827142\" class=\"wp-caption-text\">SYN token\u2019s 10x surge over the past month, per Coingecko<\/figcaption><\/figure>\n<p><span style=\"font-weight:400\">Hayes commands an unusually large following among <span>crypto<\/span> traders, both for his market essays and his willingness to put capital behind his theses. Not only that, h<\/span><span style=\"font-weight:400\">e has become one of the most closely watched voices in the Hyperliquid orbit, repeatedly championing the network\u2019s HYPE token, at one point setting a <\/span><span style=\"font-weight:400\">$150 price target<\/span><span style=\"font-weight:400\">, though his wallet activity has not always matched his rhetoric. <\/span><\/p>\n<p><span style=\"font-weight:400\"> <a href=\"https:\/\/www.bitcoin.com\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin.com<\/a> News reported recently that a wallet linked to Hayes <\/span><a href=\"https:\/\/news.bitcoin.com\/arthur-hayes-hype-sold-low-bought-high-2026\/\"><span style=\"font-weight:400\">sold HYPE near $54<\/span><\/a><span style=\"font-weight:400\"> before buying back in at a higher price, a sequence that drew attention to the gap between his public calls and his trades.<\/span><\/p>\n<h2><span style=\"font-weight:400\">Targeting Deribit\u2019s Turf<\/span><\/h2>\n<p><span style=\"font-weight:400\">Deribit has been the dominant venue for <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> options, a corner of the market long underserved by decentralized platforms because options are harder to build onchain than simple spot or perpetual-futures trading. By putting forth Hypercall as a credible challenger, Hayes is betting that Hyperliquid\u2019s infrastructure can finally support a decentralized options market at scale and that SYN is the way to gain exposure to that bet.<\/span><\/p>\n<p>That said, an endorsement and a price spike are not the same as <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-trading-volume\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">trading volume<\/a>, open interest, and users, the metrics that ultimately decide whether an options <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-a-dex\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">DEX<\/a> can pressure an incumbent like Deribit. For the time being, Hayes and his $2.2 million bet have put a considerable megaphone behind the idea and t<span style=\"font-weight:400\">he next thing to look out for is whether Hypercall can convert the hype and capital into durable trading activity before the attention inadvertently fades.<\/span><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/arthur-hayes-syn-hypercall-deribit\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) 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\u2019s market value toward $60 million. A [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":74707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74706"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74706"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74707"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}