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

BitMEX co-founder Arthur Hayes expressed his support behind Synapse Protocol’s Hypercall options DEX, claiming it as a rival to Deribit. Hayes also purchased SYN token, triggering a 26% over the past 24 hours.

Arthur Hayes Sees Synapse’s Hypercall as Deribit Rival

In an X post on June 29, BitMEX co-founder highlighted Hypercall, a options DEX built by the Synapse team and settled on Hyperliquid. He believes the platform can compete with crypto derivatives trading exchange Deribit.

“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,” said Arthur Hayes.

In addition, Arthur Hayes highlighted several factors including low FDV of $81 million, no venture capital overhang or unlocks, 88% of circulating supply with the remaining in treasury, and listed on major exchanges like Binance and Kraken.

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

SYN Token Price Surges 26%

SYN token surged 26% over the past 2 hours after Arthur Hayes said he found “this pretty compelling. On-chain data also revealed he purchased 6.16 million SYN tokens worth $2.2 million from Flowdesk.

While SYN price pared 12% gains, Arthur Hayes is still sitting at a profit. He bought the token at a price of $0.3573.

Synapse token has rallied more than 1,100% in a month. The token recorded a massive rally when the broader crypto market crashed. The move fits Arthur Hayes’ focus on the Hyperliquid ecosystem.

Derivatives data signaled massive profit booking in the last few hours amid “buy the rumor, sell the news” strategy. SYN futures open interest is down 13% in past 4 hours at $31.98 million, but still up 5% over past 24 hours.

Notably, SYN futures open interest plunged 15% on Binance, over 14% on Bitget, and 10% on MEXC. This indicates selling pressure on the token as many used the latest liquidity to exit the token.