Arthur Hayes Calls Synapse's Hypercall the Deribit Disruptor, and SYN Pops 26% to Audition 📈

BitMEX co-founder Arthur Hayes publicly endorsed Synapse Protocol's Hypercall options DEX on June 29, framing the platform as a credible competitor to derivatives exchange Deribit. In a post on X, Hayes said he wants to remain long the Hyperliquid ecosystem but is looking for asymmetry, adding, "It's time for an options dex to properly take on Deribit."

Hayes cited Hypercall's low fully diluted valuation of $81 million, the absence of venture capital overhang or token unlocks, and the distribution of 88% of circulating supply with the remainder held in the treasury. He also noted that SYN is listed on Binance and Kraken, and drew a parallel to his earlier call on Hyperliquid's HYPE token, describing SYN as one of the most asymmetric bets in crypto.

Following the post, on-chain data showed Hayes purchased 6.16 million SYN tokens worth $2.2 million from Flowdesk. SYN, the native token of Synapse Protocol, jumped 26% within two hours of his comments before paring back roughly 12% of those gains. Hypercall extends the utility of the SYN token through mechanisms including buybacks tied to protocol revenue, and the platform operates as an options DEX built by the Synapse team and settled on Hyperliquid.