Key facts
- Arthur Hayes views Synapse Protocol's Hypercall options DEX as a competitor to Deribit.
- Hayes purchased 6.16 million SYN tokens for $2.2 million at $0.3573 each.
- The SYN token price increased by 26% in 24 hours after Hayes' announcement.
- Synapse Protocol's Hypercall is built by the Synapse team and settled on Hyperliquid.
- SYN token has a low FDV of $81 million with no VC overhang or unlocks.
- SYN token has rallied over 1,100% in the past month.
BitMEX co-founder Arthur Hayes has publicly backed Synapse Protocol's Hypercall, an options decentralized exchange (DEX) settled on Hyperliquid, identifying it as a potential rival to established crypto derivatives platform Deribit. Hayes expressed his belief that Hypercall could offer the asymmetry needed to challenge Deribit, highlighting its low $81 million fully diluted valuation, lack of venture capital overhang, and a significant portion of its supply held in treasury.
Following his endorsement on June 29, Hayes purchased 6.16 million SYN tokens, the native token of Synapse Protocol, for approximately $2.2 million from Flowdesk at a price of $0.3573 per token. This move triggered a substantial price increase, with the SYN token surging 26% over a 24-hour period. The token's utility is further enhanced by revenue mechanisms such as buybacks, which benefit SYN holders.
Despite the initial surge, the SYN token price later pared back 12% of its gains, suggesting profit-taking by some investors. Derivatives data indicated a significant amount of profit booking, with SYN futures open interest down 13% in the past four hours, although it remained up 5% over the preceding 24 hours. Notably, open interest saw considerable declines on major exchanges including Binance, Bitget, and MEXC, signaling selling pressure as some traders exited their positions.