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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.

Hongji Feng

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Hongji Feng

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Oct 2023

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Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX,...

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January 7, 2025

Hyperliquid highlighted key milestones in 2024, including reaching $15 billion in daily trading volume and expanding its user base ninefold to 300,000 users.

According to a post by Hyper Foundation, the decentralized exchange attributed its rapid growth and ecosystem expansion to updates such as the HyperBFT consensus, HIP token standards, and staking features.

Hyperliquid’s Exponential Growth in 2024Hyperliquid experienced growth in 2024, with its 24-hour all-time high (ATH) trading volume climbing from $1 billion to $15 billion.

This major increase in trading activity was accompanied by growth in other metrics, highlighting Hyperliquid’s expanding market presence.

Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.

Thank you to everyone who came together for a… pic.twitter.com/GgmlsiW4mg

— Hyperliquid (@HyperliquidX) January 7, 2025 Open interest rose from $178 million to $4.3 billion, while total value locked (TVL) climbed from $56 million to $2.1 billion.

Additionally, the exchange’s user base expanded from 31,000 to 300,000, marking a ninefold rise.

Hyperliquid also supported 158 perpetual trading pairs and 128 native spot assets, generating over $3.5 million in daily revenue from trading fees and spot auctions.

These achievements were underpinned by the introduction of staking mechanisms and native token standards, including HIP-1 and HIP-2, which streamlined token usage across its platform.

Ecosystem Expansion Through New Features in 2024Throughout 2024, Hyperliquid launched new features and integrations that strengthened its ecosystem.

Third-party platforms, including Synapse, deBridge, and DEX Screener, bolstered interoperability and trading tools within Hyperliquid’s ecosystem.

Projects launched on Hyperliquid during the year included applications like HypurrScan, which allows users to analyze blockchain data, and HypurrFun, a platform for trading and creating meme coins.

Community-driven initiatives, such as Hyperliquid KR and HyperActive, further contributed to regional expansion and outreach efforts.

“All of this was achieved without taking any external funding and giving all trading fees to the community,” Hyper Foundation stated in its post. “Thank you to everyone who came together for a record-breaking 2024.”