Arthur Hayes reveals $2.2M Synapse bet as SYN price jumps

Arthur Hayes has revealed a $2.2 million investment in Synapse’s SYN token after backing its Hypercall options DEX, helping drive the token as much as 26% higher on Monday. Summary Arthur Hayes disclosed a $2.2 million SYN purchase after backing Synapse’s Hypercall options DEX. Hayes said Hypercall could challenge Deribit as he seeks asymmetric exposure to the Hyperliquid ecosystem. SYN surged as much as 26%, while falling futures open interest pointed to profit-taking after the rally. According to a June 29 post on X by BitMEX co-founder Arthur Hayes, he sees Hypercall, an options decentralized exchange built by the Synapse team and settled on Hyperliquid, as a credible challenger to crypto options exchange Deribit. Explaining why he backed the project, Hayes wrote that he still wanted exposure to the Hyperliquid ecosystem but was looking for a more asymmetric opportunity. “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. Hypercall, owned by SYN, is that challenger.” On-chain data from Arkham later showed Hayes purchased 6.16 million SYN tokens worth about $2.2 million from Flowdesk. The purchase came shortly after his public endorsement and coincided with a sharp rally in the token. You might also like: Strategy authorizes up to $1.25B in Bitcoin sales under new capital plan Hayes has pointed to tokenomics behind the investment Alongside his endorsement of Hypercall, Hayes shared a post by crypto investor Duncan, writing, “DYOR – but I found this pretty compelling.” In the thread Hayes reposted, Duncan argued that SYN offered an attractive risk-reward profile because it had an estimated fully diluted valuation of about $81 million, no venture capital unlock overhang, roughly 88% of its supply already circulating, and listings on major exchanges including Binance and Kraken. DYOR – but I found this pretty compelling https://t.co/k6LNMMu2Ob — Arthur Hayes (@CryptoHayes) June 28, 2026 Duncan also compared SYN with Hyperliquid’s HYPE during its early rally, calling it one of the most asymmetric investment opportunities he has seen in crypto. According to Duncan, Hypercall also expands the utility of the SYN token through revenue mechanisms such as buybacks. The endorsement comes only days after Hayes reduced exposure to several other digital assets. As previously reported by crypto.news, he exited positions in Worldcoin, Zcash, NEAR and Hyperliquid after arguing that higher energy prices, large artificial intelligence IPOs and political uncertainty could weigh on crypto markets. More recently, he also sold 6,000 Ethereum at a loss despite having accumulated nearly $10.6 million worth of ETH in the preceding days, even as other large investors continued buying around a key support zone.