BitMEX co-founder Arthur Hayes is advising to look beyond Hyperliquid’s native token. Instead of adding more HYPE to his holdings, Hayes invested about $2.2 million in Synapse (SYN). He believes smaller projects within strong ecosystems can offer better long-term returns. His comments also drew attention to Hypercall, a decentralized options exchange built by the Synapse team on Hyperliquid’s HyperEVM network.
Arthur Hayes Makes a $2.2M Bet on SYN
Hayes revealed that he bought around 6.16 million SYN tokens through OTC trading firm Flowdesk. The purchase was worth about $2.2 million. In a post on X, Hayes explained why he chose Synapse. He said he still believes in the Hyperliquid ecosystem. However, he wanted an investment with greater “asymmetry.” In other words, he was looking for a project with higher upside compared to its potential risk. Hayes believes Hypercall could become a serious challenger to Deribit, platform for crypto options trading.
Why Arthur Hayes Prefers SYN Over HYPE
Hayes’ latest investment does not mean he has lost confidence in Hyperliquid. Instead, he believes smaller ecosystem projects can sometimes deliver stronger returns than the main network token. Hyperliquid has already seen impressive growth. Because of that, Hayes thinks HYPE may have less room for explosive short-term gains. Synapse, on the other hand, could benefit if Hyperliquid attracts more users and expands its share of the decentralized options market. This view explains why Arthur Hayes prefers SYN over HYPE, while still remaining positive about the broader Hyperliquid ecosystem.
Explore our latest insights on Synapse (SYN) Price Prediction
Synapse vs Hyperliquid: Different Roles in the Same Ecosystem
Many investors compare the two projects, but Synapse vs Hyperliquid is not a direct competition. Hyperliquid is a decentralized trading network that focuses on perpetual futures and other financial products. Synapse plays a different role. It powers Hypercall, an options trading platform built on Hyperliquid’s HyperEVM layer. Hayes believes decentralized options trading is still in its early stages. If Hypercall can attract traders away from centralized platforms like Deribit, Synapse could see strong growth.
Read more: Hyperliquid Price Prediction 2026-2031
SYN Price Climbs After Hayes’ Endorsement
The market responded quickly after Hayes announced his investment. SYN rose more than 20% in 24 hours. The token has also gained more than 10x during June. As a result, Synapse’s market capitalization climbed to between $55 million and $60 million. Daily trading volume also crossed $95 million. Many market participants believe Hayes’ endorsement helped boost investor confidence. However, the token had already been showing strong momentum before his announcement.
Arthur Hayes Crypto Portfolio Continues to Evolve
Hayes has actively adjusted his investment strategy throughout 2026. Earlier this month, he sold positions in HYPE, NEAR, Worldcoin, and Zcash. He said the decision was driven by broader macroeconomic risks and the need to protect capital. His latest investment shows he is still seeking selective opportunities with favorable risk-to-reward potential. Rather than moving away from Hyperliquid, Hayes appears to be shifting toward projects within its ecosystem that he believes can deliver outsized upside as adoption grows.
What the Market Is Watching Next
Hayes’ investment has brought more attention to Hypercall and its potential to compete with Deribit in decentralized options trading. The next stage will depend on several factors. These include user adoption, trading activity, and liquidity growth. It will also depend on whether decentralized options platforms can attract traders from established centralized exchanges. For now, Hayes’ endorsement has made Synapse one of the most closely watched ecosystem tokens. It also highlights the growing importance of decentralized derivatives infrastructure in crypto.
