Overview
- Arthur Hayes publicly backed Hypercall, a Synapse-built options DEX settled on Hyperliquid, and said he wanted asymmetric exposure to the Hyperliquid ecosystem.
- On-chain data reported that Hayes purchased roughly 6.16 million SYN tokens from the OTC desk Flowdesk, a trade valued at about $2.2 million.
- SYN’s market price jumped as much as about 26% after Hayes’ endorsement and purchase before giving back some gains as traders booked profits.
- Derivatives metrics showed profit-taking after the rally with SYN futures open interest falling roughly 13% in a short window and the largest drops on Binance, Bitget and MEXC.
- Supporters point to SYN’s tokenomics—low estimated fully diluted valuation, most supply already circulating, no near-term VC unlocks and exchange listings—as the rationale for Hayes’ trade and for investors watching decentralized options infrastructure.