BitMEX co-founder Arthur Hayes stated he’s trying to purchase a peripheral Hyperliquid ecosystem token for outsized upside, flagging an choices trade he believes may problem derivatives venue Deribit.
Hayes stated late Sunday that he nonetheless needed to be lengthy the Hyperliquid ecosystem, “however I would like some asymmetry.” He pointed to Hypercall, an choices decentralized trade tied to the Synapse (SYN) token, as a possible challenger to Deribit, writing that it was “time for an choices dex to correctly tackle” the incumbent.
The token Hayes highlighted has already seen a pointy run. SYN’s price was up over 21% through the previous 24 hours. On Stocktwits, the retail sentiment round SYN remained within the ‘extraordinarily bullish’ zone, whereas chatter round it stayed at ‘extraordinarily excessive’ ranges over the previous day.
HYPE Trades Flat
Hayes’ curiosity in an ecosystem token moderately than HYPE itself comes because the native token has stalled.
HYPE’s price traded close to $64, up over 3% through the previous 24 hours. On Stocktwits, the retail sentiment round HYPE remained within the ‘extraordinarily bearish’ zone, whereas chatter round it shifted to ‘low’ from ‘extraordinarily low’ over the previous day.
Hayes’ give attention to SYN moderately than HYPE displays his seek for higher-risk, higher-reward alternatives inside the Hyperliquid ecosystem.
A Bullish Case For HYPE
The put up follows a detailed bullish valuation of Hyperliquid printed final week by enterprise agency Multicoin Capital, which holds HYPE as one of many largest positions in its liquid fund. Analysts projected Hyperliquid may generate about $8 billion in annual earnings by 2028, implying a HYPE value of roughly $319 at a 20x a number of.
Multicoin referred to as HYPE one of many cleanest token designs in crypto, noting that about 99% of protocol income is used to purchase again the token, which is then successfully faraway from circulation, with no separate fairness layer above it.
The agency in contrast Hyperliquid’s trajectory to Binance’s (BNB) early years, when the trade went from an upstart to a dominant venue in roughly six months, whereas cautioning that dangers round decentralization, governance, regulation, and competitors stay.
The report stated Hyperliquid generated about $873 million in income throughout roughly $2.9 trillion in buying and selling quantity in 2025, and now controls greater than 59% of open curiosity throughout decentralized finance (DeFi) perpetual markets.
