Woofun AI reports that Arthur Hayes, co-founder of BitMEX, executed an OTC purchase of 6.16 million SYN tokens via Flowdesk for approximately $2.2 million at an average price of $0.3573. Hayes publicly declared on X that SYN represents a highly asymmetric opportunity since the HYPE phenomenon, asserting that options DEXs must now formally challenge Deribit with Hypercall as the primary contender.

Synapse Protocol, founded in 2021, originally functioned as a cross-chain messaging and liquidity network before pivoting to develop Hypercall, an on-chain options trading protocol. Deployed on HyperEVM within the Hyperliquid ecosystem, Hypercall aims to build an exchange capable of trading all assets, distinguishing itself from traditional centralized platforms by supporting contract sizes ranging from single dollars to millions.

Structurally, Hypercall eliminates forced liquidation risks and cascading effects, limiting maximum loss strictly to the premium paid while enabling 24/7 trading. The Alpha version of the mainnet is already live, allowing wallet-based trading of SpaceX (SPCX) options alongside BTC put options and NVDA spread options. Per Woofun AI, the team claims cumulative trading volume for its products has surpassed $55 billion.

Deribit currently commands roughly 85% of the market share in BTC and ETH options, leveraging deep liquidity and professional tooling despite facing centralization hurdles like custody risks and strict KYC mandates. Hayes' recent activity shows a pattern of divergence; he liquidated holdings in HYPE, NEAR, and WLD before repurchasing some HYPE shares, while his family office Maelstrom released a CARDS report that coincided with a 22% drop in CARDS market cap.

On-chain analyst ZachXBT criticized Hayes for frequent trading that allegedly impacts asset liquidity, a claim Hayes dismissed as standard market behavior. This move marks a significant escalation in the decentralized challenge against established centralized derivatives infrastructure.