Arthur Hayes maintains a long position on Hyperliquid but highlights Hypercall, an options platform owned by $SYN (Synapse), as a potential competitor to Deribit. The post expresses a bullish sentiment for $SYN with the phrase "SUMMER LOADING" and includes a specific Ethereum contract address for the asset. Visual data reinforces this focus on $SYN through promotional "SYN SUMMER" imagery.