Arthur Hayes, founder of crypto derivatives exchange BitMEX and one of the most influential figures in the crypto industry, recently drew attention after publicly challenging Kyle Samani, co-founder of investment firm Multicoin Capital, to a wager worth up to $100,000 centered on the HYPE token from the Hyperliquid project. Under Hayes’ proposal, over a period of more than five and a half months, HYPE must outperform any other cryptocurrency with a market capitalization above $1 billion, based on CoinGecko data, in USD terms.

What makes the bet notable is not only the amount at stake, but also its structure. Hayes allows Samani to freely choose the benchmark token, as long as it meets the market-cap requirement. At the end of the comparison period, the loser will donate $100,000 to a charity chosen by the winner, rather than paying the opponent directly. This gives the wager a largely symbolic character, reflecting the strong conviction and sharply opposing investment views of two prominent figures in the crypto space.

The challenge stems from Samani’s earlier criticisms of Hyperliquid. He has openly questioned the project’s legal structure and the motivations of its founding team, particularly claims that the founder relocated to another country to build and operate the business. According to Samani, these factors raise serious concerns about legal risk and long-term sustainability, and he argues that Hyperliquid has fundamental issues across multiple areas, from governance to its operating model.

Arthur Hayes, however, sees Hyperliquid in a very different light. He views it as one of the few projects with the potential for a major breakout as competition intensifies in the decentralized derivatives market. Hayes argues that Hyperliquid is well positioned to benefit from the ongoing shift in liquidity from centralized exchanges to on-chain platforms, while also boasting an active user community and notable growth momentum.