TLDR
- Arthur Hayes bets $100K HYPE will outperform any $1B+ token Samani chooses by July
- Samani accused Hyperliquid of enabling crime and being closed-source
- Hayes holds over 131K HYPE tokens valued at more than $4.3 million
- Multicoin-linked wallets bought $40M in HYPE amid Samani’s public critique
A high-stakes wager is drawing attention across the crypto industry. BitMEX co-founder Arthur Hayes has challenged Multicoin Capital co-founder Kyle Samani to a $100,000 bet over the price performance of Hyperliquid’s HYPE token. Hayes claims that HYPE will outperform any altcoin with a market capitalization above $1 billion between February 10 and July 31, 2026 and he’s putting real money behind the claim.
Samani, a vocal critic of the Hyperliquid project, has been invited to select the rival token. The loser will donate $100,000 to a charity chosen by the winner. The bet follows a heated debate on X, where Samani accused the project of lacking transparency and facilitating unlawful activity, while Hayes responded by framing the issue around market performance.
Samani Criticizes Hyperliquid’s Structure and Founder
Multicoin Capital co-founder Kyle Samani has repeatedly spoken out against the Hyperliquid project. He claims it is closed-source, operates with a permissioned token model, and enables criminal activity. He also stated that the project’s founder fled his home country to avoid regulatory scrutiny.
Samani described Hyperliquid as “everything wrong with crypto,” pointing to what he views as a lack of transparency and ethical responsibility.
These claims have fueled wider debates on the standards that DeFi platforms should be held to in a changing regulatory and investor environment.
Arthur Hayes Responds with Financial Challenge and Token Accumulation
Arthur Hayes responded by shifting the focus to the market. He offered a $100,000 bet that HYPE will outperform any altcoin with a market cap over $1 billion on CoinGecko. Samani is free to pick the competing coin. The loser must donate the amount to a charity chosen by the winner.
Since $HYPE is bad @KyleSamani let's make a bet.
I bet that from 00:00 UTC 10 Feb 2026 to 00:00 UTC 31 July 2026 $HYPE will out perform any shitcoin >$1bn mcap on coingecko in USD terms. You choose your champion.
Loser donates $100k to a charity of the winner's choice. https://t.co/9n3TjxiRPk
— Arthur Hayes (@CryptoHayes) February 8, 2026
Hayes has backed his public stance with personal investment. In early February, on-chain data shows he purchased over 57,000 HYPE tokens, increasing his holdings to more than 131,000 tokens valued at $4.3 million. This followed previous sales in 2025, suggesting a strategic re-entry into the project.
Multicoin’s Wallet Activity Contrasts With Public Statements
While Samani maintains a strong public critique of HYPE, addresses linked to Multicoin Capital have taken a different approach.
On-chain activity shows that more than 87,000 ETH was used to purchase around 1.35 million HYPE tokens, totaling over $40 million.
These transactions occurred via intermediaries like Galaxy Digital. The accumulation came shortly after Samani transitioned into an advisory role at Multicoin, stepping away from day-to-day operations. The shift has raised questions about internal strategy versus public positioning.
Market Performance and Community Reaction
HYPE’s performance has drawn attention. It recently climbed above $35, pushing its market cap close to $9 billion. The token entered the top 10 list on CoinGecko and recorded daily trading volume of over $1.2 billion. A recent listing on Coinbase added further momentum.
Industry analyst Jon Charbonneau praised Hyperliquid’s speed and efficiency, comparing it to platforms like CME. However, skepticism remains. Commenting on the bet, community voice MartyParty wrote, “Markets are unregulated. Charts mean nothing until regulated. So what are you betting? Manipulators against manipulators?”
Samani has not yet confirmed if he will accept the bet. Still, the challenge has turned a disagreement over crypto fundamentals into a contest of real-time market performance.
