Calm your hype is another way of saying the commonly used "Jam your hype" When somebody is going on sick you can say calm your hype as a gangster way of sayin chill out
"YOO BLUDD U WANNA GO FUK DAH GUY OVER THERE UP PUSSYOLE SHANK HIM RYT NOW YEH"
"OII CALM YOUR HYPE MAN!"