Jump Trading has amassed nearly $150 billion in cumulative trading volume on the Hyperliquid exchange since its first deposit on December 12, 2025, according to data from Hyperdash co-founder Hanson Birringer. The firm now accounts for roughly 8% of all perpetual futures volume on the platform. Its activity is primarily driven by taker volume, suggesting a multi-venue hedging or arbitrage strategy aimed at capturing differences in spreads and funding rates between exchanges.
Jump Trading’s cumulative trading volume on Hyperliquid has nearly reached $150 billion since the firm made its first deposit on December 12, 2025, according to Hyperdash co-founder Hanson Birringer, who mapped the firm’s entire activity on the exchange.
Jump operates one master account alongside 16 subaccounts, and its trading now represents almost 8% of all perpetual futures volume on Hyperliquid and 19% of volume in xyz markets.
In July alone, its share rose to almost 18% of total exchange volume and 29% of xyz volume. The firm initially spent about a week testing the platform in December, during which it traded $153 million across BTC, SOL, and HYPE, before funding its master account.
Each wallet has a specific role, including separate accounts for crude oil, Brent, natural gas, and each new stock listing, while a larger book handles the S&P 500, XYZ100, SK Hynix, silver, gold, and memory-related names. According to Birringer, this appears to be a hedging or arbitrage book paired with other venues to capture differences in spreads and funding rates.
Jump’s current book is long $32 million of Brent and $16 million of CL, while holding shorts in gold, silver, MU, NVDA, DRAM, SK Hynix, XYZ100, and megacap names. The positions total $145 million in notional against $63.6 million in account value.
Between April and August, the master account increased its use of Hyperliquid’s gossip priority feature and paid 966 HYPE, mostly in May, before stopping. Jump has paid about $7 million in fees to the exchange so far, while generating only a few hundred thousand dollars of PNL.
Its roughly $65 million of USDC margin on the exchange is generating an additional $1.8 million in annual revenue for Hyperliquid through the recent AQAV2 fee accrual. HYPE hit an all-time high of $89.60 on September 6 and has remained close to that level.
New data revealed institutional holdings across three HYPE funds: the Bitwise Hyperliquid ETF, 21Shares Hyperliquid ETF, and Grayscale Hyperliquid Staking ETF. Bloomberg Intelligence ETF analyst James Seyffart said second-quarter 13F filings showed 30 investment managers holding a total of around $75 million in the funds.
