Jump Trading’s cumulative trading volume on the Hyperliquid exchange has approached $150 billion since its first deposit on December 12, 2025, according to data mapped by Hyperdash co-founder Hanson Birringer. This substantial activity positions Jump Trading as a key participant, significantly influencing Hyperliquid’s market share and revenue.
Jump Trading operates a complex structure on Hyperliquid, utilizing one master account and 16 subaccounts, enabling specialized trading strategies across various asset classes. Currently, Jump’s trading accounts for approximately 8% of Hyperliquid’s total perpetual futures volume and 19% of its volume in “xyz markets.” In July, Jump’s market share saw a notable increase, reaching nearly 18% of the total exchange volume and 29% of the xyz markets volume.
After an initial testing phase in December, during which it traded $153 million across BTC, SOL, and HYPE, Jump Trading funded its master account and established subaccounts. These accounts are reportedly dedicated to specific assets like crude oil, Brent, and natural gas, as well as new stock listings, while a larger book manages positions in the S&P 500, XYZ100, SK Hynix, silver, gold, and memory-related products.
The firm’s strategy on Hyperliquid is primarily taker-driven, with maker volume constituting only 11% to 35% of its fills. According to Birringer, this approach suggests a hedging or arbitrage book paired with other trading venues to capture differences in spreads and funding rates. Jump’s current open positions include a long position of $32 million in Brent and $16 million in CL, alongside shorts in gold, silver, MU, NVDA, DRAM, SK Hynix, XYZ100, and megacap stocks. These positions total $145 million in notional value against $63.6 million in account value.
Jump Trading’s influence is significant across various markets on Hyperliquid, accounting for 38% of DRAM volume, 36% of NATGAS, 33% of Brent, 32% of SP500, 26% of XYZ100, and 16% of CL. Its share in BTC volume is comparatively lower at 2.6%.
Between April and August, Jump Trading also utilized Hyperliquid’s gossip priority feature, paying 966 HYPE tokens, primarily in May, before discontinuing its use. To date, Jump has paid approximately $7 million in fees to Hyperliquid. Despite these fees, the firm has generated only a few hundred thousand dollars in profit and loss (PNL), supporting the view that its Hyperliquid activity is part of a broader, multi-venue market-making operation. Jump’s approximately $65 million in USDC margin on the exchange is estimated to generate an additional $1.8 million in annual revenue for Hyperliquid through AQAV2 fee accrual.
In parallel, the HYPE token reached an all-time high of $89.60 on September 6. This price movement coincided with new data revealing institutional holdings across three HYPE-focused exchange-traded funds: the Bitwise Hyperliquid ETF, 21Shares Hyperliquid ETF, and Grayscale Hyperliquid Staking ETF. According to Bloomberg Intelligence ETF analyst James Seyffart, second-quarter 13F filings showed 30 investment managers holding a combined total of around $75 million in these funds. Wealth High Governance Asset Management held the largest position at nearly $24 million, followed by OLP Capital Management ($10.5 million), UBS ($7.5 million), Bank of Montreal ($6.7 million), and Jane Street Group ($4.4 million), among others.
Recent discussions have also touched upon Hyperliquid’s regulatory landscape. Last month, it was reported that Trump commented on efforts by Commodity Futures Trading Commission Chair Michael Selig to bring the perpetuals-focused trading platform into the U.S. in a “fully compliant and legal fashion,” fueling expectations regarding its potential expansion into the country.
Why This Matters
The core event is Jump Trading’s cumulative trading volume on the Hyperliquid exchange approaching $150 billion since December 12, 2025. The exact total trading volume on Hyperliquid remains an uncertainty.
Broader Context
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. This activity represents a significant portion of Hyperliquid’s overall volume and revenue.
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