Jump’s Hyperliquid Footprint Explodes as Trading Volume Nears $150 Billion
Jump Trading’s cumulative buying and selling quantity on Hyperliquid has practically reached $150 billion because the agency made its first deposit on December 12, 2025, based on Hyperdash co-founder Hanson Birringer, who mapped the agency’s complete exercise on the change.
Jump operates one grasp account alongside 16 subaccounts, and its buying and selling now represents virtually 8% of all perpetual futures quantity on Hyperliquid and 19% of quantity in xyz markets.
Jump’s Hyperliquid Activity
In July alone, its share rose to virtually 18% of complete change quantity and 29% of xyz quantity. Jump initially spent a few week testing the platform in December, throughout which it traded $153 million throughout BTC, SOL, and HYPE, earlier than funding its grasp account and beginning the sub-process creation.
Each pockets has a particular function, together with separate accounts for crude oil, Brent, pure gasoline, and every new inventory itemizing, whereas a bigger ebook handles the S&P 500, XYZ100, SK Hynix, silver, gold, and memory-related names. The agency’s technique is primarily pushed by taker quantity, as maker quantity accounts for under 11% to 35% of fills throughout its exercise. According to Birringer, this seems to be a hedging or arbitrage ebook paired with different venues to seize variations in spreads and funding charges.
Jump’s present ebook is lengthy $32 million of Brent and $16 million of CL, whereas holding shorts in gold, silver, MU, NVDA, DRAM, SK Hynix, XYZ100, and megacap names. The positions complete $145 million in notional towards $63.6 million in account worth. By particular person market, the buying and selling agency accounts for 38% of DRAM quantity, 36% of NATGAS, 33% of Brent, 32% of SP500, 26% of XYZ100, and 16% of CL, in contrast with 2.6% of BTC quantity.
Between April and August, the grasp account additionally elevated its use of Hyperliquid’s gossip precedence function and paid 966 HYPE, principally in May, earlier than stopping. Jump has paid about $7 million in charges to the change to this point, whereas producing just a few hundred thousand {dollars} of PNL, additional supporting the view that its Hyperliquid exercise is one a part of a multi-venue market-making operation.
Its roughly $65 million of USDC margin on the change can also be producing an extra $1.8 million in annual income for Hyperliquid by the latest AQAV2 charge accrual.
Institutional Exposure
HYPE hit an all-time high of $89.60 on September 6 and has remained near that stage three days later. The newest value rise got here as new knowledge revealed institutional holdings throughout three HYPE funds: the Bitwise Hyperliquid ETF, 21Shares Hyperliquid ETF, and Grayscale Hyperliquid Staking ETF. Bloomberg Intelligence ETF analyst James Seyffart not too long ago said second-quarter 13F filings confirmed 30 funding managers holding a complete of round $75 million within the funds.
Wealth High Governance Asset Management had the most important place at practically $24 million, adopted by OLP Capital Management at $10.5 million. UBS held $7.5 million, Bank of Montreal had about $6.7 million, and Jane Street Group held roughly $4.4 million. Other reported holders included Discovery Capital, Brevan Howard, Flow Traders, Virtu Financial, and HighTower Advisors.
Last month, Trump said Commodity Futures Trading Commission Chair Michael Selig was working to convey the perpetuals-focused buying and selling platform into the US in a “absolutely compliant and authorized style,” which added to expectations round its enlargement into the nation.
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