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 data from Hyperdash co-founder Hanson Birringer. The trading activity now represents almost 8% of all perpetual futures volume on Hyperliquid and 19% of volume in xyz markets.
Jump operates one master account alongside 16 subaccounts, with each wallet serving a specific purpose. The firm's portfolio includes separate accounts for commodities such as crude oil and natural gas, as well as equity indices and individual stock listings. According to Birringer's analysis, Jump's strategy is primarily driven by taker volume, with maker volume accounting for only 11% to 35% of fills across its activity, suggesting a hedging or arbitrage operation paired with other trading venues.
Jump's current positions total $145 million in notional value against $63.6 million in account value. The firm accounts for significant shares of trading volume in specific markets: 38% of DRAM volume, 36% of NATGAS, 33% of Brent, 32% of SP500, and 26% of XYZ100. In July alone, Jump's share of total exchange volume reached almost 18%, and its xyz volume share climbed to 29%.
Since its initial week-long testing period in December, during which it traded $153 million across BTC, SOL, and HYPE, Jump has paid approximately $7 million in fees to Hyperliquid while generating only a few hundred thousand dollars in profit, consistent with a multi-venue market-making operation. The firm's roughly $65 million in USDC margin on the exchange is generating an additional $1.8 million in annual revenue for Hyperliquid through fee accrual mechanisms.
Institutional interest in Hyperliquid has grown alongside Jump's expansion. Second-quarter 13F filings revealed that 30 investment managers held a combined $75 million across three Hyperliquid-focused funds: the Bitwise Hyperliquid ETF, 21Shares Hyperliquid ETF, and Grayscale Hyperliquid Staking ETF. Wealth High Governance Asset Management held the largest position at nearly $24 million, followed by OLP Capital Management at $10.5 million. Other institutional holders included UBS, Bank of Montreal, Jane Street Group, and several trading firms.
