Jump Trading has racked up nearly $150 billion in trading volume on Hyperliquid since dropping their first deposit on December 12 2025 according to Hyperdash co founder Hanson Birringer who mapped the whole activity. 💀
Jump Trading’s Wild Hyperliquid Plays ✨
Jump runs one master account with 16 subaccounts and their trades now make up almost 8% of all perpetual futures volume on Hyperliquid plus 19% in xyz markets. In July it spiked to nearly 18% of total exchange volume and 29% of xyz volume 🚀 after a week of testing in December where they moved $153 million across BTC SOL and HYPE before funding the master account.
https://x.com/HansonBirringer/status/2097313875913830762
Each wallet plays a specific role like separate spots for crude oil Brent natural gas and new stock listings while the big book covers the S&P 500 XYZ100 SK Hynix silver gold and memory names. Their game is mostly taker volume with maker fills only hitting 11% to 35% of activity 😈 and it looks like a hedging or arbitrage setup paired across venues to snag spread and funding rate gaps.
Institutional HYPE Holdings Getting Dark 🌑
Jump currently sits long $32 million of Brent and $16 million of CL while shorting gold silver MU NVDA DRAM SK Hynix XYZ100 and megacaps for a total $145 million notional against $63.6 million account value. By market they own 38% of DRAM volume 36% of NATGAS 33% of Brent 32% of SP500 26% of XYZ100 and 16% of CL though just 2.6% of BTC volume. From April to August the master account ramped up gossip priority feature use paying 966 HYPE mostly in May before stopping and they have dropped about $7 million in fees while netting only a few hundred thousand in PNL 💸 so this is clearly one slice of a bigger multi venue market making operation.
Their $65 million USDC margin is also pulling in an extra $1.8 million yearly for Hyperliquid via the new AQAV2 fee setup. HYPE hit an all time high of $89.60 on September 6 and has stuck close since with fresh data showing institutional holds in three HYPE funds like the Bitwise Hyperliquid ETF 21Shares Hyperliquid ETF and Grayscale Hyperliquid Staking ETF. Bloomberg Intelligence analyst James Seyffart noted second quarter 13F filings had 30 managers holding around $75 million total in those funds 📉 with Wealth High Governance Asset Management leading at nearly $24 million followed by OLP Capital Management at $10.5 million UBS at $7.5 million Bank of Montreal near $6.7 million and Jane Street Group at about $4.4 million plus others like Discovery Capital Brevan Howard Flow Traders Virtu Financial and HighTower Advisors. Last month Trump mentioned Commodity Futures Trading Commission Chair Michael Selig pushing the perpetuals platform into the US in a fully compliant way adding hype around expansion 🔥.
https://x.com/JSeyff/status/2095926084298498313
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Just another echo from the void by iconofsin.eth 💖
