Jump Trading's cumulative volume on Hyperliquid has climbed to nearly $150 billion since the firm's first deposit in December 2025, according to Hyperdash co-founder Hanson Birringer. The firm now runs one master account and 16 subaccounts that together account for roughly 8% of the exchange's perpetual futures volume. Its trading pattern points to a multi-venue hedging book rather than directional bets.
Jump Trading's cumulative trading volume on Hyperliquid has climbed to nearly $150 billion since the firm's 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.
Trading Share Climbed Through the Year
In July alone, Jump's share rose to almost 18% of total exchange volume and 29% of xyz volume. Before that, Jump had 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 and building out its subaccounts.
A Hedging Book, Not Directional Bets
Each wallet handles a specific role: separate accounts cover crude oil, Brent, natural gas, and each new stock listing, while a larger book manages the S&P 500, XYZ100, SK Hynix, silver, gold, and memory-related names. Taker volume drives the strategy, with maker fills accounting for only 11% to 35% of Jump's activity. Birringer said the pattern appears to be a hedging or arbitrage book paired with other venues to capture differences in spreads and funding rates.
Positions Concentrated in Commodities and Chips
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. By market, the firm accounts for 38% of DRAM volume, 36% of natural gas, 33% of Brent, 32% of the S&P 500, 26% of XYZ100, and 16% of CL, compared with 2.6% of Bitcoin volume.
Fees Outpace Profits
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, supporting the view that its Hyperliquid activity is one part of a multi-venue market-making operation. Its roughly $65 million of USDC margin is also generating an additional $1.8 million in annual revenue for Hyperliquid through the exchange's AQAV2 fee accrual.
Source: CryptoPotato
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