Jump Hyperliquid's layout surges, with transaction volume approaching US$150 billion

Jump Trading's trading volume on Hyperliquid approaches US$150 billion

According to Hyperdash co-founder Hanson Birringer, since its first deposit on December 12, 2025, Jump Trading's cumulative trading volume on Hyperliquid, a decentralized derivatives exchange, has reached US$150 billion. Bird reached this conclusion by mapping all activity data for the agency on the platform.

Transaction structure and market share

Jump Trading operates a main account and 16 sub-accounts on Hyperliquid. Currently, its trading volume accounts for nearly 8% of Hyperliquid's total perpetual contract volume, and its share in the XYZ market is as high as 19%. In July alone, its trading volume climbed to nearly 18% of total exchange volume and 29% of XYZ market volume.

In December, Jump Trading initially spent about a week testing the platform, trading US$153 million in assets such as BTC, SOL and HYPE. Subsequently, the company officially injected capital into its main account and began the process of creating sub-accounts.

Strategy and Position Analysis

Each wallet address has a specific division of roles: for example, crude oil, Brent crude oil, natural gas, and each newly listed stock have separate accounts; while a larger account group handles S & P 500, XYZ100, SK Hynix, silver, gold and memory-related concept stocks.

Data shows that Jump Trading's strategy is mainly based on Taker volume, while Maker volume only accounts for 11% to 35% of its total transactions. Birringer pointed out that this suggests it could be a hedging or arbitrage combination that works with other trading venues to capture the benefits of spreads and differences in funding rates.

Currently, Jump Trading's book long positions include US$32 million in Brent crude oil and US$16 million in CL (WTI crude oil), as well as long and short positions in gold, silver, Micron Technology (MU), NVDA (DRAM), SK Hynix, XYZ100 and large stocks. Its total nominal principal amount is US$145 million, while the account value is US$63.6 million.

By individual markets, Jump Trading has a significant share of the following varieties: DRAM accounted for 38%, NATGAS (natural gas) accounted for 36%, Brent crude oil accounted for 33%, SP500 accounted for 32%, XYZ100 accounted for 26%, and CL accounted for 16%, compared with only 2.6% of the BTC market.

Fees and revenue contribution

During the period from April to August, the main account also added the use of Hyperliquid's "Gossip Priority" feature, and paid 966 HYPE tokens as priority fees around May, and then stopped paying. So far, Jump Trading has paid approximately US$7 million in fees to the exchange, but generated net profit of only hundreds of thousands of dollars. This data further confirms that its Hyperliquid activities are only part of its multi-venue market-making business.

In addition, the approximately US$65 million USDC margin it has placed on the exchange has also generated an additional US$1.8 million in annual revenue to Hyperliquid through the recent AQAV2 fee accumulation mechanism.

Institutional positions push HYPE prices to new highs

HYPE hit a record high of US$89.60 on September 6 and remained close to that level three days later. The latest price increase was due to newly disclosed data that showed institutional positions in three HYPE funds: the Bitwise Hyperliquid ETF, the 21Shares Hyperliquid ETF and the Grayscale Hyperliquid Staking ETF.

James Seyffart, an ETF analyst at Bloomberg Intelligence, recently said that the 13F document for the second quarter showed that a total of 30 investment management companies held positions totaling approximately US$75 million in these funds.

Distribution of positions of major institutions

Among them, Wealth High Governance Asset Management holds the largest position, close to US$24 million; followed by OLP Capital Management, with a position of US$10.5 million. UBS holds $7.5 million, Bank of Montreal (BMO) holds about $6.7 million, and Jane Street Group holds about $4.4 million. Other report holders include Discovery Capital, Brevan Howard, Flow Traders, Virtu Financial and HighTower Advisors.

Regulatory environment expectations

Last month, Trump said that Commodity Futures Trading Commission (CFTC) Chairman Michael Selig is working to bring the trading platform, which focuses on perpetual contracts, to the United States in a "fully compliant and legal manner." This statement heightened market expectations for its expansion of business in the United States.