Jump Trading’s cumulative trading volume on Hyperliquid has approached $150 billion since the firm’s first deposit on December 12, 2025, accounting for approximately 8% of all perpetual futures volume on the platform and 19% of xyz markets volume. Jump operates one master account alongside 16 subaccounts, with positions totaling $145 million in notional against $63.6 million in account value. The firm’s strategy appears to be a multi-venue hedging or arbitrage book, as maker volume represents only 11% to 35% of fills. Jump has paid roughly $7 million in fees to the exchange while generating only a few hundred thousand dollars in PNL, supporting the view of a distributed market-making operation across multiple venues. Institutional exposure to HYPE is also growing: 30 investment managers hold approximately $75 million in HYPE funds (Bitwise, 21Shares, Grayscale), with significant positions from Wealth High Governance ($24 million), OLP Capital ($10.5 million), and UBS ($7.5 million).
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