Jump Trading trades $148 billion on Hyperliquid in nine months

Jump Trading has grown into one of the largest traders on the Hyperliquid platform in less than a year. Since its first deposit on 12 December 2025, the firm has built up a cumulative trading volume of $148.2 billion through one main account and sixteen subaccounts, representing 7.8% of the total perpetual futures volume on Hyperliquid and nearly 19% of the so-called xyz market volume.

In brief:

• Jump Trading has traded $148.2 billion on Hyperliquid in nine months via sixteen active subaccounts.
• The firm accounts for 7.8% of the total perpetual futures volume on the platform.
• The roughly $65 million USDC margin generates approximately $1.8 million in annual net interest for Hyperliquid.

Analysis figures from Hyperdash co-founder

The figures come from an analysis by Hanson Birringer, co-founder of data service Hyperdash. Birringer reviewed all on-chain activity from Jump Trading on Hyperliquid and published a detailed overview of the trading activity per subaccount.

Jump deposited a total of $79.5 million in capital on the platform and traded through sixteen active subaccounts, each focused on a specific market. The average monthly trading volume is $18 billion. Jump has so far paid approximately $7 million in transaction fees to Hyperliquid.

Large position in perpetual markets

Jump Trading’s total equity on Hyperliquid currently stands at $63.6 million, with a notional position value of $145 million. The USDC margin of around $65 million generates approximately $1.8 million in annual net interest for the protocol under the current AQAV2 rates.

The data shows that subaccount 1, active in the xyz, SP500 and SKHX markets, has by far the highest volume at $67.7 billion. The largest open position is a short position in Brent oil worth $32 million. Jump Trading has now placed 2,648 priority auction bids on the platform, burning 966 HYPE tokens.