We mapped Jump Trading's entire operation on Hyperliquid since their first deposit on December 12th, 2025. The firm uses one master account with 16 subs and has traded nearly $150bn today, accounting for 7.8% of all perp volume on the exchange and 18.9% of xyz markets. In the month of July their activity reached 17.9% of the entire exchange and 28.7% of xyz volume.
They initially tested for a week in December, trading $153M of BTC, SOL and HYPE, then funded the master account and began the sub process creation. Each of their wallets has a specific purpose and strategy, one for crude, one for Brent, one for natgas, one for each new stock listing, and one large book that handles the S&P 500, XYZ100, SK Hynix, silver, gold and the memory names.
The strategy they run is mostly taker, with only 11-35% maker volume across all fills. This reads to me as a hedging/arbitrage book they pair off with other venues to cross spreads/funding rates. Their current book is long $32M of Brent and $16M of CL against shorts in gold, silver, MU, NVDA, DRAM, SK Hynix, XYZ100 and the megacap names, $145M of notional on $63.6M of account value. By market they are 38% of DRAM volume, 36% of NATGAS, 33% of Brent, 32% of SP500, 26% of XYZ100 and 16% of CL, but only 2.6% of BTC.
Between April and August the master account began ramping up their usage of the gossip priority feature, paying 966 HYPE (majority in May) before stopping. So far they have paid $7M of fees to the exchange with a few hundred grand of PNL, reconfirming the notion that this is one leg of a multi venue market making operation.
As Hyperliquid continues to attract global users, trading firms like Jump are bringing improved liquidity and velocity to the order books. With the recent AQAV2 fee accrual, their ~$65mm of USDC margin on the exchange is generating an additional $1.8mm of annual revenue for Hyperliquid. As more markets come online, we expect more sticky institutional capital to onboard to the exchange, creating a natural flywheel of improved liquidity and additional revenue through both trading fees and net interest margin accrual.
Source: Hyperdash Data
Master account: https://hyperdash.com/address/0xf5d81a135f756ca16544e53c20fc20643ec3ad53
Largest sub-account (index, equities, metals: https://hyperdash.com/address/0x46921f6961bdb411b756c9712f6bdb58fbd9164f
Crude and Brent sub-accounts: https://hyperdash.com/address/0x3d2058581056aa9513869c8ae685794a4e1a0347
https://hyperdash.com/address/0xd52936fa285cfa500440e31355c0b28f4b740729
Pilot wallet, December 12th to 17th: https://hyperdash.com/address/0xf43369bb6cb05474782551ea90cd77049ad54254
