Jump Trading has traded nearly $150 billion on Hyperliquid since its first deposit on December 12, 2025, representing about 8% of the exchange’s perpetual futures volume and 19% of xyz market volume, according to Hyperdash co-founder Hanson Birringer. The firm operates one master account and 16 subaccounts, with activity concentrated in taker orders that Birringer said appears consistent with a hedging or arbitrage operation alongside other venues. Jump has paid about $7 million in fees while generating only a few hundred thousand dollars in PNL, and its roughly $65 million USDC margin generates an estimated $1.8 million in annual revenue for Hyperliquid through AQAV2 fee accrual. Its positions total $145 million in notional value against $63.6 million in account value, including long Brent and CL exposure and shorts across metals, semiconductor-related markets, XYZ100 and megacap names. Separately, $HYPE reached an all-time high of $89.60 on September 6 as filings disclosed about $75 million of holdings across three $HYPE funds by 30 investment managers.