Leap Buying and selling’s cumulative buying and selling quantity on Hyperliquid has practically reached $150 billion for the reason that agency made its first deposit on December 12, 2025, based on Hyperdash co-founder Hanson Birringer, who mapped the agency’s complete exercise on the alternate.
Leap operates one grasp account alongside 16 subaccounts, and its buying and selling now represents virtually 8% of all perpetual futures quantity on Hyperliquid and 19% of quantity in xyz markets.
Leap’s Hyperliquid Exercise
In July alone, its share rose to virtually 18% of whole alternate quantity and 29% of xyz quantity. Leap initially spent a few week testing the platform in December, throughout which it traded $153 million throughout BTC, SOL, and HYPE, earlier than funding its grasp account and beginning the sub-process creation.
Every pockets has a particular function, together with separate accounts for crude oil, Brent, pure gasoline, and every new inventory itemizing, whereas a bigger ebook handles the S&P 500, XYZ100, SK Hynix, silver, gold, and memory-related names. The agency’s technique is primarily pushed by taker quantity, as maker quantity accounts for less than 11% to 35% of fills throughout its exercise. In response to Birringer, this seems to be a hedging or arbitrage ebook paired with different venues to seize variations in spreads and funding charges.
Leap’s present ebook is lengthy $32 million of Brent and $16 million of CL, whereas holding shorts in gold, silver, MU, NVDA, DRAM, SK Hynix, XYZ100, and megacap names. The positions whole $145 million in notional towards $63.6 million in account worth. By particular person market, the buying and selling agency accounts for 38% of DRAM quantity, 36% of NATGAS, 33% of Brent, 32% of SP500, 26% of XYZ100, and 16% of CL, in contrast with 2.6% of BTC quantity.
Between April and August, the grasp account additionally elevated its use of Hyperliquid’s gossip precedence characteristic and paid 966 HYPE, largely in Might, earlier than stopping. Leap has paid about $7 million in charges to the alternate thus far, whereas producing just a few hundred thousand {dollars} of PNL, additional supporting the view that its Hyperliquid exercise is one a part of a multi-venue market-making operation.
Its roughly $65 million of USDC margin on the alternate can also be producing a further $1.8 million in annual income for Hyperliquid by the latest AQAV2 price accrual.
Institutional Publicity
HYPE hit an all-time excessive of $89.60 on September 6 and has remained near that stage three days later. The newest value rise got here as new knowledge revealed institutional holdings throughout three HYPE funds: the Bitwise Hyperliquid ETF, 21Shares Hyperliquid ETF, and Grayscale Hyperliquid Staking ETF. Bloomberg Intelligence ETF analyst James Seyffart lately mentioned second-quarter 13F filings confirmed 30 funding managers holding a complete of round $75 million within the funds.
Wealth Excessive Governance Asset Administration had the most important place at practically $24 million, adopted by OLP Capital Administration at $10.5 million. UBS held $7.5 million, Financial institution of Montreal had about $6.7 million, and Jane Avenue Group held roughly $4.4 million. Different reported holders included Discovery Capital, Brevan Howard, Circulation Merchants, Virtu Monetary, and HighTower Advisors.
Final month, Trump mentioned Commodity Futures Buying and selling Fee Chair Michael Selig was working to convey the perpetuals-focused buying and selling platform into the US in a “absolutely compliant and authorized trend,” which added to expectations round its growth into the nation.
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