Some of you might remember the Old Parachute glitch that got patched.
And now there's a new way to do it.

To do this you will need:
A Helicopter
Lag Switch OR (For people with bad internet) Lots of people in a game

The reason why you need lag is because it does something to the parachute and makes it turn invisible.

Basically what you need to do is be near the most players or lag your game, then while you're lagging jump out of the helicopter and activate your parachute. If done correctly your parachute should look like it keeps deploying itself and should eventually disappear after it does it a few times. If this action happens once, then your parachute won't disappear straight away but might after a bit of time.

Then from there hold down the left analog stick and tap RT and LT together and you should go higher and higher (I find holding LT and tapping RT is easier. <You can vice versa)

If you need help PM me.

If you want to see proof/me doing the glitch, try to look for me in Free Mode games if not then send me a F/R saying Parachute glitch.
GT - Autistic Yoda