Parachute activities are a favorite with all my students. They always cheer when I bring out the parachute! This is our very favorite game:
Cat and Mouse
Class sits in a circle with the parachute covering their legs.
One child is the mouse and crawls under the parachute.
Another child is the cat and crawls on top of the parachute.
The rest of the class makes small waves with the parachute to hide the mouse.
The cat has to try and find the mouse and tag him/her.
Switch parts for cat and mouse and repeat.
The downside is that all the children want a turn to be the cat/mouse. It does move fairly quickly and I can give most of my class a turn in about 10 minutes playing time.