My Bear does this almost exactly - he will jump out sideways at me with his tail up and arched, his back up and bounce several feet off of the ground sideways. He will either then take off and I will chase him, or he will flop over on his back and squirm and wriggle around until I cuddle-wrestle him on the ground. That means scratching him between his front legs, on his chest and face and back by his shoulders while he squirms from side to side purring madly. He has never learned that hands are playthings so he never attacks or plays with them, although he will wrap his paws around my handsand hold on if he wants me to keep cuddling him some more!
If I chase him, I will stop short of him then turn and run, and he chases me. Then when I stop, he stops and does his sideways jumping again and takes off. It is really hilarious to watch the sideways jumps. Sometimes he will try and entice us to play literally the moment one of us comes in the door by jumping out at us from the hallway with his sideways jumps- all prancy and jumpy - then take off and hope we will follow. Of course, when we don't he comes back to investigate why not, and generally throws himself down on the ground in front of our feet at that time for a cuddle-wrestle. He is so hilarious sometimes! He also enjoys a good game of toss - he and his brother both do - when I will throw the foam rubber balls or catnip stuffed toys in the air and down the hall, and they will take off and try to intercept them in mid air - sometimes 4 feet off of the ground! Occasionally they will bounce them back to me, but usually I have to go down and retrieve them!