Trade Perpetuals. Own the Move.

Jupiter Perps is the leading on-chain perpetual futures exchange on Solana, available at jupiter-perps.com. It enables traders to go long or short on SOL, BTC, ETH, JUP, BONK, and other assets with up to 100x leverage — with zero price impact, oracle-based pricing via Pyth Network, and sub-cent settlement fees on Solana. Over $10B in perpetual futures volume has been traded on Jupiter Perps.

A perpetual futures contract (or perp) is a derivative that lets you trade an asset's price with leverage — without an expiry date. You can hold a SOL-PERP long position indefinitely, as long as your collateral covers the ongoing funding rate and your position stays above the liquidation threshold. On Solana, perps settle on-chain in 0.4 seconds with no counterparty risk — the Jupiter Perps smart contract is the custodian.

Jupiter Perps supports up to 100x leverage on major pairs (SOL-PERP, BTC-PERP, ETH-PERP) and up to 50x leverage on secondary markets (JUP, BONK, WIF). Leverage is selectable from 1x to the market maximum via a slider in the trading interface. Higher leverage means smaller collateral margin requirements but a liquidation price closer to entry. Always use appropriate risk management.

Jupiter Perps uses Pyth Network oracle prices as the mark price for all trade executions. This means your trade executes at the oracle price — not against an order book or AMM pool. A $1M SOL-PERP position opens at the same price as a $100 position. There is no slippage and no price impact from your trade size. This is only possible because the Jupiter Liquidity Pool (JLP) acts as the counterparty to all trades.

The JLP (Jupiter Liquidity Pool) is the single on-chain liquidity vault that acts as the counterparty to every trade on Jupiter Perps. JLP consists of a basket of assets (SOL, BTC, ETH, USDC, USDT) deposited by liquidity providers. When traders profit, JLP pays out; when traders lose, JLP earns. JLP holders earn 70% of all trading fees generated by Jupiter Perps — paid continuously in real-time. JLP is represented as a transferable SPL token on Solana.

To become a JLP liquidity provider, deposit any supported asset (SOL, BTC, ETH, USDC, or USDT) into the JLP Pool via the Jupiter Perps interface. You receive JLP tokens representing your share of the pool. JLP tokens appreciate in value as trading fees accumulate. You can withdraw your liquidity at any time by redeeming JLP tokens for the underlying pool assets. Note that JLP holders bear the risk of trader PnL — if aggregate trader PnL is positive, JLP value decreases.

The funding rate is a periodic payment exchanged between long and short positions to keep the perpetual price close to the spot oracle price. If the funding rate is positive, longs pay shorts — incentivizing more short positions. If negative, shorts pay longs. On Jupiter Perps, funding rates update every second on Solana and are visible in real-time for each market. Funding accumulates continuously and is settled when you close your position — there are no periodic settlement events.

If your position's collateral falls below the maintenance margin threshold (due to adverse price movement or funding rate accumulation), your position is automatically liquidated by the Jupiter Perps smart contract. Liquidation is fully on-chain and trustless — no admin action required. Liquidated collateral goes to the JLP pool and a liquidation bonus. To avoid liquidation: add collateral to your position before it approaches the liquidation price, or use lower leverage to maintain a larger safety buffer.

Jupiter Perps accepts USDC (recommended for stablecoin-margined trading), SOL, ETH (Wormhole-wrapped), and BTC (Wormhole-wrapped) as collateral. USDC is the settlement currency for all PnL — profits and losses are always denominated and paid in USDC regardless of your collateral type. Collateral is held in the JLP vault smart contract, never custodied by any centralized party, and always verifiable on Solana Explorer.

Jupiter Perps supports all major Solana wallets via the Solana Wallet Adapter standard: Phantom (recommended — browser, iOS, Android), Solflare, Backpack, Glow, and Ledger hardware wallet via Solana app. Any wallet compatible with Solana Wallet Adapter connects automatically. For cross-chain collateral deposits, MetaMask and WalletConnect are also supported via the integrated bridge.

Jupiter Perps charges a 0.06% trading fee on open and close — so 0.12% round-trip. Additionally, positions accrue a borrow fee (similar to funding rate) proportional to the pool utilization for that asset. There are no platform subscription fees, no gas fees beyond Solana's sub-cent network fee (~$0.0005), and no withdrawal fees. 70% of all fees go to JLP holders; 30% goes to protocol treasury for development and JUP staker rewards.

Pyth Network is Solana's leading decentralized oracle network, providing high-frequency, low-latency price feeds from top-tier institutional market makers. Jupiter Perps uses Pyth as its price source for all mark prices, liquidation checks, and PnL calculations. Pyth prices update every 400 milliseconds — matching Solana's block time — ensuring the mark price is always accurate and manipulation-resistant. Pyth's confidence interval mechanism also protects against flash loan attacks and price manipulation.

Yes. Jupiter Perps supports on-chain take-profit (TP) and stop-loss (SL) orders for every position. TP/SL triggers are monitored by keeper bots running on Solana — when the oracle price hits your trigger level, the keeper executes the close instruction on-chain. This is fully trustless: the keeper can only execute the pre-signed close instruction you authorized; it cannot access your collateral or modify your position in any other way. TP/SL orders persist even if you close the browser.

Jupiter Perps, GMX, and dYdX are the three leading on-chain perpetuals platforms. dYdX v4 runs on its own Cosmos appchain — requiring a separate wallet and bridge step. GMX runs on Arbitrum/Avalanche EVM chains with higher gas costs and slower settlement. Jupiter Perps on Solana offers the fastest settlement (0.4s vs. 12s+ on EVM), lowest fees (sub-cent vs. $0.50–5.00 on EVM), and the same oracle-based zero-slippage model as GMX — but with Solana's superior TPS and user experience.

Yes. Jupiter Perps smart contracts have been audited by OtterSec and Halborn — two of Solana's leading security firms. All contracts are open-source and verifiable on Solana Explorer. The protocol has been operating live since 2023 with over $10B in volume and no critical security incidents. There is no admin key that can modify positions, access collateral, or override oracle prices — the contracts are fully permissionless once deployed.

Jupiter Perps currently supports perpetual markets for: SOL (100x max), BTC (100x max), ETH (100x max), JUP (50x max), BONK (50x max), WIF (50x max), and JTO (30x max). Additional markets are added via Jupiter DAO governance votes. All markets use Pyth Network oracles for price feeds and share the same JLP liquidity pool as counterparty.

Each market on Jupiter Perps has a maximum open interest cap set by the protocol to protect JLP liquidity from excessive one-sided exposure. The cap is dynamic and adjusts based on JLP pool size. If the long or short OI cap for a market is reached, new positions cannot be opened in that direction until existing positions close and OI drops below the cap. Current caps are visible in real-time in the trading interface for each market.

JUP Points are earned on Jupiter Perps by: trading volume (base point accrual per dollar traded), providing JLP liquidity (daily accrual on JLP holdings), holding $JUP staked (multiplier boost on base points), completing weekly trading missions, and referring new traders. Points accumulate per Season (approximately 6 months) and convert to $JUP airdrop allocations at season close. Higher trading volume unlocks Tier 1 trader status with fee rebates of up to 50%.

In addition to the entry/exit trading fee, Jupiter Perps charges a borrow fee (also called the hourly fee) that accrues for as long as a position is open. The borrow fee compensates JLP providers for the capital reserved as counterparty to your leveraged position. The rate is based on pool asset utilization — higher utilization means higher borrow fees. For typical utilization levels, SOL-PERP borrow fees are approximately 0.002%–0.012% per hour. This fee is deducted from your collateral over time, gradually increasing your effective liquidation price.

Yes. Jupiter Perps at jupiter-perps.com is fully mobile-responsive. The recommended mobile experience is via the Phantom mobile app (iOS and Android) built-in browser, which connects seamlessly without additional configuration. Solflare and Backpack mobile apps also provide full compatibility. The interface adapts to mobile screen sizes with a simplified trading panel and swipe-friendly market navigation.

When a position is liquidated on Jupiter Perps, a liquidation fee of approximately 0.2% of position size is charged — split between the liquidation keeper (who executes the transaction) and the JLP pool. Any remaining collateral above the maintenance margin + liquidation fee is returned to the trader's wallet. Jupiter Perps aims for partial liquidation where possible — reducing position size to bring margin back to safety rather than liquidating the full position.

The index price is the reference price from Pyth Network aggregating multiple exchange sources. The mark price on Jupiter Perps equals the index price — there is no premium or discount calculation as in traditional perpetuals exchanges. This simplicity eliminates the basis risk common on centralized perps. All PnL calculations, liquidations, and TP/SL triggers use the mark price directly from the Pyth oracle, updated every 400ms on Solana.

Jupiter Perps uses isolated margin — each position has its own dedicated collateral that is not shared across positions. If one position is liquidated, it does not affect collateral in other positions. This is safer for traders managing multiple positions simultaneously. Each position's collateral can be added to or partially withdrawn independently. Cross-margin (shared collateral across positions) is not currently supported but is on the Jupiter Perps roadmap for future deployment.

The maximum position size is constrained by two factors: the available JLP pool capacity for that market (open interest cap) and the maximum collateral limit per wallet. For SOL-PERP, the effective maximum position size at 100x leverage is approximately $10M notional — limited by the OI cap. At lower leverage (10x), you could open up to $50M notional in SOL-PERP. There is no minimum position size — even $10 of collateral at 1x leverage is supported.

$JUP is Jupiter's native governance token. On Jupiter Perps, staking $JUP unlocks: higher JUP Point accrual multipliers (boosting seasonal airdrop allocations), fee rebate tiers for active traders, governance voting rights over protocol parameters (fee structure, new market listings, OI cap adjustments), and priority access to new features. A portion of Jupiter Perps protocol fees (30%) goes to the Jupiter DAO treasury, which distributes allocations to $JUP stakers via governance votes.

Bad debt occurs if a position's losses exceed its collateral before the liquidation engine can act (e.g. extreme price gaps). Jupiter Perps mitigates this via: real-time oracle price monitoring (400ms updates), conservative liquidation thresholds (liquidation triggers before collateral is fully depleted), and the JLP pool absorbing residual losses. In the event of bad debt, the loss is absorbed by the JLP pool — shared proportionally across all JLP holders. The protocol's ongoing fee revenue has historically more than offset any bad debt incidents.

Yes — delta hedging is a common use case. If you hold SOL in your wallet and want to protect against price decline without selling, you can open a SOL-PERP short position on Jupiter Perps with a notional value equal to your SOL holdings. This creates a delta-neutral position: price gains in your spot SOL are offset by short PnL losses, and vice versa. The funding rate you pay (or receive) on the hedge determines its cost over time. This is a popular strategy among Solana DeFi power users.

Jupiter Perps offers several advantages over centralized perpetuals exchanges (Binance, Bybit, OKX): self-custody — your funds are never held by a third party; transparency — all positions, liquidations, and fees are verifiable on-chain; no KYC — no registration or identity verification required; no withdrawal gates — funds are always accessible via your wallet. Trade-offs: no order book depth (oracle-based pricing only), market selection is smaller than CEX, and network downtime (though rare) affects settlement.

JLP APY is variable and depends on Jupiter Perps trading volume. JLP earns 70% of all trading fees (open + close fee + borrow fees). At $9.6B in 30-day volume and 0.06% average fee rate, this equals approximately $57.6M/month in gross fees, 70% of which ($40.3M) goes to JLP. Annualized and divided by JLP AUM ($500M+ typically), this yields an estimated 40–80% APY range historically. APY fluctuates with trading volume. Note: JLP APY is offset by trader PnL if aggregate traders profit over the period.

Yes. Jupiter Perps exposes a public REST API and Solana SDK (TypeScript/Rust) for programmatic access. Algorithmic traders can query market data (mark price, OI, funding rates), submit open/close position instructions, manage collateral, and monitor PnL — all programmatically via signed Solana transactions. The SDK is built on Anchor framework and compatible with any Solana keypair. Documentation is available at docs.jupiter-perps.com. There are no API keys required — authentication is purely via Solana wallet signing.

The Jupiter DAO controls key parameters of Jupiter Perps via on-chain governance using the Realms platform on Solana. $JUP staking power determines voting weight. DAO votes have governed: new market listings (adding JUP-PERP, BONK-PERP), OI cap adjustments, fee structure changes, JLP pool asset composition, and protocol treasury allocations. Proposals have a 7-day voting window. Jupiter Perps parameters that cannot be changed by the DAO include the core oracle integration and base smart contract architecture — these require a full protocol upgrade.

From the Portfolio tab, select your open position and click Add Collateral. Enter the USDC amount to add, confirm the Solana transaction, and your collateral is added instantly — moving your liquidation price further away from market. This is the primary tool for managing position risk when a trade moves against you. You can add collateral at any time while the position is open. Conversely, you can also remove excess collateral to realize partial profits or free capital for other trades.

If Solana experiences network congestion or downtime (historically rare since Firedancer improvements), Jupiter Perps positions remain open and collateral stays locked in the smart contract — no positions can be modified or liquidated during downtime because no transactions can execute. Once the network resumes, oracle prices update and normal operations resume. Liquidations that would have triggered during downtime are processed at the oracle price when the network recovers. This is a risk inherent to on-chain perpetuals that traders should account for with appropriate leverage levels.

Jupiter Perps is a permissionless, decentralized protocol accessible globally via jupiter-perps.com. No registration or KYC is required — only a Solana wallet. The front-end interface implements geo-restrictions for certain jurisdictions where derivatives trading is legally restricted per local financial regulations. The underlying smart contracts remain accessible permissionlessly on-chain from any jurisdiction. Users are solely responsible for compliance with their local laws regarding cryptocurrency derivatives trading.

A long position profits when the asset price rises — you're betting the price goes up. A short position profits when the price falls — you're betting it goes down. With 10x leverage on a long SOL-PERP position: a 10% SOL price increase doubles your collateral; a 10% decrease wipes it out (approaching liquidation). With 10x leverage on a short: the inverse. Jupiter Perps allows you to go long or short on any supported market with a single click — no separate borrowing step required as in spot margin trading.

The keeper network is a decentralized set of bots running on Solana that execute time-sensitive protocol functions on behalf of users. Keepers handle: TP/SL order execution (when oracle hits trigger price), liquidations (when collateral falls below maintenance margin), and oracle price updates. Keepers compete to execute first for small fee rewards. Anyone can run a keeper bot using the open-source Jupiter Perps keeper SDK — this decentralization ensures no single point of failure for position management on the platform.

When you close a profitable position, your USDC profit is instantly credited to your wallet on Solana — there is no withdrawal step. The settled USDC appears in your Solana wallet within the same transaction block (0.4 seconds). If you want to convert profits to another asset, use the Jupiter DEX Aggregator to swap USDC to any SPL token at best price. To move profits off Solana to another chain, use the integrated bridge in the platform to convert USDC to any supported destination chain in seconds.

JLP providers face three main risks: Trader PnL risk — if aggregate trader profits exceed fees collected, JLP value decreases. Impermanent loss — JLP holds a basket of volatile assets; their relative price movements affect JLP value. Smart contract risk — despite audits, all DeFi protocols carry protocol risk. JLP is best suited for users who: believe in long-term Solana ecosystem growth, want passive fee exposure, and can tolerate temporary NAV drawdowns during periods of high trader profitability. Historical data shows fee income has generally exceeded trader PnL losses over multi-month periods.

Solana processes up to 65,000 transactions per second with 400ms block finality — making it the only L1 capable of supporting a full-featured on-chain perpetuals exchange. For traders, this means: your position opens, TP/SL triggers, and liquidations execute in under one second. Oracle price updates hit the contract every 400ms — comparable to centralized exchange data rates. Compare this to EVM chains where perp protocol settlement takes 12–60 seconds and gas fees can spike to $5–50+ during high congestion periods that coincide exactly with high-volatility trading conditions.