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For Perps-related questions (positions, fees, liquidation, order behavior), see the Perps FAQ.

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JLP & Earn

JLP is the liquidity provider token for Jupiter Perps. Holding JLP gives you exposure to the pool’s underlying assets (SOL, ETH, wBTC, USDC, USDT) and earns 75% of all fees generated by trading activity on Jupiter Perps. Yield is embedded directly into the token’s price — there is nothing to stake or harvest.
The JLP virtual price is calculated as the total USD value of all pool assets divided by the total JLP supply. As fees accumulate in the pool, the AUM increases and the virtual price increases accordingly.If the pool’s AUM limit is reached, new JLP cannot be minted directly and the market price may trade at a premium above the virtual price. If the market price falls below the virtual price, JLP is redeemed at the virtual price.
No. Yield accrues automatically and is reflected as an increase in the JLP token price. There is no staking, no claiming, and no manual harvesting required.
The estimated APY displayed on the Earn page is updated every 7 days, using the previous week’s fees as the calculation basis.
Jupiter Swap is the recommended method for both acquiring and exiting JLP. JLP can also be minted or burned directly through the Earn page, but mint/burn fees apply and vary depending on the asset used and its current weightage in the pool.
No. A portion of idle SOL in the pool is natively staked to the Jupiter validator to generate additional yield. This is handled at the protocol level and does not require any action from JLP holders. Your ability to swap or exit is not affected — the protocol monitors pool utilization to ensure sufficient liquid SOL remains available.
The main risks are:
  • Price movements of SOL, ETH, and wBTC — a decline reduces JLP value
  • Trader PnL — when traders profit, those gains come from the pool
  • Smart contract risk — the protocol is audited but no audit eliminates all risk
  • Opportunity cost — in strong bull markets, JLP may underperform holding the underlying assets directly

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JLP Loans

JLP Loans lets you deposit JLP as collateral to borrow USDC. Your JLP position continues to earn yield while the loan is active, so you can access liquidity without fully exiting your JLP exposure.
The maximum LTV is 90%, meaning you can borrow up to 90% of your JLP collateral value in USDC. However, borrowing close to the maximum LTV leaves little margin before liquidation — the liquidation threshold is 95% LTV. A conservative borrow around 65% LTV provides a safer buffer.
Liquidation is triggered when your LTV exceeds 95%. This can happen if your JLP collateral value decreases (JLP price drops) or if your outstanding debt increases (interest accrual) to the point where the ratio exceeds the threshold.You can avoid liquidation at any time by depositing additional JLP collateral or repaying part or all of your debt.
If your LTV exceeds 95% but the position is not critically under-collateralized, the protocol performs a partial liquidation — repaying only a portion of the debt and burning only the required collateral. This gives you a chance to recover the position.A full liquidation is only triggered when the LTV is significantly above the threshold (approximately 97%+) or when partial liquidation alone cannot restore solvency. Full liquidation repays the entire debt and burns the necessary collateral, returning any remainder to you after fees.
A 2% fee is applied to the liquidated collateral. It is deducted from the JLP burned and deposited into the JLP pool as protocol revenue.
The borrow APR adjusts dynamically based on pool utilization. Below 80% utilization, the rate increases linearly. Above 80%, a jump rate curve applies and the rate increases more steeply. The current borrow rate is visible in the Loans interface.

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JLP Delta Neutral

Deprecated — no longer supported. Jupiter no longer supports JLP Delta Neutral. The vault is in reduce-only mode (no new deposits; existing depositors can withdraw). The answers below are kept for reference only — see the Delta Neutral page for details.
JLP Delta Neutral is a managed vault that holds JLP to earn its trading fees, while simultaneously opening short positions to cancel out the price exposure to SOL, ETH, and wBTC. The goal is to earn JLP yield without the directional market risk of holding JLP directly. Yield is paid in USDC.
The strategy is powered by Jupiter and operated by Neutral Trade. Jupiter provides the underlying infrastructure (JLP, JLP Loans). Neutral Trade manages the hedging engine, custody, and vault operations. For full operational details, refer to the Neutral Trade documentation.
Withdrawals have a redemption period of 3 days, plus a 1-day lock after the initial deposit. The withdrawal fee of 0.3% is redistributed to existing depositors.
No. While directional delta is hedged, the strategy retains exposure to JLP yield variability, funding rates on the hedging positions (which can be a cost), operational risks in the offchain components, and custody/exchange risks on Binance. See the Delta Neutral risks section for a full breakdown.