> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet.
> Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt.
> When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs.

# JLP — Jupiter Liquidity Provider Token

> What the JLP token is and how the JLP pool earns from Jupiter Perps trading activity — asset index, yield sources, and risks.

## What is JLP?

The Jupiter Liquidity Provider (JLP) Pool is a liquidity pool that acts as the counterparty to traders on the SOL, ETH, and BTC markets of Jupiter Perps. When traders open leveraged positions there, they borrow tokens directly from this pool. The [Beta markets](https://docs.jup.ag/user-docs/trade/perps/beta-markets.md) run on a separate engine and do not involve the pool.

The **JLP token** is minted to users who deposit assets into the pool. It represents your share of the pool and accrues value over time as fees are generated by trading activity.

***

## What Gives JLP Its Value?

The value of JLP is derived from three sources:

* An index of the pool's underlying assets: SOL, ETH, wBTC, USDC, and JupUSD
* Trader PnL: when traders lose, those losses flow back into the pool
* 75% of all fees generated by the JLP markets of Jupiter Perps (opening/closing fees, price impact, borrow fees, swap fees)

The remaining 25% of fees goes to Jupiter as protocol revenue.

> [!NOTE]
>
> JLP exists to provide the liquidity that powers [Jupiter Perps](https://docs.jup.ag/user-docs/trade/perps.md). Trader activity on Perps and JLP performance are tightly linked.

***

## Pool Composition

The JLP pool has six custody accounts. USDT is not offered when minting or burning JLP, and its custody held no assets in October 2026.

| Asset | Custody Account |
| - | - |
| SOL | [7xS2gz2bTp3fwCC7knJvUWTEU9Tycczu6VhJYKgi1wdz](https://solscan.io/account/7xS2gz2bTp3fwCC7knJvUWTEU9Tycczu6VhJYKgi1wdz) |
| ETH | [AQCGyheWPLeo6Qp9WpYS9m3Qj479t7R636N9ey1rEjEn](https://solscan.io/account/AQCGyheWPLeo6Qp9WpYS9m3Qj479t7R636N9ey1rEjEn) |
| wBTC | [5Pv3gM9JrFFH883SWAhvJC9RPYmo8UNxuFtv5bMMALkm](https://solscan.io/account/5Pv3gM9JrFFH883SWAhvJC9RPYmo8UNxuFtv5bMMALkm) |
| USDC | [G18jKKXQwBbrHeiK3C9MRXhkHsLHf7XgCSisykV46EZa](https://solscan.io/account/G18jKKXQwBbrHeiK3C9MRXhkHsLHf7XgCSisykV46EZa) |
| USDT | [4vkNeXiYEUizLdrpdPS1eC2mccyM4NUPRtERrk6ZETkk](https://solscan.io/account/4vkNeXiYEUizLdrpdPS1eC2mccyM4NUPRtERrk6ZETkk) |
| JupUSD | [DdwY1ELc9rRK7xNL3hTXabSFBmVrTPpfsUZSv2Y3LL1U](https://solscan.io/account/DdwY1ELc9rRK7xNL3hTXabSFBmVrTPpfsUZSv2Y3LL1U) |

***

## How to Get JLP

JLP can be acquired in two ways:

> [card] Jupiter Swap
>
> Swap any token for JLP via Jupiter Swap. This is the recommended method for most users and usually the simplest route.

> [card] Earn Page (Mint)
>
> Deposit assets directly into the pool via the Earn page. This mints JLP tokens directly from the pool. Fees apply depending on the asset deposited and its current weightage in the pool.

To exit, JLP can be swapped back via Jupiter Swap or redeemed (burned) directly through the Earn page.

The Earn page is at [jup.ag/perps/jlp-earn](https://jup.ag/perps/jlp-earn). From Jupiter Perps, open it with the **⋮** button (More Perps pages) at the top right of the market header, then **Earn**. The same menu leads to [JLP Loans](https://docs.jup.ag/user-docs/earn/jlp/loans.md) and [Delta Neutral](https://docs.jup.ag/user-docs/earn/jlp/delta-neutral.md).

> [!NOTE]
>
> Any asset tradable on Jupiter can be used to acquire JLP via swap. There are fees associated with minting JLP directly from the pool. See the [Earn](https://docs.jup.ag/user-docs/earn/jlp/earn.md) page for details.

***

## JLP Products

The JLP token is the foundation for several products:

> [card] [JLP Earn](https://docs.jup.ag/user-docs/earn/jlp/earn.md)
>
> Hold JLP and passively earn yield from Jupiter Perps trading activity.

> [card] [JLP Loans](https://docs.jup.ag/user-docs/earn/jlp/loans.md)
>
> Deposit JLP as collateral to borrow USDC while maintaining JLP exposure.

> [card] [JLP Delta Neutral](https://docs.jup.ag/user-docs/earn/jlp/delta-neutral.md)
>
> A managed vault strategy that hedges JLP's directional exposure, powered by Neutral Trade.

***

## Risks

> [!WARNING]
>
> JLP is not a stablecoin or a capital-protected product. Its value fluctuates with the underlying pool assets and trader PnL.
>
> * If SOL, ETH, or wBTC prices fall, JLP value may decrease
> * If traders are profitable, their gains are paid from the pool, reducing JLP value
> * Smart contract risk exists: the protocol is audited but no audit eliminates all risk
>
> Only allocate funds you can afford to lose.


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