Skip to main content

​
What is Jupiter Perps?

Jupiter Perps is a perpetual futures exchange built on Solana. It operates as a trader-to-LP model: traders borrow assets from the Jupiter Liquidity Pool (JLP) to open leveraged positions, while liquidity providers earn a share of the fees generated by trading activity. Positions are priced using onchain oracles, which means trades execute at the displayed price without orderbook slippage. A price impact fee is applied instead to protect liquidity providers from large or imbalanced trades.

​
Supported Markets

AssetLong CollateralShort Collateral
SOLSOLUSDC
ETHwETHUSDC
wBTCwBTCUSDC
Traders can hold up to 6 simultaneous positions: one per asset per side (long/short).

​
Key Parameters

ParameterValue
Maximum leverage250x
Leverage range1.1x – 250x
Maximum positions6 (one per market/side)
Maximum limit orders20 per pair and side

​
How It Works

Trader

Deposits collateral and borrows the remainder of the position size from the JLP. Pays borrow fees, base fees, and price impact fees. Profits and losses are settled in the position’s underlying collateral token.

Liquidity Provider

Provides liquidity to the JLP. Earns 75% of all fees generated by trading, swaps, and JLP minting/burning. Exposed to trader PnL as the pool acts as counterparty.

​
Execution Model

Every trade on Jupiter Perps requires two onchain transactions:
  1. The trader submits a trade request to the Solana blockchain.
  2. A keeper (an automated offchain service run by Jupiter) detects the request, validates it, and executes the trade.
This request fulfillment model ensures all trades are processed automatically without manual intervention. See Technical Reference for details.

​
Price Oracles

Token prices are sourced from three independent oracles: Edge by Chaos Labs (primary), Chainlink, and Pyth (both used for verification and as fallback). Prices are updated during trade execution and by a dedicated keeper. See Technical Reference for the full oracle logic.

​
Liquidity

The liquidity for Jupiter Perps is provided by the Jupiter Liquidity Provider (JLP) pool. Traders borrow assets from this pool to open leveraged positions. In return, the pool earns 75% of all trading fees. JLP holders act as the counterparty to all trades, when traders profit, the pool pays out; when traders lose, those losses flow back into the pool. This model means trading activity on Perps directly affects JLP holders, and JLP pool liquidity directly affects what traders can access.

Learn more about JLP

JLP pool mechanics, yield, risks, and how to become a liquidity provider.

​
Order Types

Opens a position immediately at the current oracle price. No price guarantee beyond the oracle price at the time of execution.
Opens a position when the oracle price reaches a specified target. Limit orders remain active until triggered or manually cancelled. They are independent from existing positions, if triggered, they will open a new position or increase an existing one on the same market and side.
Conditional close orders attached to an existing position. Automatically triggered when the oracle price reaches the specified level.

​
Risks

Trading perpetuals involves significant risk of loss.
  • Leveraged positions can be liquidated if collateral falls below the maintenance margin.
  • Borrow fees accrue continuously and increase your liquidation price over time.
  • Oracle prices may differ from prices on other venues.
  • Smart contract risk: the protocol has been audited but no audit eliminates all risk.
Only trade with funds you can afford to lose.