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Perps — Positions & Collateral

Jupiter Perps supports leveraged long and short positions on three assets: SOL, ETH, and wBTC. You can hold up to 6 simultaneous positions — one per asset per direction (long/short).
You can use any SPL token supported by Jupiter Swap as your input when opening a position or depositing collateral. The exchange automatically swaps it to the correct underlying collateral token before the position is opened. You do not need to swap manually beforehand.
Long positions use the underlying asset as collateral (SOL for SOL longs, wETH for ETH longs, wBTC for wBTC longs). Short positions use USDC as collateral regardless of the shorted asset.This design protects the pool from scenarios where a series of profitable trades could deplete its reserves.
When you deposit collateral, the exchange records its value in USD at the time of deposit. That USD value remains fixed for the lifetime of the position, regardless of subsequent price movements in the collateral token.Example: Depositing 100worthofSOLrecordsyourcollateralas100 worth of SOL records your collateral as 100 USD. If SOL price later moves 50% in either direction, your recorded collateral size for this position remains $100.
Jupiter Perps allows only one position per asset per side. If you open a new position on the same asset and direction as an existing one, both are automatically merged into a single position.After the merge:
  • The combined leverage is the average of both positions’ leverage
  • The combined size equals the total collateral multiplied by the combined leverage
  • Any existing TP/SL orders are preserved
For long positions, profits are paid in the underlying token (e.g. SOL for a SOL long). The USD profit is converted to tokens at the price at the time of closing, not at your entry price.Example: A SOL long closed with a total value of 150whenSOL=150 when SOL = 110 returns $150 / $110 = 1.3636 SOL.The PnL shown on the interface is before fees. The exact net amount is shown under the Deposit/Withdraw tab.
When you increase an existing position, the new average entry price reflects the unrealized PnL of the original position — not a simple average of the two entry prices.Adding to a profitable long: Your effective cost basis improves (average entry is lower than the simple average) because the existing profits reduce the effective cost of the combined position.Adding to a losing long: Your effective cost basis worsens (average entry is higher than the simple average) because the existing losses increase the effective cost of the combined position.The same logic applies in reverse for short positions.
Yes. From the Positions tab, you can choose to close a position partially or fully. When reducing position size partially, the collateral is adjusted proportionally to maintain the same leverage ratio.
Jupiter Perps uses a request fulfillment model. The first transaction submits your trade request to the Solana blockchain. A second transaction is then executed by a keeper — an automated offchain service run by Jupiter — that validates and fulfills the request. The trade is only live once the keeper’s transaction is confirmed.

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Perps — Fees & Costs

The main fees to account for are:
  • Base fee: 0.06% of trade size, charged on open and close
  • Price impact fee: Scales with trade size and open interest imbalance
  • Borrow fee: Charged hourly on the borrowed portion of the position, for as long as the position is open
  • Transaction fee: SOL network fee per transaction, plus optional priority fees
  • Swap fee: Applies if your input token needs to be swapped to the correct collateral token
A small SOL rent amount is also charged when opening a position to create an escrow account. This rent is returned when the position is closed. See the Fees page for full details and formulas.
Jupiter Perps executes trades at oracle prices, meaning you get the displayed price regardless of trade size. This eliminates orderbook slippage but creates a risk for JLP holders: large trades could be exploited by moving prices on external exchanges and opening positions on Jupiter to profit from the difference.The price impact fee simulates the slippage that would occur on a traditional orderbook exchange. It scales with trade size (linear component) and increases further when the open interest imbalance between longs and shorts exceeds a threshold (additive component). See the Fees page for full details.
Borrow fees accrue hourly and are deducted directly from your collateral for as long as the position is open. The rate depends on the asset’s current utilization — the higher the proportion of pool tokens locked in open positions, the higher the borrow rate.You can find the current hourly borrow rate for each asset in the Borrow Rate section of the trade form. See the Fees page for the full formula.
Token prices are sourced from onchain price oracles (Edge by Chaos Labs as primary, Chainlink and Pyth as verification and fallback). These oracle prices are used as the mark price for all operations: opening and closing positions, adjusting size, depositing or withdrawing collateral, calculating PnL, calculating liquidation prices, and triggering TP/SL orders.Price data used in Jupiter Perps may differ from prices shown on other onchain or offchain aggregators. The Jupiter Perps price chart is the reference to use when making trade decisions.

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Perps — Liquidation & Risk

A PnL call occurs when your unrealized losses reduce your effective margin below the maintenance margin threshold. When this happens, you are prompted to deposit additional collateral to bring the position back above the minimum margin requirement. If no collateral is added and losses continue, the position will be liquidated.
Liquidation is triggered when the oracle price reaches the position’s liquidation price. The position is automatically closed by the protocol and all remaining collateral is transferred to the JLP as a liquidation fee. You will not receive any portion of your collateral back.To reduce liquidation risk: deposit additional collateral, reduce leverage, or set a stop loss order to close the position before the liquidation price is reached.
Borrow fees are deducted from your collateral on an hourly basis. As your effective collateral decreases, the liquidation price moves closer to the current market price — even without any price movement or manual position changes.This effect is most significant at leverage above 10x and for positions held over extended periods. Regularly monitoring your liquidation price is essential.
The maximum leverage available when opening a position is 250x for SOL, ETH, and wBTC. The leverage slider ranges from 1.1x to 250x.Note: The liquidation price formula uses an internal protocol limit of 500x to define the minimum maintenance margin threshold. This is a separate parameter and does not affect the leverage available to traders.
Limit orders are independent from open positions. They remain active after a liquidation event and will continue to monitor the oracle price. If the target price is reached after the liquidation, the limit order will open a new position.
Not reliably. Jupiter Perps does not enforce FIFO (First-in, First-out) execution ordering. If a limit order and a liquidation transaction are submitted to the network at the same time, whichever is processed first by Solana will execute. The outcome cannot be guaranteed. Do not rely on a limit order as a liquidation prevention mechanism.
Limit orders cannot be created when the selected market’s utilization exceeds 80%. This is a protocol-level restriction to protect pool liquidity under high demand. Wait for utilization to decrease or use a market order instead.

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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

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.