> ## 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.

# Introduction

> The Jupiter Liquidity Provider (JLP) token and pool, the foundation of Jupiter Perps liquidity.

## What is JLP?

The Jupiter Liquidity Provider (JLP) Pool is a liquidity pool that acts as the counterparty to traders on Jupiter Perps. When traders open leveraged positions, they borrow tokens directly from this 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 USDT
* Trader PnL — when traders lose, those losses flow back into the pool
* 75% of all fees generated by Jupiter Perps (opening/closing fees, price impact, borrow fees, swap fees)

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

***

## Pool Composition

The JLP pool holds five assets across five custody accounts:

| 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) |

***

## How to Get JLP

JLP can be acquired in two ways:

<CardGroup cols={2}>
  <Card title="Jupiter Swap" icon="arrow-right-arrow-left">
    Swap any token for JLP via Jupiter Swap. This is the recommended method for most users and typically offers the best execution.
  </Card>

  <Card title="Earn Page (Mint)" icon="circle-plus">
    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.
  </Card>
</CardGroup>

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

<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](/user-docs/trade/perps-and-jlp/earn) page for details.
</Note>

***

## JLP Products

The JLP token is the foundation for several products:

<CardGroup cols={3}>
  <Card title="JLP Earn" icon="chart-line" href="/user-docs/trade/perps-and-jlp/earn">
    Hold JLP and passively earn yield from Jupiter Perps trading activity.
  </Card>

  <Card title="JLP Loans" icon="hand-holding-dollar" href="/user-docs/trade/perps-and-jlp/loans">
    Deposit JLP as collateral to borrow USDC while maintaining JLP exposure.
  </Card>

  <Card title="JLP Delta Neutral" icon="shield-halved" href="/user-docs/trade/perps-and-jlp/delta-neutral">
    A managed vault strategy that hedges JLP's directional exposure, powered by Neutral Trade.
  </Card>
</CardGroup>

***

## 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.
</Warning>