Beta markets are in early release with limited features: take profit and stop loss orders are not available, position and order sizes are capped, and leverage limits vary by market. The Beta badge next to a market opens this list in the app.
Who can trade Beta markets
Beta markets are in early access for JUP stakers. Eligibility is measured on the JUP actively staked by your connected wallet on vote.jup.ag.Until that stake reaches the required amount, the trade button on every Beta market is replaced by a link reading Stake 694.20 JUP for early access, which opens vote.jup.ag so you can stake first. The amount, 694.20 JUP at launch, is the same on all six markets and is shown on the button itself; it can change, and the button prevails. The check runs again when you submit an order, so unstaking below the threshold blocks new trades.
Available markets
Collateral is USDC on every Beta market, for longs and shorts alike. The market selector groups markets under the tabs All, Favourite, Crypto, and Stock, and the star next to a market adds it to your favourites. Each Beta market shows its maximum leverage as a badge. The values above are the launch settings and can be adjusted by the trading engine, so the badge in the app prevails.
The market header shows the Mark Price, the fair value the engine calculates for the contract and uses for liquidations. The chart follows the last traded price, so the two can differ briefly, especially on thin markets or, for stock markets, while the underlying exchange is closed. Open Interest counts the long and short sides together.
Stock markets
SPCX, SNDK, and SKHYNIX are perpetual markets on the price of a stock: SpaceX, SanDisk, and SK hynix. Their price comes from a Chainlink oracle. They trade around the clock, seven days a week, including while the underlying stock exchange is closed, and there are no trading halts. A position gives you exposure to the reference price only: it carries no shares, dividends, or voting rights.How Beta markets differ from JLP markets
Funding rate and countdown
Beta markets charge a funding rate instead of a borrow fee. Funding accrues while your position is open and is applied to it every hour, on the hour (UTC). The rate displayed is the one-hour rate, and each payment is calculated on your position value at the time it is applied. Funding keeps the perpetual price aligned with the underlying market.- A positive rate means longs pay shorts.
- A negative rate means shorts pay longs.
Fees
Beta markets charge a fee on every order, shown in the trade form and in the close form as an approximate USD amount before you confirm.
The form labels the fee Taker Fee on market orders and Maker Fee on limit orders. That label is a prediction: a limit order whose price already crosses the market executes immediately and pays the taker fee. The fee actually charged follows how the order filled.
There is no base fee, no price impact fee, and no borrow fee on Beta markets. Solana network fees apply to the transactions you sign. The rates above are set by the trading engine and can be adjusted; the form always shows the current fee.
Opening a position
1
Select a Beta market
Pick the market in the selector. The badge shows its maximum leverage.
2
Choose Long or Short and set your collateral
Collateral is USDC only, at least $10; the token selector is locked. Leverage runs from 1.1x to the market’s maximum.
3
Check the order summary
The form shows the entry price, the estimated liquidation price, the estimated order leverage, your slippage setting, and the taker or maker fee. The estimated order leverage can come out below the preset you picked, because the order is sized against the liquidity available within your slippage: at 20x on a thin market, the executed leverage may land nearer 19x. If the order is outside the market’s limits, the form says so: minimum order size, minimum order value, maximum order size, or a limit price outside the allowed range.
4
Sign the order
Approve the transaction in your wallet. The order goes to the trading engine, and the app confirms once it has been processed.
If the confirmation does not come back within a few seconds, the app checks your open orders, order history, and positions for up to two minutes. If the outcome is still unknown, it shows Transaction Timed Out with a Refresh page action. Orders are never resubmitted automatically: check your positions and open orders before placing the order again.
How orders execute
One net position per market
A Beta market holds a single net position. Opening a trade in the opposite direction to your existing position does not create a second position: it reduces the position, closes it if the sizes match, or reverses it if the new trade is larger. Trades in the same direction increase the position. Positions on Beta markets are isolated: each has its own collateral, and the leverage shown on the position is its value divided by that collateral.When only limit orders are available
If the trading engine flags a market as unhealthy, the app switches that market to limit orders only. The trade form disables Market, moves you to Limit, pre-fills the current mark price, and shows “Market orders are temporarily unavailable for [market]. Only limit orders are available.” On an open position, the Close form does the same, Quick Close is disabled with “Quick close is unavailable for [market]. Use Close and select Limit.”, and Close All is disabled for your whole account while any of your positions sits on such a market. A limit close waits for its price to be reached: it is not a stop loss and does not protect the position from liquidation.Closing a position
Open the position and choose Close. You can close at market or with a limit order, pick the Close Size with percentage shortcuts, and the form shows the estimated PnL, the fee, and the USDC you receive. A limit close appears under Open Orders until its price is reached. Quick Close, the lightning icon next to Close, closes the whole position at market with a built-in price protection.Adding or withdrawing collateral
Open the position and choose Collateral to deposit or withdraw USDC. Each deposit is at least 5 USDC. The editor shows the resulting leverage and liquidation price, the collateral after the change, and the funding accrued so far. Withdrawals are capped slightly below your free collateral so the position keeps a safety margin.Liquidation
A Beta market position is liquidated when the mark price reaches its liquidation price, that is when its collateral no longer covers the maintenance margin: 2.5% of the position value on most markets, 5% on JUP. A liquidation fee of 1.25% of the position value applies, 1.5% on JUP. Whatever collateral remains after the loss and the fee is returned to you.This differs from the JLP markets, where all remaining collateral goes to the pool. The liquidation price shown in the trade form and on the position is an estimate. In your History, a position closed by the engine rather than by you is labelled Liquidation. There is no auto-deleveraging on Beta markets at launch.
Beta market limits
The form tells you which limit an order exceeds. All caps above are launch values that the trading engine can adjust.