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 on jup.ag. In the trade form, the Take Profit / Stop Loss box stays disabled and its info icon reads “Take Profit / Stop Loss is not available for [market].”
Who can trade Beta markets
Any connected wallet can trade Beta markets, within the position and order caps described below. The early-access requirement of 69 actively staked JUP, in place at launch, was lifted on 5 October 2026: the Stake 69 JUP for early access button no longer appears, and no JUP stake is checked when you submit an order.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 order 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. A close is an order like any other, so the per-order caps apply to it: on JUP, one market order can close at most 5,000 JUP or $1,000 of position, whichever is lower. A position above that cap cannot be closed in one market order. The form says so and keeps Close position disabled until you reduce the close size, Quick Close is unavailable, and Close All skips the position. Close it in several market orders, or with one limit order, whose cap is higher. See Beta market limits.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 the price at which its collateral no longer covers the maintenance margin plus the cost of a forced close: the maintenance margin is 2.5% of the position value on most markets and 5% on JUP, the taker fee 0.035%, and the liquidation fee 0.75% on JUP, HYPE, and ZEC or 1% on SPCX, SNDK, and SKHYNIX. On JUP, for example, the position is liquidated once its collateral falls below 5.785% of its value. Whatever collateral remains after the loss and the fees 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: the engine decides on its current prices and your account equity. In your History, a position closed by the engine rather than by you is labeled 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; the order caps follow the liquidity on the orderbook.
Before you sign, the form re-checks the order against your account’s remaining capacity, its margin needs and the live orderbook. If the quote has gone stale or the book no longer holds enough liquidity to fill the whole order, it asks you to refresh instead of resizing the order silently. When an increase must also cover a margin shortfall on the existing position, the market order is sent fill-or-kill (it fills entirely or is cancelled), and the same increase as a limit order requires adding collateral first.