> ## 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.
# Beta Markets
> Jupiter Perps Beta markets, powered by GUM: JUP, HYPE, ZEC and stock perps on USDC collateral, with hourly funding, taker and maker fees, one net position.
Beta markets are the perpetual markets Jupiter Perps offers beyond SOL, ETH, and wBTC. They are powered by GUM, an orderbook trading engine, rather than by the JLP pool, and they follow different rules: USDC collateral, a funding rate instead of a borrow fee, taker and maker fees, and one net position per market. In the app they carry a **Beta** badge in the market selector; the GUM name itself does not appear. This page covers those differences. Everything not mentioned here works as described on the other Perps pages.
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](https://vote.jup.ag/).
Until that stake reaches the required amount, the trade button on every Beta market is replaced by a link reading **Stake 69 JUP for early access**, which opens vote.jup.ag so you can stake first. The amount, 69 JUP, 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.
Staking is not needed for the SOL, ETH, and wBTC markets.
## Available markets
| Market | Category | Maximum leverage |
| ------------------ | -------- | ---------------- |
| JUP | Crypto | 10x |
| HYPE | Crypto | 20x |
| ZEC | Crypto | 20x |
| SPCX (SpaceX) | Stock | 20x |
| SNDK (SanDisk) | Stock | 20x |
| SKHYNIX (SK hynix) | Stock | 20x |
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
| | SOL, ETH, wBTC (JLP markets) | Beta markets |
| ----------------------- | -------------------------------------------------------------- | ----------------------------------------------------------------------------------------- |
| Counterparty | The JLP pool | GUM's orderbook trading engine |
| Collateral | The traded asset (long) or USDC (short) | USDC, for longs and shorts |
| Cost of holding | Hourly borrow fee, deducted from collateral | Funding between longs and shorts, applied hourly |
| Trading fees | Base fee and price impact fee | Taker fee (market orders) or maker fee (limit orders) |
| Positions | Up to one long and one short per asset, same-side trades merge | One net position per market |
| Take profit / stop loss | Available | Not available |
| Leverage | 1.1x to 250x | 1.1x to the market's own maximum |
| Liquidation trigger | Oracle price reaches the liquidation price | Mark price reaches the liquidation price |
| After a liquidation | All remaining collateral goes to the JLP pool | Remaining collateral, minus the liquidation fee, is returned to you |
| Header statistics | Available liquidity and borrow rate | Open interest, funding rate and countdown, and the maximum position your account can take |
## 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.
The market header and the trade form show the current one-hour rate under **Funding (1H)**, and the **Countdown** next to it is the time until the next hourly payment, in minutes and seconds. Hover the rate to see the eight-hour and annualised equivalents: both are simple multiples of the current one-hour rate, not forecasts. Funding accrued on an open position appears as **Funding Accrued** when you edit its collateral, and past payments are listed under **Funding History**.
## 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.
| Fee | Rate at launch |
| --------------- | -------------------------------------------------------------------------------------------------- |
| Maker fee | 0.005% of the order value (0.5 bps), on limit orders that rest on the book |
| Taker fee | 0.035% of the order value (3.5 bps), on market orders and on limit orders that execute immediately |
| Liquidation fee | 1.25% of the position value; 1.5% on JUP |
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
Pick the market in the selector. The badge shows its maximum leverage.
Collateral is USDC only, at least \$10; the token selector is locked. Leverage runs from 1.1x to the market's maximum.
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.
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
| Order | What happens |
| --------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Market order to open | Executes immediately against the orderbook, within your slippage setting. The part the book cannot fill at that price is cancelled rather than left waiting. |
| Limit order to open | Rests on the book until it fills or you cancel it. It has no expiry. |
| Market order closing the whole position | All or nothing: if the entire position cannot be closed within your slippage, nothing is closed and the position stays open. |
| Market order closing part of a position | Can fill partially. Check the remaining size afterwards. |
| Limit order to close | Only ever reduces the position, and waits for its price. It is not a stop loss. |
Submitting an order is not the same as filling it. A partial fill leaves you with a smaller position than requested, and a failed full close leaves the position open. Read the position size and the open orders after every market order.
### 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.
The History tab lists individual orders and fills, and Funding History lists funding payments; there is no per-position profit summary, since a position can be reduced, reversed, or rebuilt over time. If the USDC from a close does not show in your wallet right away, allow a few minutes and check History before acting again.
## 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
| Limit | Value at launch |
| ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Take profit and stop loss | Not available on Beta markets |
| Position value per account and market | \$50,000; \$10,000 on JUP. Shown in the header as **Available Liq.**, which on Beta markets is the room your account has left, not the depth of the orderbook |
| Open interest per market | \$5,000,000; \$1,000,000 on JUP |
| Minimum order value | \$5 on every market |
| Maximum order value | Set per market, lower for market orders than for limit orders. On SPCX, a single market order can be worth up to \$5,000 and a limit order up to \$25,000 |
| Leverage | Maximum set per market and shown as a badge in the selector |
The form tells you which limit an order exceeds. All caps above are launch values that the trading engine can adjust.