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For JLP-related questions (yield, loans, delta-neutral vault), see the JLP FAQ.

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Positions & Collateral

Beta markets are in early access for JUP stakers, measured on the JUP actively staked by your connected wallet on vote.jup.ag. Until that stake reaches the required amount, the trade button reads Stake 69 JUP for early access and opens vote.jup.ag. The amount, 69 JUP, is the same on every Beta market and shown on the button, which prevails if it changes. SOL, ETH, and wBTC do not require staking. See Beta Markets.
On Beta markets a market order executes against the orderbook within your slippage setting. If the book cannot fill all of it at that price, the unfilled part is cancelled rather than left waiting, so your position ends up smaller than requested. Check the position size after execution. Closing a whole position at market works the other way: it is all or nothing. See How orders execute.
The trading engine has flagged that market as unhealthy, so the app accepts limit orders only. Market, Quick Close, and Close All are disabled until the market recovers; the form switches to Limit and pre-fills the mark price. A limit close waits for its price and does not protect you from liquidation. See When only limit orders are available.
On Beta markets the header shows the Mark Price, the fair value the trading engine calculates for the contract and uses for liquidations, while the chart follows the last traded price. On a thin market, or on a stock market while the underlying exchange is closed, the two can drift apart for a moment. Liquidation always follows the mark price. See Beta Markets.
Settlement is usually quick, but testers have seen it take several minutes. Check the History tab to confirm the close filled, then allow a few minutes before acting again. If the funds still have not arrived, contact support with the close time and the market.
The market is one of the Beta markets: JUP, HYPE, ZEC, and the tokenised stocks. They are powered by GUM, an orderbook trading engine, with USDC collateral, an hourly funding rate, taker and maker fees, and one net position per market. They are in early release: no take profit or stop loss, capped position and order sizes, and leverage limits that vary by market.
On Beta markets, funding is applied every hour, on the hour (UTC), between longs and shorts. Funding (1H) is the current hourly rate, and Countdown is the time left until the next payment, in minutes and seconds. A positive rate means longs pay shorts, a negative rate means shorts pay longs. See Funding rate and countdown.
The Perps chart has no Display Options menu (that is a Spot token-page feature). It has two kinds of overlays, each with its own switch:
  • Lines for your open positions: entry (SOL-long, SOL-short), liquidation, take profit, and stop loss. Untick Positions on chart in the bar under the chart, next to Close All, to hide them without cancelling anything. The × on a TP or SL line does something different: it cancels that order.
  • Green and red circles under the candles (B, S, L) marking your past buys, sells, and liquidations on that market. Right-click the chart and choose Hide marks on bars; the same item shows them again.
Both choices are saved in your browser. See Positions on the Chart.
They are your own past trades on that market: green B circles for buys, red S for sells and L for liquidations, grouped per candle (hover one for size and average price). To hide them, right-click the chart and choose Hide marks on bars; the setting is saved in your browser and the same item brings them back. See Past trades on the chart.
In a toolbar on the left edge of the chart, collapsed by default. Click the small handle halfway down the left edge of the chart to open it. The second button from the top, Trend line tools, holds Trend Line, Ray, Info Line, Extended Line, Trend Angle, Horizontal Line, Horizontal Ray, Vertical Line and Cross Line, plus Parallel Channel and Regression Trend; the other buttons cover Fibonacci tools, patterns, brushes, text, shapes, the measure tool, zoom and the magnet. Pick a tool, then click on the chart to place its points. The toolbar also has buttons to hide, lock or remove all drawings, and the arrow at its right edge collapses it again. The magnifier at the right of the chart header, Search tool or function, finds any drawing tool, indicator or setting by name. Drawings are saved in your browser with the rest of the chart state.
It depends on what you want back:
  • Zoom and scroll: right-click an empty area of the chart and choose Reset chart view (⌥R on Mac, Alt+R on Windows). The entry appears once the view has been moved.
  • Indicators and drawings: the same right-click menu has Remove indicators and Remove drawings.
  • Colours, scales and other settings: open Chart settings with the gear in the chart header, then choose Apply defaults from the menu at the bottom left of the dialog (•••, or Template on a wide window).
The chart state is saved in your browser, so a reset only changes the chart there. Your positions, orders and the Positions on chart toggle are not affected.
Take profit and stop loss orders are not available on Beta markets yet. They remain available on SOL, ETH, and wBTC.
Beta markets hold one net position per market. A trade in the opposite direction reduces your existing position, closes it if the sizes match, or reverses it if the new trade is larger. To hold a long and a short on the same asset at once, use the JLP markets (SOL, ETH, wBTC), where each side is a separate position. See One net position per market.
Jupiter Perps offers leveraged long and short positions on nine markets. SOL, ETH, and wBTC trade against the JLP pool, with up to 6 simultaneous positions, one per asset per direction. The six Beta markets, JUP, HYPE, ZEC, SPCX, SNDK, and SKHYNIX, are powered by GUM with USDC collateral and hold one net position per market.
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 $100 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 $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.
It is Quick Close: one click sends an order to close the whole position at the current price, with USDC as the output token. A confirmation dialog appears the first time, with a Don’t show again option; after that, the position closes immediately on click. For a partial close or a different output token, use Close. See Quick Close.
On the JLP markets (SOL, ETH, wBTC), 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. On Beta markets, you sign a single transaction and the GUM engine confirms the order.
There is no minimum position size, but a position needs at least 10 USD of collateral and a leverage of at least 1.1x. Below either threshold the trade button shows the blocking reason, for example “Minimum 10 USD collateral”, instead of submitting. Keep a little SOL in the wallet as well: the interface recommends 0.03 SOL to cover the transaction fees of the request and its fulfilment.
Closed position details, including realised PnL and fees paid, can be viewed in the History tab of the Jupiter Perps interface, next to Positions and Open Orders below the chart. For a complete onchain record of all transactions, you can also look up your wallet address on a Solana block explorer such as Solscan.
Yes. Open the History tab below the chart and click Export Trades, at the right of the tab bar. The button needs a connected wallet and builds a CSV of every trade made by that wallet on Perps, JLP and Beta markets together, not only the rows currently displayed, then saves it to your Downloads folder. The export is available on the desktop layout only; on a phone, use the desktop site or look up your wallet on a Solana explorer such as Solscan.
The first time you open a position on Jupiter Perps, an “Acknowledge Terms and Conditions” prompt confirms that you understand how Perps works and accept its risks (including liquidation, network congestion, and limit order behaviour). This prompt appears once and can be skipped on future trades via the “Do not show again” checkbox.
The Leaderboard displays the top traders on Jupiter Perps by trading volume, broken down by asset (WBTC, ETH, SOL) and time period. You can find it from the trade page using the Leaderboard button at the top.The Leaderboard is informational only. It does not award rewards or imply endorsement of any trading strategy. Ranking reflects trading volume, not profitability.

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Fees & Costs

SOL, ETH, and wBTC trade against the JLP pool and charge an hourly borrow fee. Beta markets trade on an orderbook engine and charge an hourly funding rate paid between longs and shorts instead, plus a taker fee on market orders or a maker fee on limit orders. There is no base fee or price impact fee on Beta markets. See Beta Markets.
On the JLP markets (SOL, ETH, wBTC), 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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Liquidation & Risk

On the JLP markets (SOL, ETH, wBTC), 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. Beta markets have no PnL call: a position is liquidated once the mark price reaches its liquidation price, see Liquidation on Beta markets.
On the JLP markets (SOL, ETH, wBTC), 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.On Beta markets, the trigger is the mark price, a liquidation fee of 1.25% of the position value applies (1.5% on JUP), and whatever collateral remains is returned to you.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. On Beta markets the cap is set per market and shown as a badge in the selector: 20x at launch, 10x on JUP.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.
On the JLP markets (SOL, ETH, wBTC), 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. Beta markets work the other way round: when the engine flags a market as unhealthy, only limit orders are accepted, see When only limit orders are available.