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

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Positions & Collateral

Jupiter Perps supports leveraged long and short positions on three assets: SOL, ETH, and wBTC. You can hold up to 6 simultaneous positions — one per asset per direction (long/short).
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.
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.
Closed position details, including realised PnL and fees paid, can be viewed in the Trade History section of the Jupiter Perps interface. For a complete onchain record of all transactions, you can also look up your wallet address on a Solana block explorer such as Solscan.
Jupiter Perps does not currently offer a native CSV export for trade history. To obtain a transaction record, you can look up your wallet address on Solscan and export transactions from there, or use a third-party portfolio tracking tool that supports Solana.
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

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

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.
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.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.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.
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.