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Opening a Position

1

Connect your wallet

Connect a Solana wallet (e.g. Phantom, Solflare) via the top-right button on the Jupiter Perps interface.
2

Select a market

Choose the asset you want to trade: SOL, ETH, or wBTC on the JLP markets, or one of the Beta markets (JUP, HYPE, ZEC, and the stock markets SPCX, SNDK, and SKHYNIX). The steps below describe the JLP markets; Beta markets use USDC collateral and have their own limits.
3

Choose a direction

Select Long/Buy if you expect the price to rise, or Short/Sell if you expect it to fall.
4

Set collateral and leverage

Enter the collateral amount and adjust the leverage slider (1.1x – 250x). You can pay with any token offered in the token selector (the market tokens, USDC and other verified tokens); it is swapped automatically to the position’s collateral token. Limit orders accept only the market token or USDC (the form preselects the market token for a long and USDC for a short), and a market order with take profit / stop loss accepts only SOL, ETH, BTC, USDC or USDT.HALF / MAX shortcuts next to the input field let you fill the collateral with half or all of your wallet balance for the selected token.The lock icon next to the leverage slider lets you fix the leverage at the current value, so it does not move accidentally when adjusting other fields.
5

Review and confirm

Review the order summary (position size, entry price, estimated liquidation price, fees) and confirm the transaction in your wallet.When you connect a wallet to Jupiter Perps, an Acknowledge Terms and Conditions dialog asks you to accept the terms. Ticking Do not show again. hides it for 30 days for that wallet in this browser.
On the JLP markets, the app picks how an order is executed: either you sign a request that a keeper fulfills in a second transaction, or you sign a single transaction that Jupiter’s keeper co-signs and executes right away. On Beta markets you sign a single transaction; see Opening a position on Beta markets.
At 150x leverage or more, the trade form shows a warning: at this level, positions can be liquidated almost instantly on small price movements, and limit orders may not execute as expected. The Take Profit / Stop Loss box of a market order is also disabled, and any take profit or stop loss already entered in it is cleared; its info icon reads “Market Order TPSL is disabled when you are at 150x leverage or higher.” Use very high leverage only if you fully understand the risk.

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Collateral Rules

On the JLP markets, the underlying collateral token depends on the position direction and cannot be changed after opening. On Beta markets, collateral is always USDC.
Long positions use the traded asset itself as collateral. When closing a profitable long, profits are paid in the underlying token by default.
When you pay with a token other than the collateral token, it is swapped automatically to the correct collateral token before the position opens.

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Collateral Value Is Fixed in USD

The USD value of your collateral is recorded at the time of deposit and remains fixed regardless of subsequent price movements in the collateral token. Example: If you deposit $100 worth of SOL, your collateral is recorded as $100 USD. If SOL price later increases or decreases, your recorded collateral size remains $100.

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Depositing and Withdrawing Collateral

You can add or remove collateral from an open position at any time with the pencil icon in the Collateral column of the Positions tab, which opens a Deposit / Withdraw form.
Withdrawing collateral increases leverage and moves the liquidation price closer to the current market price. Monitor your liquidation price carefully after any withdrawal.

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Position Limits

  • Maximum 6 open positions simultaneously: one per asset (SOL, ETH, wBTC) per side (long/short).
  • Opening a second position on the same asset and side as an existing open position will merge both positions into one:
    • Sizes and collaterals are added together, so the combined leverage is the total size divided by the total collateral, not the average of the two leverages.
    • Any existing TP/SL orders are preserved after the merge.
  • On Beta markets, each market holds one net position: a trade in the opposite direction reduces, closes, or reverses it rather than opening a second position.

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Leverage

Leverage determines how much of the position size is borrowed from the JLP relative to your collateral. On Beta markets, the maximum is set per market and shown as a badge in the market selector; the minimum stays 1.1x. Example: With $500 collateral at 2x leverage, your position size is $1,000. Borrow fees are charged on the full $1,000 position size, at the hourly borrow rate shown in the market header. Higher leverage amplifies both potential gains and potential losses, and moves the liquidation price closer to the entry price.
At leverage above 10x, borrow fees have a meaningful effect on the liquidation price over time. Positions held for extended periods at high leverage are at elevated liquidation risk even without price movement.

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Slippage Tolerance

This section covers the JLP markets. Beta markets use a fixed 1% price limit instead; see Beta Markets. Although Jupiter Perps prices trades at the oracle price, the price can move between the quote you see and the moment the trade executes (see request fulfillment model). The slippage tolerance is the maximum acceptable difference between the price at submission and the price at execution. If the price moves beyond this tolerance, the trade is cancelled to protect you from unfavourable execution. To change it, click Max: x% next to Slippage in the order summary:
A lower slippage tolerance reduces your risk of unexpected execution prices but increases the chance of a trade being cancelled in volatile conditions. A higher tolerance does the opposite.

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Limit Orders

A limit order opens a position when the oracle price reaches a specified target, rather than at the current market price. Behavior:
  • Limit orders are independent from existing positions.
  • They remain active until triggered or manually cancelled.
  • When triggered, a limit order opens a new position if none exists, or merges with an existing position on the same asset and side.
  • Reaching the target price does not guarantee execution: if the price moves too fast, the order may fail on slippage and no position is opened.
  • On the JLP markets, the target price must be between half the current price and the current price for a long, and between the current price and twice the current price for a short.
  • A limit order remains active even if an existing position on the same market is closed or liquidated.
  • Maximum 20 active limit orders per asset/side pair.
Limit orders near the liquidation priceJupiter Perps does not enforce FIFO (First-in, First-out) execution ordering. If a limit order is placed near the liquidation price of an existing position, both the limit order transaction and the liquidation transaction may be submitted to the chain simultaneously. Whichever is processed first by the network will execute. The outcome cannot be guaranteed.
The liquidation price displayed on the limit order form is a simulation based on conditions at the time you fill in the form. It does not reflect the actual liquidation price at the time the order is triggered.
On the JLP markets, limit orders cannot be created when utilization for that side reaches 80% (for shorts, the USDC custody’s utilization, which also counts USDC lent through JLP Loans). Beta markets have no utilization limit; they can instead switch to limit orders only when the engine flags them as unhealthy.

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PnL (Profit and Loss)

PnL reflects the gain or loss on an open position relative to the entry price. It updates in real time as the oracle price changes.

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Unrealized vs. Realized PnL

  • Unrealized PnL is the current gain or loss if the position were closed at the current oracle price, before fees.
  • Realized PnL is the actual amount received after deducting the close base fee, price impact fee, and accumulated borrow fees.

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PnL Calculation

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No margin call

Jupiter Perps does not prompt you to add collateral before a position is liquidated. Watch the Liq. Price of your positions, and add collateral or reduce the position yourself when the price gets close.

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Receiving Profits

For long positions, profits are paid in the underlying collateral token (e.g. SOL for a SOL long) by default. The amount received is calculated as:
Example: A SOL long closed with $150 total value at SOL = $110 returns $150 / $110 = 1.3636 SOL. For short positions, profits are paid in USDC by default. Both longs and shorts offer the option to receive the alternative token at close.
PnL is shown before fees by default. Switch the Value column header to Inc. Fees to include them (on narrower windows, use the switch next to PNL), or open Close to see the amount you would receive.

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Worked Trade Example

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Positions on the Chart

When you have open positions on the selected market, the chart draws a horizontal line for each of their prices: entry (labeled with the market and side, for example SOL-long), liquidation (SOL-long-Liq.), and any take profit or stop loss order attached to the position. The × on a TP or SL line cancels that order. Pending limit orders are drawn too (for example SOL-long-Limit), and the × on their line cancels them. The × on the entry line closes the whole position at market, in its collateral token, after you approve the transaction in your wallet. To hide these lines without cancelling anything, untick Positions on chart in the bar under the chart (on the Positions tab, next to Close All). Tick it again to bring them back. The setting is saved in your browser and applies to every market; on mobile, the same toggle sits above the chart.

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Past trades on the chart

With a wallet connected, the chart also marks your past trades on the selected market: small circles under the candles, green with a B for buys (opening or adding to a long, reducing a short), red with an S for sells and with an L for liquidations. Trades that fall on the same candle are grouped into one circle; hover it to see the side, size, average price, and number of orders. Only your own trades are shown, the most recent hundred on that market. These marks are drawn by the chart itself, so Positions on chart does not affect them. To hide them, right-click the chart and choose Hide marks on bars; choosing the same item again brings them back. The choice is saved in your browser. On jup.ag in a phone browser the menu is out of reach, since a long press on the chart opens the crosshair rather than this menu. The Jupiter Mobile app does not draw past trades on its Perps chart. Unlike the Spot token page, the Perps chart has no Display Options menu: position lines and trade marks are its only overlays.

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Closing a Position

Positions can be closed fully or partially from the Positions tab. Partial closure reduces the position size proportionally and adjusts the collateral to maintain the same leverage ratio.

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The Positions tab

Each open position is a row with its market and side (for example SOL 1.09x Long), Value, Entry / Mark Price, Liq. Price, Size (in USD and in the market token), Collateral (with a pencil to edit it), TP / SL, and three actions at the right: a share icon, the lightning icon (Quick Close), and Close.
  • The Value column header is a switch: click it to show values and PnL Ex. Fees (before fees) or Inc. Fees (after fees). The choice also applies to the PnL column of the History tab and to the estimate in the close form.
  • TP / SL shows the take profit and stop loss attached to the position (-- / -- when there are none). The ⊕ icon opens the form to add them; click the column to list the existing ones.
  • Close All, at the right of the tab bar, closes every open position at market after a confirmation.

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The close form

Close opens a form under the position:
  • Close Size: the USD amount to close, typed or picked with the 25% / 50% / 75% / 100% shortcuts. The estimated PnL for that size is shown next to it, before or after fees depending on the Value switch. Entering more than 99% of the size closes the whole position.
  • Receive In: the market token (for example SOL on a SOL market) or USDC, with the amount you will receive. The position’s collateral token is selected by default. See Receiving Profits.
  • A warning appears if your wallet holds less than the recommended 0.03 SOL to cover the transaction fee and account rent.
  • The breakdown lists the Size and Collateral before and after the close, the Close Fee, the Borrow Fees accrued, the Price Impact (percentage and amount), the Transaction Fee, and the Account Rent in SOL. See Fees for how each is calculated.
Confirm sends the order; Dismiss closes the form without changes.

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Quick Close

Next to the Close button, the lightning icon is Quick Close: it sends an order to close the entire position at the current price, with USDC as the output token, without opening the close form. The first time you use it, a Close Entire Position? dialog asks you to confirm and offers a Don’t show again checkbox. Once that box is checked, the next Quick Close closes the position immediately on click. Quick Close is full closure only. To close part of a position or to choose the output token, use Close.

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Sharing a position

The share icon on a position row opens Share Position, a card with the market, side and leverage, the PnL percentage after fees, the Entry Price and Mark Price, and the date and time the position was opened. Pick one of five illustration styles (a cheerful set when the position is in profit, a gloomy one when it is not), then Save to download the image (on mobile, Share opens the system share sheet) or Share to X to open a pre-filled post. Closed trades have the same share icon in the History tab.
When reducing position size, collateral is adjusted proportionally to preserve the leverage ratio. For example, reducing a 10x position by 50% also reduces collateral by 50%.