Positions & Collateral

Opening a Position

Connect your wallet

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

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 tokenised stocks). The steps below describe the JLP markets; Beta markets use USDC collateral and have their own limits.

Choose a direction

Select Long if you expect the price to rise, or Short if you expect it to fall.

Set collateral and leverage

Enter the collateral amount and adjust the leverage slider (1.1x – 250x). Any SPL token (the standard token format on Solana) supported by Jupiter Swap can be used as input. It will be automatically swapped to the correct underlying collateral token.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.

Review and confirm

Review the order summary (position size, entry price, estimated liquidation price, fees) and confirm the transaction in your wallet.The first time you open a position, you will be asked to acknowledge the Jupiter Perps terms and conditions. This appears once and can be skipped on future trades via the “Do not show again” checkbox.

On the JLP markets, two onchain transactions are required to open a position: one to submit the request, and one executed by a keeper to fulfill it. On Beta markets you sign a single transaction; see Opening a position on Beta markets.

Selecting leverage above 150x triggers an in-app warning. At this level, positions can be liquidated almost instantly on small price movements, and limit orders may not execute as expected. Use very high leverage only if you fully understand the risk.

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
Short Positions

Position	Underlying Collateral	Profits Paid In
Long SOL	SOL	SOL (default) or USDC
Long ETH	wETH	wETH (default) or USDC
Long wBTC	wBTC	wBTC (default) or USDC

Long positions use the traded asset itself as collateral. When closing a profitable long, profits are paid in the underlying token by default.

Position	Underlying Collateral	Profits Paid In
Short SOL	USDC	USDC (default) or SOL
Short ETH	USDC	USDC (default) or wETH
Short wBTC	USDC	USDC (default) or wBTC

Short positions always use USDC as collateral, regardless of the shorted asset. Profits are paid in USDC by default.

When you deposit any SPL token as initial margin, the exchange automatically swaps it to the correct collateral token before opening the position.

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.

Depositing and Withdrawing Collateral

You can add or remove collateral from an open position at any time via the Edit button in the Positions tab.

Action	Effect on Long	Effect on Short
Deposit collateral	Liquidation price decreases, leverage decreases	Liquidation price increases, leverage decreases
Withdraw collateral	Liquidation price increases, leverage increases	Liquidation price decreases, leverage increases

Withdrawing collateral increases leverage and moves the liquidation price closer to the current market price. Monitor your liquidation price carefully after any withdrawal.

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:
- The combined leverage is the average of both positions’ leverage.
- The combined size equals the sum of both collaterals multiplied by the combined leverage.
- 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.

Leverage

Leverage determines how much of the position size is borrowed from the JLP relative to your collateral.

Parameter	Value
Minimum leverage	1.1x
Maximum leverage	250x

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. You borrow $500 from the JLP and pay borrow fees on that amount. 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.

Slippage Tolerance

Although Jupiter Perps prices trades at the oracle price, a small delay exists between the moment you submit a trade request and the moment the keeper executes it (see request fulfillment model). During this delay, the oracle price can move. 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. Slippage can be configured in the Settings menu, accessible from the trade form:

Option	Value
Preset values	1%, 2%, 3%
Custom	Any value (set manually)
Default	2%

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.

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.
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 the selected market’s utilization exceeds 80%. Beta markets have no utilization limit; they can instead switch to limit orders only when the engine flags them as unhealthy.

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.

Position	PnL increases when	PnL decreases when
Long	Price rises	Price falls
Short	Price falls	Price rises

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.

PnL Calculation

// 1. Get exit price
exitPrice = currentTokenPrice

// 2. Determine if in profit
IF isLong THEN inProfit = exitPrice > positionAvgPrice
ELSE inProfit = exitPrice < positionAvgPrice

// 3. Price delta
priceDelta = |exitPrice - positionAvgPrice|

// 4. PnL delta
pnlDelta = (tradeSizeUsd * priceDelta) / positionAvgPrice

// 5. Unrealized PnL
IF inProfit THEN unrealizedPnl = pnlDelta
ELSE unrealizedPnl = -pnlDelta

// 6. Realized PnL (after fees)
realizedPnl = unrealizedPnl - (closeBaseFee + priceImpactFee + borrowFee)

PnL Call

If unrealized PnL turns sufficiently negative and the effective margin falls below the maintenance margin threshold, you will receive a PnL call, a prompt to deposit additional collateral to avoid liquidation.

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:

tokensReceived = closingValueUsd / tokenPriceAtClose

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.

The PnL displayed on the interface is before fees. The exact net amount is shown under the Deposit/Withdraw tab.

Worked Trade Example

Show Example: 2x long on SOL

Setup:

Parameter	Value
Position size	$1,000
Collateral	$500 SOL
Borrowed	$500 SOL from JLP
Entry price	$100 / SOL
Borrow rate	0.012% / hour
Utilization	50%

After 48 hours, SOL price rises to $110:

Item	Amount
Final position value	$1,100
Open fee (0.06% x $1,000)	$0.60
Close fee (0.06% x $1,100)	$0.66
Borrow fee (500/1,000 x 0.012% x $1,000 x 48h)	$2.88
Net profit	$95.86

This example excludes price impact fees and assumes constant utilization and borrow rates for simplicity. Actual fees may differ.

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 (labelled 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 not drawn; they are listed in the Open Orders tab. 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.

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. Unlike the Spot token page, the Perps chart has no Display Options menu: position lines and trade marks are its only overlays.

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.

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.

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.

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. 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%.

Perps

Trading

Resources

Opening a Position

Collateral Rules

Collateral Value Is Fixed in USD

Depositing and Withdrawing Collateral

Position Limits

Leverage

Slippage Tolerance

Limit Orders

PnL (Profit and Loss)

Unrealized vs. Realized PnL

PnL Calculation

PnL Call

Receiving Profits

Worked Trade Example

Positions on the Chart

Past trades on the chart

Closing a Position

The Positions tab

The close form

Quick Close

​Opening a Position

​Collateral Rules

​Collateral Value Is Fixed in USD

​Depositing and Withdrawing Collateral

​Position Limits

​Leverage

​Slippage Tolerance

​Limit Orders

​PnL (Profit and Loss)

​Unrealized vs. Realized PnL

​PnL Calculation

​PnL Call

​Receiving Profits

​Worked Trade Example

​Positions on the Chart

​Past trades on the chart

​Closing a Position

​The Positions tab

​The close form

​Quick Close

​Sharing a position

Opening a Position

Collateral Rules

Collateral Value Is Fixed in USD

Depositing and Withdrawing Collateral

Position Limits

Leverage

Slippage Tolerance

Limit Orders

PnL (Profit and Loss)

Unrealized vs. Realized PnL

PnL Calculation

PnL Call

Receiving Profits

Worked Trade Example

Positions on the Chart

Past trades on the chart

Closing a Position

The Positions tab

The close form

Quick Close

Sharing a position