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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.
3

Choose a direction

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

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.
5

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.
Two onchain transactions are required to open a position: one to submit the request, and one executed by a keeper to fulfill it.
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.

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Collateral Rules

The underlying collateral token depends on the position direction and cannot be changed after opening.
PositionUnderlying CollateralProfits Paid In
Long SOLSOLSOL (default) or USDC
Long ETHwETHwETH (default) or USDC
Long wBTCwBTCwBTC (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.
When you deposit any SPL token as initial margin, the exchange automatically swaps it to the correct collateral token before opening the position.

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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 via the Edit button in the Positions tab.
ActionEffect on LongEffect on Short
Deposit collateralLiquidation price decreases, leverage decreasesLiquidation price increases, leverage decreases
Withdraw collateralLiquidation price increases, leverage increasesLiquidation 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.

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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:
    • 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.

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Leverage

Leverage determines how much of the position size is borrowed from the JLP relative to your collateral.
ParameterValue
Minimum leverage1.1x
Maximum leverage250x
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.

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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:
OptionValue
Preset values1%, 2%, 3%
CustomAny value (set manually)
Default2%
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.
  • 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.
Limit orders cannot be created when the selected market’s utilization exceeds 80%.

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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.
PositionPnL increases whenPnL decreases when
LongPrice risesPrice falls
ShortPrice fallsPrice rises

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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

// 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)

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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.

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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: 
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.

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Worked Trade Example

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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.
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%.