Jupiter Perps review

What Jupiter Perps is

Jupiter Perps is the perp product of Jupiter, Solana's largest DEX swap aggregator. Instead of building an order book, Jupiter used a pool-based design for its main markets. The JLP (Jupiter Liquidity Provider) pool holds six assets: SOL, ETH, wBTC, USDC, USDT and JupUSD, per the JLP docs.

The pool acts as the direct counterparty to positions in SOL, ETH and wBTC. The technical reference names Edge by Chaos Labs as the primary oracle, with Chainlink and Pyth for verification and fallback. The final execution price can include size-dependent price impact.

Jupiter also lists six Beta markets (JUP, HYPE, ZEC, SPCX, SNDK and SKHYNIX). An order-book engine matches these markets. They charge maker and taker fees and an hourly funding rate instead of the JLP fees.

This is a GMX-style setup. No price discovery through order flow. When you open a long BTC position, you are not matching with a seller. You trade against the oracle price. The pool takes your exposure.

For most traders this is fine. For very large positions in thin markets, gap risk can appear if the oracle and spot price split during fast moves.

The Jupiter audits page lists three reports for the Perpetuals program: OtterSec (October to November 2023), Sec3 (January 2024) and Offside Labs (February to March 2024). The OtterSec report names two high-risk issues. All three reports predate the Beta markets engine.

Fees in detail

Jupiter has no maker/taker schedule. It charges 0.06% when a position opens and another 0.06% when it closes. A $10,000 unchanged-notional round trip therefore costs $12 in base position fees.

The base fee is only one cost. The execution price can include size-dependent price impact. Leveraged positions also incur an hourly borrowing fee on the borrowed amount. Solana network fees and token-swap fees can apply.

You can deposit any SPL token. Jupiter's swap routing converts it to the required collateral on entry. No extra bridging step for Solana-native users.

Check our fee calculator for a live cost breakdown, including borrow fee estimates for common hold durations.

Volume and market position

Jupiter Perps passed $50 billion in cumulative trading volume since launch. It is the top perp venue on Solana by a wide margin. As of April 2026, JLP TVL sits near $1.3 billion. That is about double the second-largest Solana perp venue.

DefiLlama tracks Jupiter Perps by 24-hour volume. Compare that changing value with Hyperliquid, dYdX, and Orderly-powered frontends in our live ranking. Do not use an old daily value as a current market-share claim.

Of the 33 perp DEXes in our daily tracking, Jupiter Perps is the one that owns its home chain: it holds the majority of Solana's on-chain perp activity. See our live rankings for the current snapshot.

Security and audits

Three firms audited the Perpetuals program: OtterSec, Sec3 and Offside Labs. Each report names the program commit that it reviewed. PerpFinder found no audit report for the Beta markets engine on the audits page. PerpFinder found no official incident report for Jupiter Perps.

During the February 2025 market cascade, Jupiter Perps processed over $400 million in liquidations in 24 hours. The platform stayed fully operational, and the JLP pool remained solvent. Most perp DEXes have not handled a forced liquidation event of that size without some issue.

The key risk is oracle dependency. If the oracle feeds are wrong or late in volatile markets, positions can open or close at bad prices. Jupiter uses Edge by Chaos Labs as the primary oracle and checks it against Chainlink and Pyth, which also serve as fallback feeds.

The $400M liquidation stress test most reviews skip

Most Jupiter Perps reviews describe the JLP pool and the swap integration. They rarely go deeper. The PerpFinder team adds:

• February 2025 stress test: $400M in 24h liquidations with no protocol failure and no LP insolvency — most reviews skip this
• Borrowing and price impact add to the 0.06% open fee and 0.06% close fee. Our cost comparison tool models common hold durations.
• JLP TVL at $1.3B (April 2026) is the key liquidity signal for this pool model, not order book depth
• Three audit reports (OtterSec, Sec3 and Offside Labs) cover the Perpetuals program, but none covers the newer Beta markets engine

Trading experience

Solana's 400ms slot time and sub-cent fees make active position management easy. Ethereum L1 and most L2s cannot match that. Opening, adjusting, and closing a position in minutes does not rack up meaningful gas.

The interface is at jup.ag/perps. One-click sizing, a built-in leverage slider, and the familiar Jupiter UI keep things quick for traders who already use Jupiter for swaps. No KYC, no whitelisting. Connect a Solana wallet and trade.

The JLP market selection is narrow: SOL, ETH, and wBTC. Six Beta markets add JUP, HYPE, ZEC and three stock markets. Hyperliquid's August 11 official API snapshot returned 177 active validator-operated perps; Orderly Network has 150 markets. Jupiter Perps focuses its pool on these three major markets.

Stop-loss and take-profit are available. Trailing stops and OCO orders are not. That is a real gap for system traders.

Who Jupiter Perps is for

Solana-native traders who want the deepest on-chain BTC, ETH, and SOL perps on the network. The JLP pool's $1.3B TVL can fill sizes that mid-tier DEXes cannot.

Traders who want up to 250x on SOL, ETH, or wBTC can use the current major-market ceiling. The available limit depends on the selected market and position size.

LPs who want to earn yield on blue-chip assets. The JLP pool has delivered 30–80% APY during volatile periods. Track live JLP performance at the JLP earn page.

If you need markets beyond SOL, ETH, and wBTC, go to Hyperliquid or Orderly-powered frontends.