Jupiter Perps Review — Live Volume, OI & Fees

Jupiter Perps does not use a standard maker/taker schedule. 0.06% when opening and again when closing; base position fee; price impact, borrowing, swap, and network costs are separate PerpFinder excludes this venue from maker/taker rankings. Confirm the selected market and all variable costs before trading.

Jupiter Perps Review 2026

What Jupiter Perps is

Jupiter Perps launched in January 2024 as the perp product of Jupiter, Solana's largest DEX swap aggregator. Instead of building an order book, Jupiter used a pool-based design. The JLP (Jupiter Liquidity Provider) pool holds a basket of blue-chip assets — SOL, wBTC, ETH, USDC, and USDT — and acts as the direct counterparty to all trader positions. Pricing uses Pyth Network oracle feeds. The final execution price can include size-dependent price impact.

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.

Jupiter Perps has been audited by OtterSec and Offside Labs. They covered the JLP pool mechanics, Pyth integration, and fee logic. Neither report found critical issues.

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

Two firms audited the protocol: OtterSec and Offside Labs. Both focus on Solana security. OtterSec has audited Marinade, Jito, and Drift Protocol. They are one of the most widely used Solana auditors. Offside Labs reviewed the JLP rebalancing logic.

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 Pyth oracle dependency. If Pyth feeds are wrong or delayed in volatile markets, positions could open or close at bad prices. Jupiter Perps has no backup oracle for most markets.

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 - OtterSec's review of the JLP rebalancing mechanism is the most important part of the audit — not the basic trading contract review most write-ups focus on

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 market selection is narrow: SOL, ETH, and wBTC. 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. Altcoin traders need to look elsewhere.

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.

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