Jupiter Perps is the best default for leveraged SOL, ETH and BTC trades on Solana: it has the deepest pool, publishes every fee and liquidation formula, and lets you trade at oracle prices without reading an order book. It scores 7.9/10 and ranks #1 in our best Solana perps DEX list, held back by a short market menu, an hourly borrow fee and harsh liquidations.
Risk notice: Crypto trading is high risk and leverage can liquidate your whole position in minutes. Perps DEXs and wallet connections use hot wallets. This page is not financial advice; only trade what you can afford to lose.
Facts on this page were checked October 23, 2026, from Jupiter's own docs and the sources linked below. This is a research-based review built from published docs, not a hands-on trial.
Jupiter Perps at a glance
- Markets: SOL, ETH and wBTC on the main JLP markets; six Beta markets (JUP, HYPE, ZEC, and SpaceX, SanDisk and SK hynix stock perps) (Jupiter docs).
- Leverage: 1.1x to 250x on main markets; up to 20x on Beta (Beta docs).
- Collateral: longs are backed by SOL, wETH or wBTC, shorts by USDC; Beta markets use USDC only. Minimum $10 collateral per new main-market position.
- Pricing: oracle prices from Chaos Labs' Edge, with Chainlink and Pyth as verification and fallback.
- Size: $731.04M TVL, $4.63B of 30-day volume and $47.42M open interest (DefiLlama, October 23, 2026).
How the JLP pool works
Jupiter Perps is peer-to-pool, not an order book. The JLP pool holds SOL, ETH, wBTC and stablecoins, traders borrow from it to open leverage, and it takes the other side of every trade at the oracle price. JLP holders earn 75% of fees from trading, swaps and JLP minting and burning (Jupiter docs).
For traders that means no spread to cross and no order book to thin out on big days, but you pay a price-impact fee on large trades and an hourly borrow fee for the pool's capital. When traders win overall, JLP holders lose, and vice versa. Pine Analytics counted $12 million of realized trader losses in Q3 2026, down from $23 million in Q2 (Pine Analytics).
Fees
From Jupiter's fee docs:
| Fee | Main markets (SOL, ETH, wBTC) | Beta markets |
|---|---|---|
| Open / close | 0.06% each | 0.035% taker, 0.005% maker |
| Price impact | Linear + additive, total capped at 0.50% | None |
| Borrow / funding | Hourly borrow fee from utilization curve | Hourly funding rate |
| Liquidation | All remaining collateral | 0.75% (crypto) or 1% (stocks) of position |
Example (our arithmetic): a $10,000 SOL position costs $6 to open and $6 to close. Jupiter's docs use 0.0016% an hour as an illustrative borrow rate; held for 24 hours at that rate, the borrow fee would add about $3.84. Rates move with utilization, so check the market header before you trade.
Compared with order books, a round trip on Jupiter's main markets costs 0.12% before borrow, versus 0.08% at Pacifica's base taker rate and 0.07% at Phoenix's (Pacifica fees, Phoenix fees).
Liquidation risk
This is the section to read twice. Per Jupiter's liquidation docs:
- A long is liquidated when the oracle price falls below your liquidation price; a short when it rises above it.
- Maintenance margin is set using a 500x protocol limit, separate from the 250x trading cap. So a fresh 250x position sits only about 0.2% from liquidation, less after the 0.06% close fee (our arithmetic). At 10x it is roughly 9.8%.
- The liquidation fee is all remaining collateral. Jupiter's own example: $10,000 of collateral with $1,000 left after losses and fees loses that $1,000 and gets $0 back.
- Borrow fees keep moving your liquidation price toward the market price over time, most noticeably above 10x.
In plain terms: on main markets you can't count on salvaging anything from a liquidated position. Set a stop-loss well above your liquidation price and keep leverage modest. Fast markets and network congestion can still slip a stop; see Solana priority fees and slippage.
What changed in 2026
- Beta order-book markets (September 22): six markets on GUM, Jupiter's new matching engine, at up to 20x with USDC collateral, initially open to wallets staking at least 69 JUP (Pine Analytics). These do not touch the JLP pool.
- Lost share to Pacifica: Jupiter's perps volume fell 13% to $16.7B in Q3 2026, and Pacifica's September trader fees reached about 45% of Jupiter's (same source). On DefiLlama, Pacifica now leads Solana perps on 30-day volume (DefiLlama).
- Not hit by Drift: after Drift's April 1 exploit, Jupiter said JLP "remains fully backed" and that it was not involved in Drift markets (Phemex News).
- YOLO (October 15): Jupiter Labs launched YOLO, a separate unaudited product at 500x to 1,000x on SOL, BTC and ETH against a house pool. Its rules say queued profits "may never be paid" if the pool can't cover them (DeFi Prime). We treat it as gambling and don't include it in this score.
Is Jupiter Perps safe?
The structural picture is good: the largest pool on Solana, three oracle sources, fee formulas published in full, and no reported exploit of the perps program that we found. Blockworks reported in April 2025 that Jupiter's risk vault was unlikely to face a Hyperliquid-style attack (Blockworks).
The real risks:
- Your own leverage. 250x is available, and Jupiter's liquidation rules leave nothing behind.
- Oracle risk. All main-market trades and liquidations use oracle prices; a bad print would hit every position at once.
- Phishing. Fake Jupiter sites are common. Type jup.ag yourself and never sign transactions from a link in a DM. Our MEV protection guide covers safe transaction habits.
Jupiter Perps vs alternatives
| Jupiter Perps | Pacifica | Velocity (ex-Drift) | |
|---|---|---|---|
| Our score | 7.9/10 | 7.4/10 | 5.3/10 |
| Model | Pool at oracle price | Order book | Auction + order book + vAMM |
| Max leverage | 250x | 50x | 20x |
| Markets | 3 + 6 Beta | 69 | 5 |
| TVL | $731M | $27.5M | Not shown |
Sources: each exchange's docs and DefiLlama, October 23, 2026. See Drift vs Jupiter Perps for the head-to-head. If you trade memecoins in Axiom, its perps tab routes to Hyperliquid instead, at up to 50x (DefiLlama).
Who should use Jupiter Perps
Good fit: traders who want simple long or short exposure on SOL, ETH or BTC, prefer oracle fills over order books, and value the deepest pool on Solana.
Look elsewhere if: you want dozens of markets or the lowest taker fee (Pacifica), a fully on-chain order book (Phoenix), or you are a spot trader who just needs a good app (best Solana trading app).
Verdict
Jupiter Perps is the most established perps venue on Solana, with transparent fees and a $731M pool behind it. Its costs are higher than order books once borrow fees are counted, and liquidations take everything left. Use low leverage and a stop-loss. Visit Jupiter Perps
Gains and losses on perps are usually taxable; see Solana memecoin taxes.
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