Jupiter Perps is the perpetual futures venue inside Jupiter, the largest aggregator on Solana. It is the highest-volume perps DEX on Solana and one of the largest non-orderbook perp venues in DeFi, with cumulative volume tracked on DeFiLlama crossing into the tens of billions. Instead of matching longs against shorts on an orderbook, Jupiter Perps uses a single liquidity pool — JLP — as the counterparty for every trade. That design lets the protocol quote zero-slippage prices on majors and pay LPs real yield denominated in trading fees, but it also changes how traders should think about fees, funding, and risk.
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This guide covers the architecture, the JLP token, supported markets, fee structure, leverage, a trade walkthrough, and how Jupiter Perps compares to Drift and Hyperliquid.
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Jupiter Perps is a Solana-native perpetual exchange that lets traders open up to 100x leveraged long or short positions on SOL, ETH, and BTC against a shared liquidity pool. It launched in late 2023 as a vertical inside the Jupiter aggregator and is operated by the same team.
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The product sits at jup.ag/perps. The aggregator itself — the swap router most Solana users know — is documented separately in our Jupiter aggregator guide. The two products share branding and a wallet session but are different surfaces with different mechanics.
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Jupiter Perps does not run an orderbook. Every trader transacts against JLP, a single pool of SOL, ETH, BTC, USDC, and USDT. When a trader opens a long on SOL, the pool effectively rents them the upside on a slice of its SOL reserves; when they short, the pool takes the other side using its stablecoin reserves. Prices come from Pyth oracles, so execution is at the oracle mid with no orderbook slippage.
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The tradeoff: LPs are net short the markets that traders are net long. If traders collectively bet correctly, JLP pays the difference out of pool assets. To compensate, JLP collects 75% of all trading and borrow fees as real yield, which historically has more than offset the directional bleed during most market regimes.
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JLP is the liquidity-provider token for Jupiter Perps. Holding JLP is equivalent to holding the pool's basket of assets plus a claim on 75% of perp trading fees. The current target weights, published on the JLP info page, sit roughly at SOL ~44%, ETH ~9%, BTC ~11%, USDC ~27%, USDT ~9% — meaning the pool is around 35% stable and 65% volatile, not the "70% stable" some older write-ups quote.
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Mechanics worth knowing:

At launch and through most of its history, Jupiter Perps has supported three markets: SOL-PERP, ETH-PERP, and BTC-PERP. The team has signaled additional markets behind a governance and risk-parameter process, but the canonical roster remains those three majors. Position sizes, open interest caps, and borrow rates per market are published in real time on the trading interface and on station.jup.ag/perps.
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Fees come in three layers. The numbers below match the current spec on station.jup.ag at time of writing; always confirm on the live page before sizing a trade.

Because the borrow rate is asymmetric (you pay it whether you are long or short, on the side you are borrowing from), holding a leveraged position for weeks can compound into a material cost. Day-trade and swing-trade math both should explicitly include borrow.
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Jupiter Perps supports up to 100x leverage on the three supported markets. Liquidation triggers when the position's collateral ratio drops to the threshold for that leverage tier — at 100x, that gives almost no margin for adverse moves, so most active traders use single-digit to low-double-digit leverage. The interface shows the live liquidation price as you adjust size.
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Closing reverses the flow: hit close, the position settles against the pool, and PnL is paid out in the collateral asset.
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The three venues represent three distinct perp architectures.

Drift, covered in our Drift Protocol deep dive, gives traders access to a wider universe of altcoin perps and a tighter spread on liquid markets, but liquidity on the long tail can be thin. Hyperliquid runs its own performant L1 and a true central limit order book, which professionals tend to prefer for execution; the tradeoff is bridging assets onto a separate chain. Jupiter Perps wins for simplicity on majors, deep oracle-priced liquidity, and being native to the Solana wallet flow most users already have.
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JLP is one of the highest real-yield positions in DeFi when measured by paid-in-fees rather than emissions. The question is what risk you are taking to earn it.
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Things to weigh:

For long-horizon Solana holders who would already hold the basket, JLP often beats holding the components separately because of the fee accrual. For pure stablecoin yield seekers, JLP is the wrong product — vault strategies in our stablecoin vaults guide are a closer fit.
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Solana's onchain stack has consolidated around a handful of high-throughput primitives. Jupiter aggregates swap liquidity, Jupiter Perps captures perp volume, Kamino and MarginFi run money markets, and Jito/Marinade/Sanctum dominate liquid staking. For a wider map see our best Solana DeFi protocols in 2026 overview and the older Solana DeFi apps directory. For staking decisions specifically, our Solana liquid staking comparison covers the Jito vs Marinade vs Sanctum tradeoff.
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Architecture, fee, and JLP composition figures pulled from Jupiter's official documentation at station.jup.ag and the live JLP info page. Volume and TVL context cross-checked against DeFiLlama's Jupiter Perpetual Exchange page. Comparison architecture details on Drift and Hyperliquid taken from each protocol's published docs. APY ranges reflect historical observation on the JLP info page; current yield will differ.
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