Jupiter Perpetual Exchange

Jupiter Perps is an LP-to-trader perpetual exchange on Solana inspired by GMX’s design. Liquidity providers deposit into the JLP pool — a basket of SOL, ETH, BTC, USDC, and USDT — and that pool acts as the counterparty for all traders. Prices come from oracles, and traders pay a borrow fee plus open/close fees on every position.

JLP holders earn the lion’s share of trading fees and absorb trader PnL — a clean, transparent yield mechanic that has made JLP one of Solana’s largest yield-bearing positions. JUP is the governance token across the broader Jupiter stack.