Features
In this overview, we will cover the core features of the Jupiter Perps and how it differs from traditional leverage trading exchanges.To quickstart your developer integration, you can head over to the
Get Started guide or dive into the
API Reference for the complete API documentation.
Trader-to-LP Exchange
Jupiter Liquidity Providers: Liquidity for the Jupiter Perps is provided by the JLP Pool, which holds SOL, ETH, wBTC, and USDC as the underlying tokens. The pool provides ample liquidity for traders to open highly-leveraged positions, while earning an attractive return on a portion of the trading fees. Traders: Traders can deposit collateral to enter positions and borrow the rest of the position from the pool. Subsequently, they can manage their positions by withdrawing collateral to close their positions fully or partially. The Jupiter Perpetuals Exchange features a simple interface and underlying trading mechanisms to provide a safe and seamless trading experience.Pool-Based Liquidity
- Liquidity comes from the JLP pool, not from resting orders.
- Traders open and close positions directly against the pool.
- Trade size is limited only by available liquidity and position-level size constraints.
- Refer to the JLP document for more information.
Oracle-Based Pricing
- All trades execute at the oracle price.
- Large trades (e.g., $10 million) do not affect the price for others.
- Prices are sourced from verified oracles and are unaffected by trade size or direction.
- Refer to the Oracles document for more information.
On-Chain Position Accounts
- Each user’s exposure per asset and direction (long/short) is stored as a position account on-chain.
- Multiple trades on the same side (e.g., two long SOL trades) merge into a single position.
- Opening opposite positions (e.g., closing a long by shorting) does not flip exposure; it closes the existing position and realizes PnL.
- Refer to the Position Account document for more information.
Immediate-or-Revert Execution
- Every trade executes in a single transaction or fails atomically.
- No partial fills, maker/taker matching, or time-in-force orders.
Position-Level Risk Controls
- Before execution, every trade passes a full validation layer:
- Collateral checks: minimum margin and leverage caps.
- Pool liquidity checks: ensure sufficient tokens exist to back exposure.
- Position limits: wallet-level and pool-level maximum size caps.
- Orderbooks typically handle risk at the matching engine level; Jupiter enforces it at the position and pool level.
Pool-Driven Fees
- Trading fees are derived from pool mechanics, not spreads or maker/taker roles.
- Open/close/price impact fees: based on pool math (swap, borrow, and price-impact fees).
- Continuous borrow fees: accrue based on the pool’s open exposure, not paid between counterparties.
- No traditional funding rates; both longs and shorts pay borrow fees to the pool.
- Refer to the Fees document for more information.
Collateral Model
- Longs are backed by the underlying asset (e.g., SOL, ETH, wBTC).
- Shorts are backed by USDC.
- The program handles collateral assignment automatically - traders simply supply margin in their chosen deposit asset.
No Synthetic Flipping
- Positions are stored on-chain as PDAs, not synthetic toggles.
- Reducing or closing exposure adjusts the position account.
- You can’t accidentally “flip” from long to short via over-selling; you can only close or reduce up to your existing position size.