# Jupiter Perpetuals Liquidity Provider Token (JLP) - Fundamental Analysis September 2026

**Author:** CoinStats AI
**Published:** September 1, 2026 at 04:33

---

## Coin Information

- **Name:** Jupiter Perpetuals Liquidity Provider Token (JLP)
- **Current Price:** $4.46
- **24h Change:** +0.75%

---

## 

> **TLDR**
> Here's the latest on Jupiter Perpetuals Liquidity Provider Token (JLP) – a Solana-based liquidity-sharing token for Jupiter's perpetual futures exchange:
> 
> • JLP acts as a receipt token where holders are the counterparty to leveraged traders, earning 75% of Jupiter Perps fees with 25% to protocol
> • Value derives from a dynamic pool of SOL (44%), ETH (9%), BTC (11%), USDC (27%), USDT (9%), and JupUSD – fees are reinvested hourly, boosting token price
> • JLP is mintable via asset deposits subject to AUM caps, also trades on secondary markets; supply fluctuates with deposits and redemptions
> • Main risks: trader counterparty exposure, crypto market volatility, oracle dependence (Edge by Chaos Labs), and staked SOL deactivation delays (2-3 days)
> • 2026 fees declined from ~$8M to ~$3M monthly amid Hyperliquid competition; community sentiment

## Core definition and technology

[Jupiter Perpetuals Liquidity Provider Token](https://coinstats.app/coins/jupiter-perpetuals-liquidity-provider-token) (JLP) is a Solana-based SPL token representing a proportional share of the liquidity pool that backs Jupiter Perps, Jupiter’s oracle-priced perpetual-futures exchange.

JLP is not a standalone blockchain, governance token, stablecoin, or conventional fixed-supply cryptocurrency. It is a receipt token for liquidity deposited into Jupiter’s perpetuals pool. Holders collectively provide the capital that leveraged traders use to open long and short positions. In economic terms, JLP holders act as the pool’s counterparty to those traders.

Jupiter Perps uses a trader-to-liquidity-provider model rather than relying primarily on a conventional order book:

1. A trader deposits collateral and requests a leveraged position.
2. Jupiter’s perpetuals program obtains the required market exposure from the JLP pool.
3. An off-chain keeper validates and fulfills the request on Solana.
4. Oracle prices determine trade execution, liquidations, and position accounting.
5. JLP holders receive a share of eligible fees, while also bearing the pool’s exposure to trader profits and losses.

The JLP token contract is:

```text
27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4
```

It can be viewed on [Solscan](https://solscan.io/token/27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4).

## Underlying JLP pool

The pool is a multi-asset portfolio containing volatile cryptoassets and stable-value assets. Jupiter’s official documentation identifies the following custody assets:

| Asset | Role in the pool |
|---|---|
| [SOL](https://coinstats.app/coins/solana) | Volatile collateral, market exposure, and potential staking yield |
| [ETH](https://coinstats.app/coins/ethereum) | Volatile collateral and market exposure |
| Wrapped [Bitcoin](https://coinstats.app/coins/bitcoin) | Volatile collateral and market exposure |
| [USDC](https://coinstats.app/coins/usd-coin) | Stablecoin collateral and settlement liquidity |
| [USDT](https://coinstats.app/coins/tether) | Stablecoin liquidity |
| JupUSD | Jupiter ecosystem stable-value asset |

The exact composition is dynamic. Target weights and current weights can change as users mint or redeem JLP, asset prices move, traders borrow liquidity, and the protocol adjusts its risk parameters.

An August 2026 summary of previously published target weights described approximate allocations of 44% [SOL](https://coinstats.app/coins/solana), 9% [ETH](https://coinstats.app/coins/ethereum), 11% [Bitcoin](https://coinstats.app/coins/bitcoin), 27% [USDC](https://coinstats.app/coins/usd-coin), and 9% [USDT](https://coinstats.app/coins/tether). These percentages should not be treated as permanent weights, particularly because JupUSD was subsequently added to the pool.

A significant portion of the pool’s SOL has reportedly been natively staked to the Jupiter validator. This can provide additional staking-related yield, but unstaking may take approximately two to three days, or about two Solana epochs, when liquidity is required.

## How JLP value is calculated

Jupiter describes JLP’s virtual price using the basic relationship:

```text
JLP Virtual Price = Total JLP Pool Assets in USD ÷ Total JLP Supply
```

The value of each token therefore depends on:

- The market value of assets held by the pool.
- Trading and borrowing fees.
- Price-impact fees.
- Swap, minting, and redemption fees.
- Liquidation penalties and remaining collateral.
- Aggregate trader profit and loss.
- Pool utilization and asset-weight imbalances.
- The supply of JLP tokens in circulation.

JLP is not a stablecoin. Its value can rise or fall with the underlying asset basket, trader performance, liquidity conditions, and secondary-market demand.

When the pool collects fees or traders lose money overall, pool assets can increase and the virtual price may rise. Conversely, declines in volatile assets or net profits earned by traders can reduce the value attributable to JLP holders.

## Fee and yield mechanics

JLP’s return is generally embedded in its value rather than paid as a separate reward token. Fees are periodically redeposited into the pool, increasing the pool’s assets and potentially increasing the virtual price.

Jupiter documentation states that **75% of fees generated by Jupiter Perps is allocated to the JLP pool**, while the remaining 25% goes to Jupiter as protocol revenue. The LP allocation can include:

- Position-opening fees.
- Position-closing fees.
- Price-impact fees.
- Borrow fees.
- Swap fees.
- JLP minting and redemption fees.
- Liquidation penalties and remaining collateral from liquidated positions.

The 75% LP allocation has been described as being redeposited hourly. This means JLP holders normally do not claim a separate stream of tokens. Instead, the income is reflected in the value of the pool backing each token.

The main documented fee categories include:

| Fee type | Description |
|---|---|
| Base trading fee | Approximately 0.06% of trade size when opening or closing a position |
| Price-impact fee | Variable charge based on trade size and open-interest imbalance |
| Borrow fee | Accrues hourly while leveraged positions remain open |
| Swap fee | Charged when collateral or settlement requires asset conversion |
| Mint/burn fee | Charged when users deposit assets to mint or redeem JLP |
| Liquidation penalty | Remaining collateral from liquidated positions may flow to the pool |

Base swap rates have been documented at approximately 0.10% for [SOL](https://coinstats.app/coins/solana), [ETH](https://coinstats.app/coins/ethereum), and wrapped [Bitcoin](https://coinstats.app/coins/bitcoin), and approximately 0.02% for [USDC](https://coinstats.app/coins/usd-coin) and [USDT](https://coinstats.app/coins/tether). The final charge can be adjusted depending on whether a transaction moves the pool closer to or farther from its target asset weights.

The APY displayed on Jupiter’s JLP Earn interface is a fee-yield indicator, not a guaranteed total-return figure. Jupiter has stated that the figure is based on recent fee allocation, reportedly using the previous week’s fees and updating the metric every seven days. It does not necessarily include:

- Appreciation or depreciation of volatile pool assets.
- Gains or losses from trader PnL.
- Premiums or discounts in the secondary-market price.
- Borrowing costs or risks from external JLP strategies.

Community discussions during 2026 cited product-specific yields such as approximately 10.28% APY for one delta-neutral strategy, up to 37.5% APY for certain JLP/JupUSD multiply vaults, and approximately 4.8% APY for some JupUSD-related lending products before leverage effects. Those figures apply to particular products and periods, not to unleveraged JLP itself.

## Minting, buying, and redemption

JLP can be obtained in two main ways.

### Direct minting

Users can deposit eligible assets through Jupiter’s Earn interface. Documented deposit assets include [SOL](https://coinstats.app/coins/solana), [ETH](https://coinstats.app/coins/ethereum), wrapped [Bitcoin](https://coinstats.app/coins/bitcoin), [USDC](https://coinstats.app/coins/usd-coin), and [USDT](https://coinstats.app/coins/tether).

The protocol mints JLP based on:

- The USD value of the deposited asset.
- The pool’s current virtual price.
- Applicable minting and weight-based fees.
- Current pool limits and asset composition.

Direct minting is subject to the pool’s AUM cap. When the cap is reached, additional JLP cannot be minted directly from the pool, although it may still be possible to buy existing JLP through Jupiter Swap.

### Secondary-market purchases

JLP can also be purchased through Jupiter Swap or other Solana-based venues. Secondary-market pricing can differ from the pool’s virtual price. JLP may trade at a premium when direct minting is unavailable or demand exceeds available inventory, and it may trade at a discount when market sentiment or liquidity conditions deteriorate.

### Redemption

Holders can burn JLP through the Earn interface and request an underlying asset, subject to:

- Available pool liquidity.
- The pool’s asset weights.
- Weight-based fees.
- AUM and withdrawal conditions.
- Possible delays related to staked [SOL](https://coinstats.app/coins/solana).

Weight-based fees are designed to discourage deposits into already-overweight assets or withdrawals from underweight assets. The documented base rates are approximately 10 basis points for non-stablecoin assets and 2 basis points for stablecoins, with adjustments depending on how a transaction affects the pool’s target composition.

## Main use cases

### 1. Liquidity provision for perpetual futures

This is JLP’s primary purpose. Holders supply the capital used by traders to obtain leveraged exposure to supported markets, which have included [SOL](https://coinstats.app/coins/solana), [ETH](https://coinstats.app/coins/ethereum), and wrapped [Bitcoin](https://coinstats.app/coins/bitcoin).

JLP provides passive exposure to the economics of a derivatives venue without requiring holders to actively open leveraged positions themselves. However, that passive structure does not remove risk. Holders remain economically exposed to the aggregate results of those positions.

### 2. Fee-generating crypto exposure

JLP combines several return sources:

- Value changes in the underlying asset basket.
- Perpetual trading fees.
- Borrowing fees.
- Price-impact fees.
- Liquidation proceeds.
- Potential [SOL](https://coinstats.app/coins/solana) staking rewards.
- Net trader profit and loss.

This makes JLP more comparable to an actively managed derivatives-liquidity position than to a simple cryptocurrency holding.

### 3. DeFi collateral

JLP is a standard SPL token and can be integrated into other Solana applications. Jupiter has specifically described JLP Loans, which allow users to deposit JLP as collateral and borrow [USDC](https://coinstats.app/coins/usd-coin).

JLP has also been discussed as collateral in broader Solana DeFi products, including integrations involving Kamino. Using JLP as collateral introduces additional liquidation, borrowing, and smart-contract risks beyond simply holding the token.

### 4. Delta-neutral strategies

JLP contains directional exposure to volatile assets and trader PnL. Third-party providers such as TradeNeutral have developed strategies intended to hedge some of that exposure while retaining access to fee economics.

A delta-neutral product may reduce sensitivity to asset-price movements, but it introduces other risks, including:

- Hedge execution risk.
- Funding costs.
- Counterparty and custody risk.
- Basis risk.
- Strategy-specific liquidation or solvency risk.

### 5. Leveraged or “multiply” strategies

Some Jupiter-related products allow users to borrow against JLP and loop the exposure, often using [USDC](https://coinstats.app/coins/usd-coin) or JupUSD. These strategies can increase nominal yield when conditions are favorable, but they also magnify losses and create liquidation risk.

## Core risk profile

### Trader counterparty risk

The defining risk is that JLP holders are the counterparty to Jupiter Perps traders.

- When traders lose overall, the pool may benefit in addition to collecting fees.
- When traders profit overall, their gains are paid from the pool.
- A strong directional market may create losses if traders are positioned correctly and with substantial leverage.
- Fees may not be sufficient to offset trader profits during stressed conditions.

This is why community analysts have compared JLP to a “junior tranche” of a perpetual-futures platform. It earns revenue for accepting risk that senior liquidity providers or traditional market makers might otherwise absorb.

### Market exposure

The volatile assets in the pool mean that JLP can decline when the broader crypto market falls. It will not necessarily track a simple basket of [SOL](https://coinstats.app/coins/solana), [ETH](https://coinstats.app/coins/ethereum), and [Bitcoin](https://coinstats.app/coins/bitcoin), because fees and trader PnL can either improve or reduce performance.

Jupiter’s documentation and community commentary suggest that JLP may perform relatively better in sideways or bearish conditions if traders are less profitable. In a strong bull market, however, profitable long positions may create a drag compared with directly holding the underlying assets.

### Oracle risk

Jupiter Perps relies on oracle pricing rather than only exchange order books. The documented oracle architecture identifies Edge by Chaos Labs as the primary oracle, with Chainlink and Pyth used for verification and fallback purposes.

Oracle problems could affect:

- Trade execution.
- Liquidation prices.
- Margin calculations.
- Position valuation.
- The distribution of gains and losses between traders and LPs.

Multiple oracle sources reduce single-provider dependence, but they do not eliminate inaccurate, delayed, manipulated, or conflicting data.

### Smart-contract and keeper risk

JLP depends on Jupiter’s:

- Pool and custody-account programs.
- Position and margin accounting.
- Liquidation logic.
- Minting and redemption functions.
- Oracle integrations.
- Automated keeper infrastructure.

A keeper detects and fulfills trade requests. Delays, Solana congestion, transaction failures, or incorrect execution could affect both traders and liquidity providers. Audits can reduce the probability of vulnerabilities but cannot remove smart-contract or upgrade risk.

### Liquidity and AUM-cap risk

The pool can limit or suspend direct minting when its AUM cap is reached. Redemptions may also be affected by asset availability, target weights, market stress, and the amount of immediately liquid [SOL](https://coinstats.app/coins/solana).

Where SOL is staked, the protocol may need to wait for the standard Solana deactivation process before accessing those funds.

### Concentration risk

JLP ownership and liquidity may be concentrated among pool-related accounts, exchanges, market makers, or large wallets. Supply and holder data can differ between trackers because of varying treatment of pool-held tokens and indexing methods. Current on-chain data is therefore more reliable than a single static holder statistic.

## Tokenomics and supply

JLP’s tokenomics differ substantially from those of JUP, Jupiter’s governance and ecosystem token.

### Supply data available as of the supplied market snapshot

The CoinStats snapshot reported:

| Metric | Reported figure |
|---|---:|
| Price | $4.4596 |
| Market capitalization | $873.67 million |
| Circulating supply | 196,003,554 JLP |
| Total supply | 196,003,554 JLP |
| Fully diluted valuation | $873.67 million |
| 24-hour volume | $8.82 million |
| Market rank | 105 |
| 24-hour change | +1.61% |
| 1-hour change | +0.20% |
| 7-day change | +1.10% |
| Liquidity score | 30.55 |
| Risk score | 57.04 |
| Volatility score | 3.60 |

The equal circulating and total-supply figures in that listing suggested no separately reported locked or uncirculated supply at that time. However, other market-data providers reported circulating-supply figures ranging from approximately 196 million to more than 225 million during late August and early September 2026.

Those differences are plausible because JLP has dynamic supply and trackers may use different definitions for:

- Circulating tokens.
- Pool-held tokens.
- Treasury or program accounts.
- Burned or escrowed balances.
- Newly minted or redeemed tokens.

Accordingly, JLP does not have a particularly meaningful fixed maximum-supply figure. The more important metrics are current total supply, pool AUM, virtual price, asset weights, utilization, and the distribution of tokens across pool and user accounts.

### Issuance and redemption mechanics

- Deposits into the pool mint new JLP.
- Redemptions burn JLP.
- Supply can expand or contract according to liquidity inflows and outflows.
- Fees and trader PnL generally affect the pool’s net asset value and virtual price rather than creating a separate token emission.
- No conventional mining, staking-emission, or annual inflation schedule has been identified.
- JLP does not appear to use a standard team, investor, or community allocation schedule.

JLP’s issuance is therefore elastic and asset-backed rather than inflationary in the conventional governance-token sense.

## Consensus and network security

JLP has no independent consensus mechanism, validator set, or blockchain. It inherits base-layer security from Solana’s proof-of-stake network, including:

- Solana validators.
- Transaction ordering and finality.
- Solana account and program execution.
- Network-level token custody and transfers.

Application-level security depends on Jupiter’s own infrastructure:

- Perpetuals smart contracts.
- Oracle providers.
- Keeper execution.
- Margin and liquidation rules.
- Position and exposure limits.
- Pool custody accounts.
- AUM caps.
- Utilization-based borrowing rates.
- Price-impact fees.
- Weight-based minting and redemption fees.

Solana security protects ownership and settlement of JLP, but it does not guarantee that Jupiter’s risk engine, oracle system, liquidation mechanism, or third-party vaults will operate correctly.

## Founding team and project history

JLP is a product within the Jupiter ecosystem, not an independently founded cryptocurrency project.

Jupiter began around October 2021 as a Solana decentralized-exchange aggregator designed to route trades across fragmented AMM and DEX liquidity. Independent reporting identifies pseudonymous developer **Meow** and **Siong Ong** as co-founders. Meow remains Jupiter’s most visible public-facing founder.

Meow’s background has been associated with projects and companies including Instadapp, Fluid, Kyber, Blockfolio, Handshake, and Meteora. Meteora is a separate Solana liquidity protocol, although the projects share ecosystem and development-history links.

Jupiter’s expansion has included:

| Period | Development |
|---|---|
| October 2021 | Jupiter’s founding period as a Solana swap aggregator |
| Late 2023 | Expansion into perpetual futures and announcement of the separate JUP token |
| Early October 2023 | Jupiter Perps launch, according to OurNetwork |
| Early 2024 | Launch of JUP through Jupiter’s LFG initiative |
| 2024 | Rapid growth of the JLP pool and Jupiter Perps trading activity |
| August 2025 | Launch of Jupiter Lend in partnership with Fluid |
| January 2026 | Expansion of JLP lending, delta-neutral, and JupUSD-related initiatives |
| June 2026 | Addition of JupUSD as a JLP custody asset, according to reporting |
| 2026 | Continued development of Perps V2 concepts, APIs, lending, prediction markets, and integrations |

An October 2024 OurNetwork report stated that the JLP pool had grown from zero to more than $700 million in TVL during its first year and that Jupiter Perps had processed more than $100 billion in cumulative volume by that point. In a January 2025 essay, Meow described Jupiter as having generated $140 billion in volume in less than 12 months.

The figures are historical and should not be confused with current JLP AUM or current Jupiter Perps volume.

## Partnerships and ecosystem integrations

Key integrations and collaborations include:

| Partner or product | Relevance |
|---|---|
| Solana | Base blockchain and settlement layer |
| Edge by Chaos Labs | Primary Perps oracle |
| Chainlink | Oracle verification and fallback data |
| Pyth | Oracle verification and fallback data |
| Jupiter Swap | Secondary-market trading of JLP |
| Jupiter Loans | JLP-collateralized borrowing |
| Jupiter Lend and Fluid | Broader lending integration launched in 2025 |
| Kamino | Reported collateral and DeFi composability |
| TradeNeutral | Delta-neutral JLP strategies |
| Ethena | JupUSD infrastructure partnership |
| Jupiter validator | Native staking destination for some pool SOL |
| Moonshot | Announced planned Jupiter Perps integration for mobile leverage trading |
| Circle | Cross-Chain Transfer Protocol integration for USDC liquidity |
| Gauntlet | Risk and market-parameter research |
| Chaos Labs | Risk modeling, borrow rates, price impact, and pool optimization |
| Polymarket | Planned or reported prediction-market integration on Solana |

The Moonshot announcement described a potential product for more than 2 million users and cited Jupiter Perps’ 2025 volume at more than $264 billion. The announcement said the launch date would be confirmed separately, so it should be treated as a planned integration rather than proof of a completed rollout.

By June 2026, JupUSD had reportedly become the sixth custody asset in the pool after launching in January 2026 through a Jupiter and Ethena partnership.

## Competitive position

### Comparison with GMX GLP

JLP is structurally similar to the original GLP model associated with GMX:

| Feature | JLP | GMX-style GLP model |
|---|---|---|
| Liquidity model | Shared pool acts as counterparty to traders | Shared pool acts as counterparty to traders |
| Holder return | Fees, pool performance, trader PnL | Fees, pool performance, trader PnL |
| Blockchain focus | Solana | Originally associated with Arbitrum and Avalanche |
| Asset basket | SOL, ETH, wrapped BTC, stablecoins, JupUSD | Protocol-specific basket |
| Main risk | Trader profits, asset prices, oracle and smart-contract risk | Similar counterparty and pool risks |
| Composability | Solana DeFi, lending, vaults, Jupiter products | Ecosystem-specific DeFi integrations |

JLP’s main distinction is its Solana-native architecture and deep integration with Jupiter’s broader trading interface. Solana provides low transaction costs and high throughput, while Jupiter combines swaps, perps, lending, staking, and other financial products.

### Comparison with order-book and hybrid venues

JLP’s peer-to-pool design differs from venues such as Drift and Hyperliquid, which use order-book or hybrid market structures.

Potential advantages of the pool model include:

- Shared liquidity across traders.
- Oracle-priced execution.
- Simple passive access for liquidity providers.
- Potentially deep liquidity without requiring LPs to manage individual orders.
- Fee income that is automatically reflected in the pool.

The trade-off is that JLP holders directly absorb trader PnL. In an order-book system, market makers may manage inventory and hedge risk more actively, while JLP holders are exposed to the aggregate results of the protocol’s risk engine and trader population.

## Competitive advantages and unique value proposition

JLP’s distinctive features are:

1. **Direct exposure to derivatives-market revenue:** Holders receive exposure to 75% of eligible Jupiter Perps fees.
2. **Solana-native execution:** The token operates within a fast, low-cost blockchain ecosystem.
3. **Multi-asset backing:** The pool combines major volatile assets with stablecoins and Jupiter’s stable-value products.
4. **Automatic value accrual:** Fees are generally reinvested into the pool rather than distributed through a separate inflationary reward token.
5. **Composability:** JLP can be traded, transferred, used as collateral, or deposited into structured strategies.
6. **Integrated ecosystem:** Jupiter connects swaps, perpetuals, lending, staking, stablecoins, mobile products, and prediction-market initiatives.
7. **Risk-management development:** Gauntlet and Chaos Labs collaborations have addressed borrowing rates, price impact, pool weights, and exposure limits.
8. **Potential staking contribution:** Staked [SOL](https://coinstats.app/coins/solana) can add another source of pool income.

The central trade-off is that JLP is not passive, risk-free yield. It is a pooled underwriting position for a leveraged trading venue.

## Development activity and roadmap through September 2026

Jupiter’s 2025 and 2026 development direction has focused on turning the platform into a broader on-chain financial ecosystem.

### Perpetuals and risk-engine improvements

Research and governance discussions have covered:

- Dynamic and dual-slope borrowing rates.
- Revised fee models.
- More granular price-impact mechanisms.
- JLP asset-weight optimization.
- Additional collateral and custody assets.
- Limit orders.
- Expanded market coverage.
- Copy trading.
- Trading vaults.
- Volume-based rebates.
- Improved execution and user experience.

A June 2026 third-party report described a Perps V2 rollout focused on the risk engine and liquidity-pool architecture, with intended improvements to throughput, spreads, and execution reliability. This report was not identified as a primary Jupiter announcement, so the precise implementation status should be treated as unverified.

### JupUSD integration

The addition of JupUSD to the pool in 2026 was one of the clearest JLP-related developments. Jupiter’s materials indicate that JupUSD is intended to become increasingly important across Perps, lending, swaps, and mobile products.

Some official materials also indicate a longer-term intention for JupUSD to progressively replace or become more central than the existing JLP stack. The available documentation does not specify a final migration date or fully explain how such a transition would affect existing JLP supply, redemptions, fee distribution, or collateral arrangements.

### Developer infrastructure

Jupiter’s developer platform includes documentation for:

- JLP pool data.
- Custody accounts.
- Perpetuals positions.
- Fee structures.
- APIs for interacting with Jupiter Perps.

The Perps API has been labeled a work in progress, indicating ongoing development of programmatic access and developer tooling.

### Broader platform expansion

Jupiter’s wider roadmap has included:

- Jupiter Lend.
- JupUSD.
- Mobile and third-party distribution.
- Jupiter Predict and prediction-market integrations.
- Continued perps risk-engine upgrades.
- Additional JLP assets and collateral options.
- Lending and structured-yield products.
- Community milestones such as Catstanbul 2025 and the longer-term Checkpoint 2027 initiative.

Proposals discussed in Jupiter’s research forums should be distinguished from completed features. The clearest completed JLP-related change identified in the available research is the addition of JupUSD as a custody asset in June 2026.

## 2026 market and community perspective

Community sentiment in 2026 was mixed.

### Early 2026

From January through March, discussion emphasized:

- JLP’s 75% fee allocation.
- JLP Loans.
- Delta-neutral vaults.
- JLP/JupUSD multiply products.
- Capital efficiency and new ways to use JLP as collateral.

This period was characterized by optimism about turning JLP into a broader yield and collateral platform.

### Mid-to-late 2026

By July and August, discussion increasingly focused on:

- Whether Jupiter Perps revenue was sustainable.
- Competition from Hyperliquid.
- Declining or changing market share.
- Trader-PnL risk.
- The need for hedging.
- Liquidity and redemption conditions.

One community analysis argued that Jupiter Perps revenue had declined from approximately $8 million per month a year earlier to roughly $3 million, partly because of competitive pressure from Hyperliquid. Another community snapshot cited approximately $773 million in Jupiter Perps TVL, $55 billion in 30-day volume, $8.54 million in fees, and $2.13 million in protocol revenue. These figures came from community sources rather than an official financial statement and should be treated as indicative, not definitive.

Sentiment was therefore divided:

- Supporters viewed JLP as a way to gain exposure to Jupiter’s trading growth and fee revenue.
- Critics emphasized that high yield compensates holders for counterparty and market risk.
- Some analysts promoted delta-neutral strategies as a way to isolate fee income.
- Others noted that hedged products add funding, basis, operational, and third-party risks.
- Large, established KOL participation appeared limited, with discussion driven mainly by community accounts and product-focused commentators.

## Overall assessment

JLP is best understood as a dynamically supplied liquidity-share token for Jupiter Perps. It combines:

- A basket of [SOL](https://coinstats.app/coins/solana), [ETH](https://coinstats.app/coins/ethereum), wrapped [Bitcoin](https://coinstats.app/coins/bitcoin), stablecoins, and JupUSD.
- A share of Jupiter Perps trading and related fees.
- Exposure to trader profit and loss.
- Potential SOL staking income.
- Composability with Jupiter’s lending and structured-yield products.

Its most important characteristic is also its main risk: JLP holders are economically underwriting leveraged traders. Returns can be attractive when trading activity is high and traders lose overall, but they can be impaired by falling asset prices, profitable traders, oracle failures, smart-contract issues, keeper failures, liquidity constraints, or declining protocol revenue.

JLP is therefore materially different from a fixed-income token, stablecoin, or ordinary passive index. The most relevant metrics to monitor are current pool AUM, virtual price, asset weights, utilization, trader open interest, fee generation, redemption conditions, circulating supply methodology, and any changes connected to the proposed expansion of JupUSD within Jupiter’s perps architecture.

**Sources:**
- [CoinStats JLP Listing](https://coinstats.app/coins/jupiter-perpetuals-liquidity-provider-token/)
- [Jupiter JLP Documentation](https://docs.jup.ag/user-docs/earn/jlp)
- [Earn with JLP](https://docs.jup.ag/user-docs/trade/perps-and-jlp/earn)
- [Jupiter Perpetuals Documentation](https://docs.jup.ag/user-docs/trade/perps)
- [Jupiter Perps Fees](https://docs.jup.ag/user-docs/trade/perps/fees)
- [Jupiter Perps Liquidation Documentation](https://docs.jup.ag/user-docs/trade/perps/liquidation)
- [Jupiter Perps Developer Overview](https://dev.jup.ag/docs/perps)
- [Jupiter JLP Pool Account](https://dev.jup.ag/docs/perps/pool-account)
- [Jupiter JLP Token Page](https://jup.ag/tokens/27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4)
- [JupUSD](https://jupusd.jup.ag/)
- [Solscan JLP Token Explorer](https://solscan.io/token/27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4)
- [Jupiter Research, Perpetuals](https://discuss.jup.ag/c/jupiter-products/perpetuals/18)
- [OurNetwork Derivatives Report](https://www.ournetwork.xyz/issues/on-278-derivatives)
- [What Is Jupiter? CoinGecko](https://www.coingecko.com/learn/what-is-jupiter-crypto-solana)
- [Jupiter Perpetual Exchange Analysis](https://decentralparkcapital.substack.com/p/a-deep-dive-into-the-jupiter-perpetual-0d2)
- [JupUSD Added to the JLP Pool](https://solanacompass.com/news/jupusd-joins-jlp-as-a-custody-asset-expanding-jupiters-stablecoin-into-its-perps-pool)
- [Jupiter’s Polymarket Integration](https://www.coindesk.com/markets/2026/02/02/jupiter-brings-polymarket-to-solana-and-lands-usd35-million-investment-deal)
- [Moonshot International Integrates Jupiter Perpetuals](https://www.morningstar.com/news/pr-newswire/20260314to10262/moonshot-international-integrates-jupiter-perpetuals-to-power-mobile-leverage-trading-for-2m-users)
- [Jupiter Exchange JLP Announcement](https://x.com/JupiterExchange/status/2017486007159922934)
- [Jupiter Exchange JupUSD Updates](https://x.com/JupiterExchange/status/2029020662577480125)
- [Jupiter Earn Multiply Vaults](https://x.com/jupiter_earn/status/2035286187078975547)
- [JLP Delta-Neutral Strategy](https://x.com/SolanaSensei/status/2017968944343343429)
- [TradeNeutral JLP Strategy](https://x.com/TradeNeutral/status/2080755285157945480)
- [Jupiter Perps Revenue Analysis](https://x.com/FabianoSolana/status/2081352596955275441)
- [JLP Risk Discussion](https://x.com/0xJayeshYadav/status/2089728672664326454)
- [Jupiter Perps Security Review](https://x.com/yieldwirexyz/status/2081853680421109965)
- [Meow Biography](http://meow.bio/)
- [JUP, YOU & ME](http://meow.bio/jup-3.html)

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## Related Questions

- How do JLP minting fees adjust when asset weights drift from targets?
- What liquidation penalty percentage flows back into the JLP pool?
- How does the AUM cap currently affect new JLP minting availability?

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*This article was generated by [CoinStats AI](https://coinstats.app/ai)*