JLP Unpacked
What's inside JLP?
JLP is the liquidity token of Jupiter's perpetuals exchange on Solana. Here is its live price, its yield and exactly what backs each token — read straight from the blockchain.
APR 11.1% · from last week's fees, updated Oct 31, 2026
Get JLP on Jupiter ↗What's inside 1 JLP
Each JLP is a share of a basket of tokens. Right now, one JLP is backed by:
| Asset | Per JLP | Value | Weight | Target |
|---|---|---|---|---|
| SOL | 0.022 | $2.09 | 47.4% | 47% |
| USDC | 1.28 | $1.28 | 29.1% | 30% |
| BTC | 0.00000802 | $0.62 | 14.1% | 13% |
| ETH | 0.000142 | $0.32 | 7.3% | 8% |
| JupUSD | 0.0917 | $0.09 | 2.1% | 2% |
Weights are by value at market prices and move with the market. Jupiter steers the pool towards its targets with fees. The tokens don't add up exactly to JLP's price, because the price also counts traders' open profits and losses.
Where the yield comes from
- 1
Traders pay fees
Opening and closing positions, borrowing and swapping on Jupiter Perps all cost fees.
- 2
75% goes to the pool
Every hour, 75% of these fees are added to the pool. The rest goes to Jupiter.
- 3
The pool grows
More value in the pool, the same number of JLP.
- 4
JLP's price rises
Your number of JLP doesn't change — each JLP is simply worth more.
What can I do with my JLP?
Two ways to use your JLP, from the simplest to the more advanced.
Hold them
- How it works
- You keep your JLP in your wallet and do nothing. The yield is added to the token's price automatically.
- The goal
- Earn 75% of Jupiter Perps fees (current APY: 11.8%) while staying exposed to a basket of SOL, ETH, BTC and stablecoins. It's the simplest option: nothing to manage, no liquidation risk.
- The risks
- Those of JLP itself: the price falls if SOL, ETH or BTC fall, or if traders make money. Plus the smart contract risk of Jupiter Perps.
Leverage with Jupiter Lend Multiply
- How it works
- You deposit your JLP as collateral on Jupiter Lend. The protocol borrows USDC, swaps it for JLP and deposits it again, in a loop, up to the leverage you choose (for example 2x). It all happens in a single transaction.
- The goal
- Multiply JLP's yield. At 2x leverage, you earn the yield on twice as much JLP, minus the interest on the borrowed USDC. It only pays off if JLP's yield is higher than the USDC borrow rate.
- The risks
- Leverage also multiplies losses. If JLP falls, part of your position can be liquidated, with a penalty. And if the USDC borrow rate rises above JLP's yield, the position loses money even when the price doesn't move. Plus the smart contract risk of Jupiter Lend. Keep an eye on your position.
FAQ
What is JLP?
JLP is the liquidity provider token of Jupiter Perps, Jupiter's perpetuals exchange on Solana. Holding JLP means owning a share of the pool that traders borrow from and trade against. That pool holds SOL, ETH, BTC and stablecoins.
Where does the yield come from?
From trading fees. Traders on Jupiter Perps pay fees to open and close positions, to borrow and to swap. Every hour, 75% of these fees are added to the pool; the rest goes to Jupiter.
Why doesn't my JLP balance go up?
Because the yield is built into the price. JLP doesn't send rewards or mint new tokens: fees are added to the pool, so each JLP is worth more. Your number of JLP stays the same while its price rises.
What exactly is inside JLP?
A basket of SOL, USDC, BTC, ETH, and JupUSD. Jupiter sets a target weight for each asset and nudges the pool towards it with fees. USDT: 0% target today, so the pool holds almost none. The live breakdown is shown above.
How much SOL am I exposed to?
Right now about 47% of the pool is SOL: one JLP is backed by about 0.022 SOL. JLP's price therefore moves partly with SOL — less than holding SOL directly, since about 31% of the pool is stablecoins.
How is the APY calculated?
Every 7 days, Jupiter turns the previous week's fees into a yearly rate (the APR). The APY assumes that yield compounds daily. It is in USD and only counts fees: it ignores price moves of the assets in the pool and traders' profits or losses.
Can JLP's value go down?
Yes. JLP isn't a stablecoin: its price follows the tokens in the pool. If SOL, ETH or BTC fall, JLP falls too — though less, since about 31% of the pool is stablecoins. It can also dip when traders are in profit, because the pool pays their gains. Fees push the price up over time, but they don't always make up for a market drop.
What are the risks?
Three main ones. If SOL, ETH or BTC fall, the pool loses value. If traders make money, their profits are paid by the pool. And like any protocol, there is smart contract risk: Jupiter Perps is audited, but no audit removes all risk.
Why do traders' profits matter for JLP?
The pool is the counterparty to every trade. When traders win, the pool pays them and JLP's price goes down. When they lose, their losses stay in the pool and JLP's price goes up. Fees keep coming in either way.
How do I buy or sell JLP?
The simplest way is to swap any token for JLP on Jupiter, which usually gives the best price. You can also mint or redeem JLP directly from the pool, for a base fee of 0.20%. That fee shrinks (down to 0%) if your deposit or withdrawal moves the pool towards its targets, and grows (up to 1.20%) if it moves it away.
Is there a limit on how much JLP can exist?
Yes. The pool is capped at $3B of assets (currently $812.1M). Once the cap is reached, no new JLP can be minted from the pool, and JLP may trade above its pool value on the market.
Why does the pool lend out USDC?
Through JLP Loans, holders can deposit JLP as collateral and borrow USDC from the pool, up to 90% of their collateral's value. Borrowers pay interest, and the lent USDC still belongs to the pool — it's included in the breakdown above.
Is JLP better than just holding SOL?
It's a different bet. JLP earns trading fees and is partly in stablecoins, so it tends to fall less than SOL in a downturn — but it also rises less in a strong rally, when traders betting on SOL tend to profit. This page is educational, not financial advice.