Jupiter JUP$0.261+5.3%'s perpetual futures platform added six new markets on September 22, expanding its on-chain derivatives suite with a mix of crypto assets and tokenized equities: HYPE (HYPE), ZEC (ZEC), SPCXx (SPCX, representing tokenized SpaceX shares), SNDK (SNDK, tokenized SanDisk/Western Digital), SKHYNIX (tokenized SK Hynix), and JUP (JUP). Jupiter confirmed the launch at 09:30 UTC; sssionggg, a team architect, had described the GUM network infrastructure in a thread two hours earlier.
These markets run on a different engine than Jupiter's existing perpetual futures. The earlier BTC, SOL, and ETH markets use the Jupiter Liquidity Pool (JLP), a trader-to-LP model where users borrow against pooled assets. The six new markets are powered by the GUM network's native orderbook, which gives them a central limit order book structure rather than a liquidity pool counterparty.
GUM Orderbook and How Cross-Chain Orders Work on Solana
Sssionggg described the GUM architecture as the mechanism making the expansion possible. Users place orders directly from their Solana wallets without bridging funds or switching networks; the GUM network handles cross-chain settlement transparently. Jupiter's earlier perps limited markets to assets with deep JLP-pool backing; the GUM orderbook removes that constraint, opening the platform to tokenized equities and other assets that do not fit a pooled-liquidity model.
Jupiter's team indicated that more markets are coming, citing the GUM architecture as the enabling layer. Details on the broader cross-chain design were described as forthcoming.
New Market Specs: Leverage, Funding Rates, Chainlink Oracles
All six markets accept USDC as collateral. Funding rates settle hourly, compared to the typical eight-hour settlement cycle on centralized exchanges, and Chainlink oracles supply price feeds.
HYPE, ZEC, and SPCX each carry a 20x leverage cap; JUP is capped at 10x. SNDK and SKHYNIX, both tokenized securities from Backpack Securities, are included in the launch cohort. SNDK represents tokenized SanDisk (Western Digital) shares; SKHYNIX tracks SK Hynix, the South Korean semiconductor manufacturer. Backpack Securities, which drew attention for its sub-0.2% fee structure relative to competing tokenized-stock platforms, issues both tokens.
Beta Access Requires Staking 69 JUP
Early access to the new markets requires staking a minimum of 69 JUP. Jupiter describes the threshold as a beta gate, not a permanent requirement.
JLP Pool vs GUM Orderbook: Two Jupiter Perpetuals Systems Now Running in Parallel
The six new markets arrive on the same day that Jupiter Lend crossed $2.41 billion in total deposits, a separate milestone for its lending product. The two events are operationally independent.
Jupiter's existing JLP-backed perpetuals for BTC, SOL, and ETH support leverage up to 250x via an oracle-priced model with the JLP pool as counterparty. The GUM orderbook markets add a central limit order book execution venue for the six new assets, meaning the two systems operate in parallel with distinct mechanics.
