Jupiter

Jupiter (jup.ag) is the Solana DeFi platform, not the planet or the UK fund manager. It started in November 2021 as a DEX aggregator that routes each swap across Solana's exchanges for the best net price. It has since grown into what it calls "The Home of Onchain Finance": spot and tokenized-stock trading, perpetual futures backed by the JLP pool, Jupiter Lend, the JupSOL liquid staking token, the JupUSD stablecoin, prediction markets, a wallet and a mobile app with a payment card. In July 2026 Jupiter reorganised these products into three pillars, Trade, Earn and Manage, according to Crypto Briefing. Swaps, lending and perps settle on-chain from your own wallet. The JUP token is used for governance and staking.

How Jupiter Exchange works: swap routing, Ultra and fees

Jupiter doesn't hold liquidity for spot swaps. On each trade it checks venues such as Raydium RAY$1.84-7.7%, Orca ORCA$1.83-13.3% and Meteora MET$0.333-7.3%, along with professional market makers, and can split one order across several routes to cut price impact. The managed execution layer, Ultra (V3 shipped in October 2025), handles transaction landing, slippage and priority fees for the user. Developers can use the managed /order endpoint or build raw swap instructions themselves, per Jupiter's developer docs. The underlying router, Metis, was spun out in November 2025 as a standalone primitive.

Ultra swap fees are published by pair type:

• 0 bps for pegged pairs (LST to LST, stable to stable) and for buys of JUP, JLP or jupSOL;
• 2 bps for SOL to stablecoin, and 5 bps for LST to stablecoin;
• 10 bps for all other pairs, and 50 bps for tokens less than 24 hours old.

Recent execution changes: on 28 September 2026 Jupiter added Solana's Transaction V1 format to jup.ag and Jupiter Wallet. It said the larger transactions improve execution on 18% of pairs (our coverage). Universal Deposit launched on 2 September 2026. It turns tokens sent from Ethereum, Base, Arbitrum or Sui into USDC in a Solana wallet for a flat $0.30 fee, and has since expanded to Robinhood Chain and BNB Smart Chain.

Jupiter limit orders and DCA

Jupiter's vault-based orders support single limit orders, OCO (one-cancels-the-other) and OTOCO (one-triggers-OCO) brackets, and dollar-cost averaging with time and price conditions. Funds wait in an order vault until the conditions are met. On 30 September 2026 Jupiter became the first app to support Anza's off-chain message signing standard for limit orders and DCA. Ledger hardware wallet users now see readable order details instead of blind-signing (announcement, our coverage).

Jupiter Perps and JLP: leverage, fees and how the pool earns

Jupiter Perpetuals lets traders go long or short with up to 250x leverage, according to jup.ag. The original markets (SOL, ETH and BTC) trade against a single liquidity pool, so there is no order book. Liquidity providers hold JLP, a token backed by a basket of SOL, ETH, WBTC, USDC and USDT. When traders lose, the pool gains. When traders win, JLP holders pay.

Jupiter charges a 0.06% open and close fee on each side, plus a price-impact fee and an hourly borrow fee. JLP holders receive 75% of perps fees and the protocol keeps 25%.

On 22 September 2026 Jupiter added a second engine. Six new markets (HYPE, ZEC, SPCX, SNDK, SKHYNIX and JUP) launched in beta on the GUM network's native order book. Users place these orders from Solana without bridging, and the beta requires staking 69 JUP (our coverage).

Jupiter Lend, Multiply and Offerbook: borrowing and earning on Solana

Jupiter Lend is a money market for supplying and borrowing assets, with flash loans. It was built with Fluid. Lend v2 launched in August 2026 and added Smart Collateral and Smart Debt. In these modes, deposits and borrowed positions also earn fees from swaps routed through their pool, and both rates are variable (our coverage). Multiply vaults automate leveraged loops, such as the sUSDai vaults added in September 2026 (our coverage). Jupiter sometimes retires a loop: it wound down the JUICED Loop in late September 2026. Jupiter Lend passed $2.41 billion in deposits on 22 September 2026, a record for the product.

Offerbook is a separate peer-to-peer market for fixed-term loans with no price-based liquidations. Borrowers post tokens or vaulted collectibles (graded trading cards, Hot Wheels cars) as collateral and borrow USDC from lenders who set the terms.

JupSOL and SOL staking on Jupiter

JupSOL is Jupiter's liquid staking token. Holders earn staking rewards from Jupiter's validator and can still use the position across DeFi: as Jupiter Lend collateral, in loops, or for swaps. Jupiter also offers native staking to its validator. As with any LST, the yield depends on validator performance, and an exit swaps at the market price unless you wait for the stake to unstake.

JupUSD stablecoin

JupUSD is Jupiter's dollar stablecoin, launched in January 2026 with Ethena USDe$1.0000.0%. It is backed mainly by Ethena's USDtb, which in turn holds BlackRock's BUIDL tokenized Treasury fund. JupUSD settles Jupiter's native prediction markets and can be lent on Jupiter Lend. In February 2026 ParaFi Capital made a $35 million JUP investment settled entirely in JupUSD.

Jupiter prediction markets: Polymarket and Forecast

Jup Predict brings event markets into the Jupiter app. In February 2026 it integrated Polymarket, so users can trade politics, macro, sports and culture markets without bridging. In June 2026 Jupiter added Forecast, a native Solana prediction market where competing market makers quote prices and Jupiter routes each order to the best one (our coverage). Forecast settles in JupUSD. Weekly "clan" leagues pay rewards to the top traders.

Jupiter Wallet, Mobile app, Portfolio and card

Jupiter Mobile and the Jupiter Wallet browser extension (one year old on 1 October 2026) are self-custodial Solana wallets with built-in swaps. The wallet can also close empty token accounts to reclaim their SOL rent. Portfolio v2 (August 2026) tracks DeFi positions across protocols and lets you manage them (our coverage). The mobile app includes a Spend account and payment card. A physical card became orderable on 30 September 2026, and Send to Spend moves USDC into the card balance in one step (our coverage). Jupiter Gacha, a collectible-pack product with an instant buyback option, sits under the Trade pillar.

Who is Jupiter for?

• Spot traders and memecoin buyers on Solana: the default route for most swaps. Paste a verified contract address rather than searching by ticker, because anyone can create a token with a copycat name.
• Leverage traders: good for SOL, ETH and BTC perps without KYC. It suits short-to-medium holds better than long ones, because hourly borrow fees add up.
• Yield seekers: Jupiter Lend, Multiply and JLP pay variable returns. JLP suits holders who accept direct exposure to traders' profits and losses and to a basket weighted towards SOL.
• Builders: Jupiter offers Swap, Lend, limit order and DCA, Price and Tokens APIs, so an app can add routed swaps without running its own router.
• Not ideal for: users who want a custodial account with fiat support and recourse. Apart from the Spend card, Jupiter has neither.

Is Jupiter Exchange safe? Audits, custody and risks

Jupiter is non-custodial for swaps, limit orders, Lend and perps. Your wallet signs every transaction and Jupiter can't move your funds. The exception is the Spend card, where issuing and payment partners hold the balance.

Jupiter lists its audits per product, so check which audit covers the product you use:

• Swap v6: Offside Labs (April 2024 and October 2025).
• Perps: Offside Labs, OtterSec and Sec3.
• Jupiter Lend: Zenith, Offside Labs, MixBytes and two OtterSec reports (2025), Code4rena (February to March 2026) and two rounds of Certora formal verification.
• Lend AMM behind v2: Zenith, OtterSec and Neodyme (April to June 2026).

Audits review code within a defined scope and don't guarantee solvency.

What can go wrong:

• Program upgrades: Jupiter's programs are upgradeable. A community explorer walkthrough reported that the v6 swap program's upgrade authority is a Squads V3 multisig with a 4-of-7 threshold. We couldn't independently read the authority for this update.
• JLP counterparty risk: a run of winning trades reduces the pool's value. JLP is also used as collateral elsewhere: the April 2026 Drift Protocol DRIFT$0.015-8.4% exploit drained Drift vaults holding JLP. Jupiter said its own pool stayed fully backed (CoinMarketCap, TRM Labs).
• Lending: withdrawals depend on available liquidity, and looped positions can be liquidated if rates or prices move.
• Scams and phishing: copycat tokens and fake jup.ag domains are common, and Jupiter's X account was hijacked in February 2025 to promote a scam token.
• MEV: Jupiter cites a September 2026 academic study of sandwich attacks as showing Ultra users were less exposed than users of other major apps. Wide manual slippage settings still invite sandwiching.

Jupiter vs Raydium and other alternatives

Jupiter and Raydium RAY$1.84-7.7% do different jobs. Raydium is a venue: it holds the liquidity pools and lets you provide liquidity or launch a token pool. Jupiter is a router that usually includes Raydium in its search, so for a plain swap it returns the same price or a better one. Use Raydium, Orca or Meteora directly to provide liquidity.

For lending, Kamino Finance KMNO$0.039-6.5% is the main Solana alternative to Jupiter Lend. In liquid staking, JupSOL competes with other Solana LSTs, including Solana Compass's own LST. You can compare them on our stake pools page. The wallet's rent-reclaim feature overlaps with our token account cleanup tool. Disclosure: we operate both of these competing products.

JUP token: supply, staking rewards and the Jupuary airdrop

JUP is Jupiter's governance token. At the Catstanbul event in January 2025, Jupiter burned 3 billion team-allocated JUP, cutting the maximum supply from 10 billion to 7 billion. It also committed 50% of protocol fees to JUP buybacks (CoinMarketCap).

Staked JUP votes in the Jupiter DAO. Active Staking Rewards pay 50 million JUP per quarter to stakers who vote. Staking also gates beta features such as the new perps markets.

Jupiter paused DAO voting in mid-2025 and resumed it in 2026. In February 2026 the DAO passed the Net-Zero Emissions proposal with about 75% support. The proposal:

• postponed the Jupuary 2026 airdrop indefinitely and returned its 700 million JUP to the community cold multisig, keeping the snapshots for a possible future vote;
• replaced team token vesting with credits on Jupiter's balance sheet;
• committed Jupiter to buying back JUP sold by Mercurial-era holders.

Jupiter team and history

Jupiter was founded by the pseudonymous Meow, with co-founders including Siong and Ben Chow, and Kash Dhanda serves as COO. Jupiter launched in November 2021 as an aggregator, added limit orders and DCA, and acquired Ultimate Wallet in April 2024. It released JUP with an airdrop in January 2024. Perps launched with BTC, ETH and SOL markets. Since 2025 Jupiter has added Jupiter Lend, JupUSD, prediction markets, Universal Deposit and order-book perps on GUM, which it is building with the wider Jupnet omnichain network.