Be the house with JLP

Who it's for

You're happy holding a mix of SOL, ETH, BTC and stablecoins, and want to earn the fees Jupiter's perps traders pay. You understand you're taking the other side of their trades.

Where the yield comes from

JLP is the liquidity pool behind Jupiter Perps. Traders pay opening and closing fees (0.06% each way), hourly borrow fees and price impact. Most of those fees go to JLP holders. When traders lose money overall, the pool gains; when they win, it pays out.

Steps

1. Open Jupiter Perps and find the JLP section (Earn).
2. Check the current APY and the pool's composition and target weights.
3. Buy JLP with any supported asset. You receive the JLP token.
4. Optional: supply JLP as collateral on Kamino or Jupiter Lend, or use dedicated JLP markets.

What to expect

JLP's value moves with its underlying basket (it's roughly half crypto, half stablecoins), plus accumulated fees. In a strong bull market, JLP rises less than SOL alone but earns steady fees. In quiet markets fees fall. The pool's stablecoin side moved toward JupUSD in 2026.

Risks

• Market exposure to SOL, ETH and BTC through the basket.
• Trader PnL: if traders as a group win big (for example, a sharp trending move with heavy longs), JLP pays them.
• Smart contract and oracle risk in Jupiter Perps.
• Concentration: large mints and redemptions can carry fees depending on pool weights.

Exit plan

Sell JLP back for any pool asset on Jupiter. Check the fee shown; it depends on whether your redemption moves the pool away from its target weights.

Level up

Some users hedge JLP's crypto exposure with a short perp to isolate the fee yield. That's an advanced, actively managed strategy; get comfortable with perps first.