JLP is the liquidity index token for Jupiter Perpetuals — the largest perpetual futures exchange on Solana. By holding JLP, users provide liquidity to Jupiter’s perps orderbook and earn the protocol’s trading fees while gaining exposure to a diversified basket of blue-chip crypto assets.
| Stat | Value |
|---|---|
| Ticker | JLP |
| Price | $3.99 |
| Market Cap | $1.01B |
| 24h Change | +0.9% |
| Circulating Supply | 252.25M JLP |
| All-Time High | $5.99 |
| Contract (Solana) | 27G8Mt...idD4 |
How JLP Works
Jupiter Perpetuals uses a model similar to GMX on Ethereum: a shared liquidity pool that acts as counterparty to all trader positions.
JLP basket composition (approximate):
| Asset | Weight |
|---|---|
| SOL | ~40% |
| ETH | ~10% |
| BTC | ~10% |
| USDC | ~25% |
| USDT | ~15% |
Yield sources for JLP holders:
- Trader losses: When traders lose, JLP pool profits
- Trading fees: All open, close, swap, and liquidation fees go to JLP
- Borrowing fees: Traders pay hourly funding rates to keep positions open
This creates a yield-bearing index token where JLP price appreciates as fees accumulate.
Risk Profile
JLP is not a simple stablecoin investment:
- When traders win (e.g., in a strong trending market), JLP value decreases
- Directional exposure: JLP contains 60%+ volatile assets (SOL, ETH, BTC)
- Counterparty model: JLP is the house — profitable in choppy markets, stressed in strong trending periods
Performance
Jupiter Perpetuals became the leading Solana perps venue in 2024, regularly exceeding $1B in daily volume. JLP TVL reached $800M+ at peak, offering competitive annual yields driven by high trading volume.
Sources
- Jupiter documentation: docs.jup.ag/docs/jupiter-perpetuals
- DeFiLlama: JLP pool TVL
- CoinGecko: JLP price data