Jupiter (JUP): What the Solana Exchange Does, How It Works and Its Fees

Jupiter's Terms of Use name Block Raccoon S.A. as the operator of the interface. The Terms are governed by Panamanian law, and disputes go to arbitration in London ⁷. The Terms say the interface and protocol are non-custodial: Jupiter never holds user funds or private keys ⁷.

The JUP token documentation names Meow as a Jupiter co-founder and notes that the co-founders also started Meteora, another Solana DEX ⁹. The team does not publish a founding date or headquarters address in the pages reviewed. Questions about whether Jupiter is "legit" come down to these facts: who the named operator is, which jurisdictions are excluded, and the audit list and incident history below.

Access restrictions. The Terms say Jupiter does not serve wallets located in or belonging to residents of the United States ⁷. Also excluded are China, Singapore, Myanmar, Côte d'Ivoire, Cuba, Crimea and Sevastopol, the DRC, Iran, Iraq, Libya, Mali, Nicaragua, North Korea, Somalia, Sudan, Syria, Yemen, Zimbabwe and any sanctioned region ⁷.

When you swap on Jupiter, the router splits the order across Solana pools and market makers. In the default Ultra mode, Jupiter sets slippage, priority fee and transaction broadcasting for you, and charges a commission of 0–0.5%. Stable pairs sit at the low end and volatile new tokens at the high end ⁸. In Manual mode, Jupiter charges no commission: you pay only Solana network fees and any optional Jito tip, and you set slippage yourself ⁸.

There are a few other cost details to know:

• Gasless swaps. If your wallet holds less than 0.01 SOL, a relayer can pay the gas, and its cost is added to the swap fee. Because that cost is fixed, it weighs more on small trades ⁸.
• Failed trades. Network fees are paid even when a trade fails ⁸.
• Limit and DCA orders. Version 2 orders charge 0.03–0.1% plus the routing fee ⁸.

See slippage and what is a DEX for background. A comparable Solana venue is Raydium.

Jupiter Perps lets traders take leveraged long or short positions without an order book. Traders trade against the JLP pool, a basket of assets supplied by liquidity providers, at oracle prices ².

• Markets and leverage. SOL, ETH and wBTC go up to 250x. Separate "beta" markets (JUP, HYPE, ZEC and a few tokenized stocks) run on a different engine called GUM and are capped at 20x ².
• Collateral. Longs post the underlying asset, and shorts post USDC. Other tokens are swapped automatically into the right collateral ².
• Execution. Orders are submitted on-chain and filled by a keeper, an off-chain service run by Jupiter. Prices come from Chaos Labs' Edge oracle, with Chainlink and Pyth as checks and fallback ². This means a Jupiter-operated service and an oracle stand between the trader and execution.
• Fees. The open and close fees are 0.06% each. A size-based price-impact fee is added, and the base and price-impact fees together are capped at 0.50%. There is also an hourly borrow fee on the full position size, set by how much of the pool is in use ¹. Beta markets charge maker/taker fees plus hourly funding instead ¹.
• Liquidation. If a position is liquidated, all remaining collateral is taken as the liquidation fee ¹.
• JLP. Depositing into or withdrawing from JLP costs a 0.20% base fee, which rises when the pool is off its target weights ¹. JLP holders earn trading and borrow fees, but they are also the counterparty to traders' profits.

Comparable on-chain perps venues include Hyperliquid.

Jupiter Lend lets users supply assets to earn interest, or post collateral to borrow. Its vaults are "powered by Fluid's modular Liquidity Layer" ⁴.

• Vaults and positions. Each vault pairs one collateral asset with one debt asset, such as SOL/USDC, and each position is a transferable Position NFT. Burning or losing the NFT means losing control of the position ³.
• Markets and pooling. Markets are separate from one another. Within a market, however, vaults that use the same token share one liquidity pool for it ⁴.
• Borrowing limits. Maximum loan-to-value goes up to 94% on some stablecoin-pegged vaults, for example USDe/USDG at 94% LTV with a 95% liquidation threshold. Each vault sets its own LTV, threshold and liquidation penalty ⁴.
• Fees. The protocol keeps a 10% reserve factor on borrow interest, so lenders receive 90% ⁴. The Multiply feature charges no protocol fee, but swap costs apply ⁴.
• Withdrawals. Withdrawal capacity is limited and expands by 25% every six hours on most vaults. A large exit can therefore take time ⁴.
• Supported assets. These include USDC, JupUSD, cbBTC, JLP, SOL, JupSOL, USDe, PYUSD, syrupUSDC and LBTC ⁴. Version 2, released in August 2026, added "Smart Vaults" that also provide liquidity to Jupiter's own AMM ³.

Jupiter lists smart-contract, oracle, liquidation, depeg, leverage and withdrawal-limit risks ⁴. In December 2025 the platform also had to correct how it described vault isolation (see the incident record). For a long-running comparison model, see Aave.

JupSOL represents SOL staked with Jupiter's own validator. It uses Sanctum's SPL stake pool program, and its value against SOL grows as rewards accrue ⁵. See liquid staking.

• Fees. Deposits and management are free, and withdrawals cost 0.1%. Sanctum also takes 5% of base staking rewards, split evenly between Sanctum and the Jupiter DAO treasury. The validator charges 5% commission on inflation rewards and none on MEV ⁵.
• Exiting. You can swap JupSOL instantly at market price, unstake with a delay of about one epoch (around two days), or convert it straight to a native stake account for 0.1%, subject to capacity ⁵.
• Security. The stake pool program has been audited nine times. Upgrades require 6 of 11 multisig signers ⁵.
• Concentration. Unlike multi-validator pools, JupSOL concentrates stake on a single validator ⁵.

JUP is Jupiter's only governance token, with discussion on the Jupiter forum ⁹. Team tokens vest over a one-year cliff followed by three years of linear vesting. A "Litterbox Trust" receives 50% of Jupiter's on-chain revenue and had burned about 134 million JUP as of the docs check ⁹. JUP was distributed through "Jupuary" airdrops in 2024 and 2025 ⁹. JUP is listed on major exchanges, but where you can buy it depends on your jurisdiction. This profile does not discuss price.