Jupiter Perpetuals Liquidity Provider Token (JLP)

Jupiter Perpetuals Liquidity Provider Token (JLP) is an SPL token on the Solana blockchain issued by Jupiter Exchange, Solana’s leading DeFi aggregator, representing a proportional claim on the liquidity pool that backs Jupiter’s Perpetuals trading platform. Rather than pegging to a single asset, JLP tracks the value of a managed basket historically composed of SOL, ETH, wrapped BTC, USDC, and USDT, with the stablecoin JupUSD added as an additional custody asset. The pool acts as the counterparty to every leveraged trade on Jupiter Perps, and JLP holders earn a share (around 75%) of the trading fees generated, which are reinvested into the pool rather than paid out separately, raising the token’s net asset value over time.

JLP tokens are minted when users deposit one of the pool’s accepted assets and burned on withdrawal, so supply expands and contracts with the amount of liquidity provided rather than following a fixed schedule. A dynamic mint and redemption fee nudges the pool’s asset weights toward target allocations. Because JLP’s value is tied to a basket that includes volatile assets such as SOL, ETH, and BTC alongside stablecoins, it is not itself a stablecoin and its price moves with the underlying portfolio, moderated by the stablecoin share and accumulated fee revenue.