Jupiter is a Solana-based decentralized exchange aggregator and on-chain finance platform. Its swap engine routes trades across Solana liquidity sources, while the wider platform includes spot trading, limit orders, lending, yield vaults, leveraged strategies, prediction markets and perpetuals.
How Jupiter works
Jupiter’s products run as on-chain programs on Solana. Traders connect a wallet rather than opening a custodial exchange account, then choose between products such as Spot, Perps, Lend and Prediction Markets. Spot swaps can use Ultra mode, which selects a route and charges between 0% and 0.5% depending on the pair, or Manual mode, which carries no Jupiter commission. Limit orders and dollar-cost averaging are available for spot trading.
Perpetuals offer leveraged futures markets, with Jupiter’s Perps product advertising leverage of up to 250x. A separate YOLO product launched in beta in October 2026 and offers positions on SOL, BTC and ETH with up to 1,000x leverage. Lend provides lending and yield products, while Multiply creates leveraged yield loops.
Fees and token
Swap costs depend on the selected mode and trading pair. Manual mode has no Jupiter commission, while Ultra mode costs 0% to 0.5%. JUP is Jupiter’s governance token and is also used in staking-related rewards. Unstaking takes 7 days. The April to June 2026 Active Staking Rewards campaign allocated 50 million JUP, but that campaign has ended.
Track record and security
Jupiter’s domain was first archived in October 2021, and Jupiter launched in 2021. Independent audits cover its on-chain programs. Named audit firms include Offside Labs, Sec3, OtterSec, Certora, Code4rena, Mixbytes and Zenith. The JLP liquidity pool backing Perps is covered by the Perpetuals audits, and Jupiter lists a bug bounty program.
On February 6, 2025, Jupiter’s main X account was compromised and published malicious posts containing token contract addresses. Reports advised users not to click the links or copy the addresses. The incident affected the project’s communications account rather than establishing a failure of the on-chain programs.
Risks and limitations
Solana concentration creates chain-specific downtime and congestion risk. Aggregated routing can still produce slippage or failed transactions on thin pairs. MEV and oracle failures can affect trades. Perpetuals, YOLO and Multiply add liquidation exposure.