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Guide · By Stephan Kulik · Updated 2026-09-21

Jupiter Perps Fees Explained

Every figure on this page was read from Jupiter's official docs on 2026-09-21. Jupiter Perps has no order book and no maker/taker split: its costs are a flat fee per open and close, a price-impact fee that stands in for slippage, and a borrow fee that runs every hour a position is open. See the Jupiter Perps review for the venue itself.

Jupiter Perps executes at oracle prices against a shared pool, the JLP, so "traders receive the displayed price regardless of trade size (no orderbook slippage)". Three charges replace the maker/taker schedule of an order-book venue: a base fee of 0.06% of trade size on opening and again on closing, a price impact fee that grows with trade size and with the pool's long/short imbalance, and an hourly borrow fee on the position for as long as it stays open. Seventy-five percent of every fee goes to JLP holders, who are also your counterparty.

Fee summary, as the docs list it

Base fee: 0.06% in, 0.06% out

"A flat fee of 0.06% is charged on the trade size when opening or closing a position." It applies to opening by market or limit order and to closing whether "manual, TP/SL, or liquidation". The docs' example: a $10,000 trade pays $6 to open and $6 to close (at the same size). On a round trip that is 0.12% of size, comparable to a taker fill in and out on an order-book venue, but with no cheaper maker path.

Price impact fee: the stand-in for slippage

Because trades fill at the oracle price, a large or one-sided order would otherwise be free to move the market elsewhere and lean on the pool. "To compensate for the risk this creates for JLP holders, a price impact fee is charged to simulate the price impact that would occur on a traditional orderbook exchange." It has two parts, "summed and capped at a per-asset maximum":

• Linear. Proportional to trade size through a per-asset scalar stored in the custody account. The docs' SOL example: a $10,000 trade against the scalar in force at the time of writing works out to $0.0008, effectively nothing for retail size.
• Additive. Kicks in "when the open interest (OI) imbalance — the difference between total long OI and total short OI for an asset — exceeds a predefined threshold", rising with a per-asset factor and exponent. The docs' SOL example uses a $750,000 imbalance threshold and a 50 bps (0.50%) maximum price impact fee, so a $10,000 trade into a $2,000,000 imbalance is capped at $50.

The trade form shows the price impact for your size before you confirm. The parameters are on-chain and can be changed by governance proposal; the docs link the Chaos Labs proposals that set them.

Borrow fee: the cost of holding

"Traders pay a borrow fee for the duration their leveraged position is open. This fee compensates liquidity providers for the capital locked in the position." It compounds hourly and is deducted from collateral:

Hourly Borrow Fee = (Total Tokens Locked ÷ Total Tokens in Pool) × Hourly Borrow Rate × Position Size (USD)

The first factor is the asset's utilisation in the JLP; the hourly rate is a per-asset parameter shown in the trade form. The docs' worked example: a $10,000 SOL position with the pool 19.8% utilised at a 0.012% hourly rate costs about $0.24 an hour, roughly $5.70 a day. Two consequences the docs stress: the fee "reduces your effective margin and increases your liquidation price" over time, and "at leverage above 10x, borrow fees have a meaningful effect on the liquidation price". There is no funding payment between longs and shorts on Jupiter Perps; the borrow fee is the only holding cost, and it is paid to the pool whichever side you are on.

Swap fee, JLP mint and burn

Any SPL token can be used as input; the exchange swaps it to the position's collateral token, and "when a trade involves swapping between JLP-held assets (e.g. depositing SOL collateral to open a USDC-collateral short), a swap fee is charged": 10 bps (0.10%) on SOL, ETH and wBTC, 2 bps (0.02%) on USDC and USDT, adjusted down when the swap moves an asset toward its target weight in the pool and up when it moves it away, using the higher of the input and output assets' rates. Minting or redeeming JLP uses the same weightage-based calculation. The swap fee is avoided by funding a long with the asset itself and a short with USDC.

Network fees and rent

Every action needs a Solana transaction, and each trade needs two: your request, then the keeper's fulfilment. You pay the network fee, plus any priority fee or Jito tip you set. Opening a position also locks "a small SOL amount" as rent for its escrow account, "returned when the position is closed". The interface recommends keeping about 0.03 SOL for these costs.

Liquidation penalty: everything that is left

This is the fee to understand before sizing anything. "When a position is liquidated, all remaining collateral is collected by the protocol and distributed to the JLP." The docs' example: $10,000 of collateral, $1,000 remaining after losses and fees, $1,000 to the JLP, $0 returned. Liquidation triggers when the oracle price crosses the liquidation price, which itself drifts toward the market as borrow fees accrue. Detail on the how-to-start page.

Where the fees go

"75% of all fees generated by Jupiter Perps are reinvested into the JLP pool" hourly: opening and closing fees, price impact, borrow fees, swap and mint/burn fees. The JLP is the counterparty to every trade, so its holders earn the fees and carry trader profit and loss. Whether JLP is a good hold is a separate question the docs answer at length on their JLP pages; this site does not take it up.

What a trade actually costs

Using the docs' own worked example: a 2x long on SOL, $500 collateral, $1,000 position, held 48 hours at 50% utilisation and a 0.012% hourly rate, then closed after a 10% rise. Open fee $0.60, close fee $0.66, borrow $2.88, net profit $95.86 before price impact. Reverse the price move and the same fees come off a loss. The shape to remember: entry and exit cost a fixed 0.12% of size, holding costs a variable hourly rate that is highest when the pool is heavily used, and a liquidation costs all of it.

How Jupiter compares

Against an order-book venue the flat 0.06% each way sits above a base taker fee of 0.045% and far above any maker rate, but there is no spread to cross and no size-dependent slippage below the impact cap. See Hyperliquid vs Jupiter Perps and the fee comparison.

FAQ

Is there a maker fee on Jupiter Perps?

No. There is no order book, so every open and close pays the same 0.06% base fee. Limit orders trigger at an oracle price; they are not resting maker orders.

Does Jupiter Perps charge funding?

Not as a long/short transfer. The holding cost is the hourly borrow fee paid to the pool, on both sides, driven by that asset's pool utilisation.

Can I lower the fees?

The docs describe no volume tiers, staking discounts or referral discounts on Perps fees. What you control: avoid the swap fee by depositing the position's own collateral token, keep leverage modest so borrow fees do not walk the liquidation price toward you, and close rather than get liquidated.

Why did my close return less than the PnL shown?

The interface's PnL is before fees. Realised PnL "is the actual amount received after deducting the close base fee, price impact fee, and accumulated borrow fees", and a long's profit is paid in the underlying token at the closing price.

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