How to Start on Jupiter Perps (2026): Step by Step

Connect via the top-right button on the Perps interface. There is no account to create and no KYC step in the docs; eligibility is enforced through the Terms, which also "reserve the right to conduct 'Know Your Customer' and 'Anti-Money Laundering' checks on you if deemed necessary". The first time you open a position "you will be asked to acknowledge the Jupiter Perps terms and conditions"; the prompt appears once.

Three markets: SOL, ETH and wBTC. Long positions are collateralised in the asset itself, short positions in USDC, and "the underlying collateral token depends on the position direction and cannot be changed after opening". You can hold at most six positions, one per asset per side; opening a second position on the same asset and side "will merge both positions into one", at the average of the two leverages, with any TP/SL orders preserved.

Enter the collateral and set leverage between 1.1x and 250x; a lock icon fixes the slider. A position "needs at least 10 USD of collateral and a leverage of at least 1.1x". Your collateral is recorded in USD at deposit and "remains fixed regardless of subsequent price movements in the collateral token". Selecting leverage above 150x "triggers an in-app warning. At this level, positions can be liquidated almost instantly on small price movements". The docs add that above 10x "borrow fees have a meaningful effect on the liquidation price over time".

The trade form shows entry price, estimated liquidation price, slippage tolerance (default 2%, presets 1%, 2%, 3%), the 0.06% open fee, the price impact for your size, the transaction fee and the account rent before you confirm; the fees page explains each. Then "two onchain transactions are required to open a position: one to submit the request, and one executed by a keeper to fulfill it". Prices come from three oracles (Edge by Chaos Labs as primary, Chainlink and Pyth as verification and fallback); if the oracle moves beyond your slippage tolerance between request and fulfilment, "the trade is cancelled".

Borrow fees are deducted from collateral every hour, so "a position that appears safely distant from liquidation when opened can approach its liquidation price over time due to borrow fee accumulation — even without any price movement". Watch it in the Positions tab; the Edit button lets you add collateral, which lowers leverage and moves the liquidation price away. Limit orders trigger at the oracle price, cannot be created "when the selected market's utilization exceeds 80%", survive a liquidation of the position they were placed beside, and cannot reliably save a position: Jupiter "does not enforce FIFO execution ordering", so a limit order and a liquidation submitted together race. A stop loss is the tool the docs recommend instead.

Close fully or partially from the Positions tab (partial closes keep the leverage ratio), or use Quick Close, the lightning icon, which "sends an order to close the entire position at the current price, with USDC as the output token". A long's profit is paid in the underlying token by default, converted at the closing price; a short's in USDC; both can take the other token. The PnL shown "is before fees"; the net figure appears under the Deposit/Withdraw tab. Closed trades sit in the History tab, with a desktop-only CSV export. If the position is liquidated instead, "all remaining collateral is forfeited to the JLP".