1. Jupiter Exchange
  2. Perps & JLP
  3. How Jupiter Perps Work

Collateral Management

Traders can open up to 6 positions at one time:

  • Long SOL
  • Long wETH
  • Long wBTC
  • Short SOL
  • Short wETH
  • Short wBTC 

When a trader opens multiple positions for the same side (long / short) and token:

  1. Open positions: Price and fee calculations are based on the existing open position. This is essentially increasing the size of an open position.
  2. Deposits, withdrawals, and closing: Price, PNL, and fee calculations are also based on the existing open position.

Traders can open long or short positions or increase the size for existing positions for SOL, ETH and wBTC with up to 250x leverage based on the initial margin (collateral).

For Long Positions

Collateral Management for Long Positions​

Traders can deposit or withdraw collateral from the position to manage the position's margin.

  • When traders deposit collateral, the liquidation price and leverage for the long position decreases as the maintenance margin increases.
  • When traders withdraw collateral, the liquidation price and leverage for the long position increases as the maintenance margin decreases.
Underlying Collateral​

The underlying collateral for a long position is the token for the open position, as shown below:

Position  Collateral
Long SOL SOL
Long ETH ETH
Long wBTC wBTC

Profits and collateral withdrawals are disbursed to traders in the token that is being longed.

For example, a trader with a profit long SOL position will receive the underlying token, SOL by default when they close the position. Trader has the option to choose to receive USDC as well.

For Short Positions

Collateral Management for Short Positions​

Traders can deposit or withdraw collateral from the position to manage the position's margin.

  • When traders deposit collateral, the liquidation price increases and leverage for the short position decreases as the maintenance margin increases.
  • When traders withdraw collateral, the liquidation price decreases and leverage for the short position increases as the maintenance margin decreases.
Underlying Collateral​

The underlying collateral for a long position is the token for the open position, as shown below:

Position Collateral
Short SOL USDC 
Short ETH USDC 
Short wBTC USDC

Profits and collateral withdrawals are paid out to traders in the stablecoin used as the underlying collateral for the position. 

For example, a trader with a profitable short SOL position with USDC as the underlying collateral will receive USDC when they close the position or withdraw collateral. Trader has the option to get paid out in the underlying token (e.g. SOL for SOL-Short) as well.