# Jupiter Perps and JLP: Open Interest, Fees and Pool Returns

> Jupiter Perps and the JLP pool on Solana: open interest by market and side, fees, borrow rates, JLP's asset weights and its realized return over time.

Markdown copy of https://voltfincrypto.com/apps/jupiter-perps-jlp-pool

**Question:** What has the JLP pool earned from Jupiter Perps traders, and how much open interest does it back?

- Kind: Dashboard in Voltfin Vantage
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Solana
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Jupiter Perps is a perpetuals exchange on Solana where traders open leveraged longs and shorts on major assets such as SOL, ETH and BTC against one liquidity pool, JLP. The pool holds SOL, ETH, WBTC and stablecoins. Longs borrow the asset they are long, shorts borrow stablecoins, and every position pays an hourly borrow fee instead of funding. Most of the fees go to the pool, so JLP holders earn trading fees and take the other side of traders' profits and losses.

This dashboard reads the pool's custody accounts and positions from the perpetuals program: the assets JLP holds against its target weights, open interest by market and side, utilization, the borrow rate of each custody and JLP's price over time. JLP's return is measured from its price between two pinned slots, so it includes the fees earned, the trader profit and loss it absorbed and the price moves of the assets it holds.

## Blueprint

### Pool

What JLP holds, what it earned and its price.

- **Pool value** (USD): Value of the assets in the JLP pool at the latest read, at the oracle prices the program uses.
- **JLP return, 30 days** (%): The change in JLP's price over the last thirty days, a realized figure that includes asset price moves.
- **Fee yield, 7 days** (%): Fees kept by the pool over the last seven days divided by its average value, annualized.
- **Utilization** (%): Assets borrowed by open positions as a share of the pool's assets, across custodies.
- **Assets against target weights** (%): Each asset's share of the pool at the latest read beside its target weight.
- **JLP price** (USD): JLP's price at each day's end over the period, from the pool's value and JLP supply.

### Markets

Open interest, volume and fees by market and side.

- **Open interest** (USD): Size of all open positions at the latest read, longs and shorts together.
- **Long share** (%): Long positions as a share of open interest at the latest read.
- **Open interest by market** (USD): Open interest in each market at the latest read, split into longs and shorts.
- **Volume and fees by day** (USD): Position volume opened and closed each day with the fees paid, split between the pool and the protocol.

Filters: Period (Last 7, 30 or 90 days).

## How it will be measured

- Pool and custody state is read from the Jupiter perpetuals program's accounts at each day's last slot: assets held, assets borrowed by open positions, target weights and the borrow rate of each custody.
- Open interest is the size of open positions by market and side from position accounts, valued at the oracle price the program uses; volume is the size of positions opened and closed.
- Fees are the opening, closing, borrow and swap fees in the program's position and swap events, split between the share that stays in the pool and the protocol's share.
- JLP's price is the pool's value over JLP supply at each pinned slot, and its return is the change between two of them, shown as a realized figure that includes asset price moves.

## Data it needs

- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- Source: Jupiter perpetuals program pool and custody accounts at each day's last slot
- Source: Position accounts: size, side, collateral and entry price
- Source: Position open, close, liquidation and swap events with their fees
- Source: JLP mint supply and the pool's value at pinned slots
- Source: Oracle prices the program records for each custody

## Questions

### What is JLP?

The liquidity token of Jupiter Perps. Minting JLP adds assets to the pool that traders borrow from and trade against; JLP's price is the pool's value divided by JLP supply, so it moves with fees earned, traders' results and the prices of the assets held.

### How is JLP APY calculated?

Jupiter's interface quotes a yield from recent fees. This dashboard shows a fee yield measured the same way and, separately, JLP's realized return, the change in its price between two dates, which also includes traders' profits and losses and the price moves of the assets in the pool.

### Does Jupiter Perps charge funding rates?

No. Positions never pay or receive funding. Instead every position pays a borrow fee each hour on what it borrows from the pool, at a rate that rises with the custody's utilization.

### Why can JLP lose value?

Because the pool is the counterparty to traders and holds volatile assets. When traders win, the pool pays them, and when SOL, ETH or BTC fall, the pool's holdings fall with them. Fees offset some of this, but a realized return can be negative.

### What are JLP target weights?

Each asset in the pool has a target share. Minting or redeeming JLP with an asset above its target costs more, and with one below its target costs less, which pulls the pool back toward its weights.

## Glossary

- **JLP**: The token of Jupiter's perpetuals liquidity pool, whose price is the pool's value per token.
- **Custody**: The account that holds one asset of the JLP pool and records how much of it open positions have borrowed.
- **Utilization**: The share of a custody's assets borrowed by open positions, which drives its borrow rate.
- **Target weight**: The share of the pool each asset aims for; minting and redemption fees push the pool back toward it.

## Related apps

- [Jupiter Swap Aggregator Volume: Routes, DEXs and Fees](https://voltfincrypto.com/apps/jupiter-swap-aggregator-volume)
- [Hyperliquid HLP Vault Returns and Equity](https://voltfincrypto.com/apps/hyperliquid-hlp-vault)
- [GMX v2: GM Pool Returns, Open Interest and Fees](https://voltfincrypto.com/apps/gmx-v2-gm-pools-open-interest)
- [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share)
- [DeFi Liquidations Tracker: Lending and Perp DEXs](https://voltfincrypto.com/apps/defi-liquidations-tracker)
- [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F