How to start trading on Jupiter Perps

1. Create an account

1. Jupiter Perps has no separate sign-up: you connect a Solana wallet (for example Phantom or Solflare) with the button in the top-right of the Perps page on jup.ag. source ↗
2. The first time you open a position, you are asked to acknowledge the Jupiter Perps terms and conditions, which cover liquidation, network congestion and limit order behaviour. The prompt can be hidden on later trades with "Do not show again". source ↗
3. Jupiter's Terms of Use say it does not interact with wallets in the United States, the Republic of China, Singapore and a list of other countries and sanctioned regions, and forbid using a VPN to get around this. source ↗

2. Deposit collateral

1. There is no separate deposit step: collateral is taken from your wallet when you open a position. On the SOL, ETH and wBTC markets you can pay with any SPL token supported by Jupiter Swap, and it is swapped automatically into the right collateral token. source ↗
2. On SOL, ETH and wBTC, longs use the traded asset as collateral (SOL, wETH, wBTC) and shorts always use USDC. The six Beta markets (JUP, HYPE, ZEC, SPCX, SNDK, SKHYNIX) use USDC only. source ↗
3. A position needs at least 10 USD of collateral and at least 1.1x leverage. Keep some SOL in the wallet for fees; the interface recommends 0.03 SOL. source ↗

3. Open your first position

1. Pick a market, choose Long or Short, enter the collateral amount and set leverage with the slider (1.1x to 250x on SOL, ETH and wBTC). Review position size, entry price, estimated liquidation price and fees, then confirm in your wallet. source ↗
2. Order types are Market, Limit and Take Profit / Stop Loss. On SOL, ETH and wBTC each trade is a request plus a second transaction run by a Jupiter keeper, so the trade is only live once the keeper's transaction confirms. source ↗
3. Slippage tolerance is set in the trade form's Settings (default 1%). If the price moves more than that between your request and the keeper's execution, the trade is cancelled. source ↗
4. Beta markets use an order book run by GUM, with their own leverage caps (10x on JUP, 20x on the others at launch), a $5 minimum order value and per-account position caps. You sign one transaction per order. source ↗

4. Know how liquidation works

1. On SOL, ETH and wBTC a position is liquidated when the oracle price reaches its liquidation price, and all remaining collateral goes to the JLP pool; you get nothing back. source ↗
2. Borrow fees are taken from collateral every hour, so the liquidation price moves toward the market price over time even if the price does not move. The docs say this matters most above 10x leverage and for positions held a long time. source ↗
3. On Beta markets liquidation uses the mark price; the maintenance margin is 2.5% of position value (5% on JUP), there is a 0.75% (crypto) or 1% (stocks) liquidation fee, and any collateral left after that is returned to you. source ↗

5. Withdraw

1. Close a position fully or partly from the Positions tab with Close, choosing the close size and whether to receive the market token or USDC. Quick Close (the lightning icon) closes the whole position at market and pays out in USDC. source ↗
2. You can also take collateral out of an open position with the Edit button, but this raises leverage and moves the liquidation price closer. source ↗
3. After closing a Beta market position, the USDC can take several minutes to reach your wallet. Check the History tab before acting again. source ↗

6. Common mistakes

1. On SOL, ETH and wBTC you can have only one position per asset per side; a new trade on the same asset and side is merged into the existing position. source ↗
2. At 150x leverage or more, the Take Profit / Stop Loss box on market orders is disabled. Beta markets have no take profit or stop loss at all yet. source ↗
3. A profitable long is paid out in the underlying token by default, converted at the closing price. The PnL shown in the interface is before fees. source ↗
4. Opening a position also costs a 0.06% base fee, a price impact fee, Solana transaction fees and SOL rent for the position account; the rent is returned when the position closes. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.