Jupiter Perps fees double to $612,000, best since August

The quick take

Price: Jupiter Perps LP ($JLP) stood at $4.63, down 0.3% in 24 hours and 4.1% in seven days, as of 7:39 p.m. ET.
Trigger: Daily fees jumped 110% on a day when Solana ($SOL) fell 5.7% on Binance’s SOL/USDT pair.
Watch: Whether fees stay elevated, and how the pool’s Solana-heavy mix tracks $SOL.

Jupiter Perps fees more than doubled on Thursday, Oct. 8, a strong day for the Jupiter Perps LP ($JLP) pool that takes the other side of every trade. Traders on the perpetual futures venue of Jupiter Exchange ($JUP) paid $611,597 in fees that UTC day, up from $291,899 on Oct. 7, according to DefiLlama.

What happened

The Oct. 8 total was the highest daily figure since Aug. 25, when DefiLlama recorded $631,250. It also stood out against a quiet start to the week, with $123,531 in fees on Oct. 6.

Over seven days, the picture is steadier. Fees from Oct. 2 to Oct. 8 reached $1.87 million, up 9.8% from $1.70 million the week before. The 30-day total of $8.37 million is still about 10% below the prior 30 days.

The split matters for $JLP holders. DefiLlama’s methodology says 75% of Jupiter Perps fees go to liquidity providers and 25% to the protocol. On Oct. 8, that puts the pool’s share at about $458,700, while DefiLlama counts $152,899 as protocol revenue.

Why it moved

The fee jump came on a rough day for Solana ($SOL). On Binance’s SOL/USDT pair, $SOL opened Oct. 8 at $116.30, dipped as low as $105.71 and closed at $109.62, a 5.7% daily drop.

Fast price swings tend to bring more trading, liquidations and funding payments on perpetual venues. DefiLlama does not break the day’s total down by fee type, though, so which of these drove the jump is not confirmed.

By 7:40 p.m. ET on Oct. 9, $SOL traded at $109.14 on CoinGecko, down 1.0% in 24 hours and 7.6% in seven days.

Who’s buying and selling

The pool itself shrank as $SOL fell. DefiLlama counts $771.8 million in the Jupiter Perps custody accounts as of 7:03 p.m. ET, Oct. 9, down 5.7% from $818.5 million at the start of Oct. 6. Those accounts hold the pool’s assets plus collateral that traders post.

Most of the drop sits in $SOL. The pool’s $SOL holdings fell 8.4% to $430.1 million over the same stretch, and their share eased from 57.4% to 55.7%. USDC rose to $131.2 million, or 17.0% of the total, from $130.0 million.

Wrapped bitcoin made up $122.3 million, or 15.8%, and wrapped ether $69.4 million, or 9.0%. JUPUSD held the remaining $18.7 million, or 2.4%.

Trading in the token itself was close to balanced. On Orca, the largest $JLP/SOL pool tracked by GeckoTerminal logged 7,993 buys and 6,462 sells in 24 hours. The top $JLP/USDC pool on DexScreener showed 6,088 buys and 5,998 sells.

What to watch next

The $JLP token rose 5.3% over 30 days on CoinGecko, but it trades 23% below its record of $5.99 from Oct. 6, 2025. Its price follows the value of the assets in the pool, so $SOL moves weigh on it most.

The fee trend is the other half of the story. Even with Thursday’s jump, the last 30 days still trail the month before, so one busy day does not settle the trend.

For pool holders, fee income can offset part of a price drop. Readers can track whether daily fees hold above recent levels on DefiLlama, and whether the pool’s stablecoin share keeps rising.

Bottom line: A volatile day for $SOL handed the Jupiter Perps LP pool its biggest fee haul in six weeks, even as the value of its holdings slipped.

Price data: CoinGecko ($JLP, $SOL); Binance (SOL/USDT daily candle).