Jupiter Perps LP collateral holds at $326 million on Jupiter Lend

Jupiter Perps LP collateral on Jupiter Lend stood at $325.7 million at 11:45 a.m. ET on Friday, Oct. 23, according to Jupiter’s own lending data. Jupiter Perps LP ($JLP), Jupiter’s perps liquidity pool token, is now the largest single form of collateral on the lending market. That pile barely moved over the past week, while the rest of the Jupiter Exchange lending market shrank.

What happened

Jupiter Lend’s public data listed six vaults that accept JLP as collateral at 15:45 UTC. Together they held $325.7 million of the token. DefiLlama showed a close match, $327.0 million at 14:07 UTC.

The biggest vault lends USD Coin ($USDC) against JLP. It held $294.1 million of JLP, with $179.5 million in $USDC borrowed against it. A vault that lends Solana ($SOL) held $18.2 million of JLP against $13.0 million of borrowed $SOL. Four smaller vaults that lend $JupUSD, $USDS, $USDT and $USDG held the remaining $13.5 million of JLP.

Across all six vaults, borrowers owed $199.2 million. That equals 61% of the value of the JLP they posted.

JLP also leads the whole platform. Jupiter Lend’s vaults held $1.2 billion of collateral in total, and JLP made up 27% of it. Jupiter’s staked SOL token ($JupSOL) came next at $266.1 million, then $SOL at $231.4 million.

Why it moved

The JLP pile held steady while the lending market around it shrank. DefiLlama put JLP on Jupiter Lend at $325.3 million at 00:00 UTC on Oct. 17, close to today’s level.

Over about the same stretch, Jupiter Lend’s total value locked fell 8.6%, per DefiLlama. It went from $1.11 billion at 00:00 UTC on Oct. 16 to $1.01 billion at 14:07 UTC today. Borrowing on the platform slipped 3.5% to $981.8 million.

The token’s calm price helps keep the collateral value flat. $JLP traded at $4.53 at 15:41 UTC, down 0.2% in 24 hours, per CoinGecko. Jupiter’s price feed showed $4.54, a gap of 0.25%.

A large share of the token now sits in these vaults. CoinGecko valued all JLP at $858.7 million, so about 38% of that value is posted as collateral. CoinPaprika lists a higher market value, $1.02 billion, which would put the share near 32%.

Who’s buying and selling

On the largest JLP trading pool, a JLP/SOL pair on Orca DEX, buyers made 7,869 trades in 24 hours against 6,672 sells, per DexScreener at 15:42 UTC. GeckoTerminal showed a similar split, 7,828 buys to 6,659 sells.

That pool held about $2.3 million in liquidity. That is small next to the $325.7 million parked in lending vaults.

What to watch next

Jupiter’s data shows the JLP vaults let borrowers take loans worth up to 85% of their collateral. Liquidation starts at 90%. Today’s average across the vaults is 61%, but single positions can sit much closer to the limit.

Three numbers are worth tracking in the coming days:

• The JLP total on Jupiter Lend, now $325.7 million. A drop would mean less JLP backing loans.
• Jupiter Lend’s total value locked, down 8.6% in about a week. A further slide would make JLP an even larger share of the platform.
• The loan-to-collateral ratio on JLP vaults, now 61%. A sharp fall in the $JLP price would push it toward the 85% cap.

Bottom line: Jupiter Perps LP has become the largest collateral on Jupiter Lend, holding near $326 million while other deposits fell.

Price data: CoinGecko (checked against Jupiter).

Sources

• Jupiter Lend, borrow vaults data (primary, read 15:45 UTC)
• DefiLlama, Jupiter Lend (14:07 UTC)
• CoinGecko, Jupiter Perps LP (15:41 UTC)
• Jupiter price feed, JLP (15:42 UTC)
• CoinPaprika, JLP (15:42 UTC)
• DexScreener, JLP/SOL pool on Orca (15:42 UTC)
• GeckoTerminal, JLP/SOL pool (15:42 UTC)

Not financial advice.