Jupiter Perps LP October drop reaches 11%

The quick take

Price: $JLP trades at $4.32, down 11% over 30 days and 0.4% over 24 hours, per CoinGecko.
Trigger: The pool behind the token held $693.6 million late on Oct. 31, down from $803.9 million on Oct. 1, according to DefiLlama.
Watch: Whether USDC keeps leaving the pool, and how $SOL trades, since it makes up more than half of the pool.

The Jupiter Perps LP October drop reached 11% by Saturday evening. Jupiter Perps LP ($JLP), Jupiter’s perps liquidity pool token, traded at $4.32 as of 7:40 p.m. ET on Oct. 31, according to CoinGecko. That is 10.7% below its level 30 days earlier. CoinPaprika shows a similar 30-day loss of 10.5%.

The month was slow and steady rather than sharp. The token lost only 0.4% over the last 24 hours. Over seven days it is down 3.1% on CoinGecko and 3.8% on CoinPaprika.

What happened

$JLP is not a typical coin. Each token is a share of a pool that backs trading on Jupiter’s perpetual futures market. So the token’s price tracks what the pool holds.

Price: $4.32 (CoinGecko, 23:40 UTC Oct. 31)
24 hours: -0.4% ↓
7 days: -3.1% ↓ (CoinPaprika: -3.8%)
30 days: -10.7% ↓ (CoinPaprika: -10.5%)
Pool value: $693.6 million, -14% since Oct. 1 ↓ (DefiLlama)

DefiLlama’s daily readings put the pool at $803.9 million on Oct. 1. By 22:44 UTC on Oct. 31 it stood at $693.6 million. That is a drop of about $110 million in one month.

Why it moved

Two shifts inside the pool explain most of the decline. The first is cash. DefiLlama shows the pool’s USDC falling from $126.6 million on Oct. 1 to $105.5 million on Oct. 31. That is a 17% drop, or about $21 million.

The second is the value of the coins the pool holds. The pool actually owns more Solana ($SOL) than a month ago: 4.12 million tokens, up 4.8% from 3.93 million. Yet DefiLlama values that $SOL at $393.8 million, down from $463.4 million on Oct. 1.

The same pattern shows in the other large holdings. Wrapped bitcoin ($BTC) rose 1.9% to 1,503 tokens, but its value slipped from $123.6 million to $116.6 million. Wrapped ether ($ETH) held steady near 26,600 tokens, while its value fell from $71.6 million to $60.3 million.

In short, the pool kept or added coins, but those coins were worth less at month end. At the same time, stablecoin cash left. The JUPUSD stablecoin in the pool also fell 7.5%, to 17.3 million tokens.

We found no Jupiter statement on the USDC outflow, so its cause is not confirmed. After these moves, $SOL makes up about 57% of the pool by value. Stablecoins make up about 18%.

Who’s buying and selling

On the main trading pool, sellers have the edge. DexScreener shows 4,747 sells and 3,185 buys in 24 hours on the $JLP and $SOL pool on Orca. GeckoTerminal gives a close reading of 4,750 sells and 3,173 buys.

That pool held about $2.1 million in liquidity on both trackers. CoinGecko puts total 24-hour trading volume for $JLP at about $1.3 million. Those are small numbers next to a pool worth $693.6 million.

So the trade counts show short-term mood on the open market. The pool’s own balances, tracked by DefiLlama, show where the far larger sums moved this month.

What to watch next

The first thing to watch is the USDC line. A further drop would leave the pool more tied to the price of the coins it holds. A refill would add a buffer.

The second is $SOL. With $SOL at roughly 57% of the pool, its price swings carry straight into $JLP. The token’s record high, per CoinGecko, is $5.99 from Oct. 6, 2025. At $4.32 it trades about 28% below that mark.

The third is the pool’s total value. DefiLlama shows it dipped to $682 million on Oct. 30 before edging back to $693.6 million. Whether that low holds into November is the next test for holders.

Bottom line: Jupiter Perps LP ends October 11% lower as its pool sheds USDC and its coin basket loses value.