Jupiter Perps LP pool stablecoin holdings fall 20% in a week
The Jupiter Perps LP pool held $116.2 million in stablecoins at 22:40 UTC on Oct. 18, down from $145.3 million a week earlier, per DefiLlama.
The quick take
- Price: Jupiter Perps LP ($JLP) traded at $4.53 as of 7:40 p.m. ET, Oct. 18 (+0.6% ↑ in 24 hours, -3.1% ↓ over seven days), per CoinGecko.
- Trigger: The pool’s stablecoin holdings fell 20% in a week, to $116.2 million, per DefiLlama.
- Watch: Whether $USDC keeps leaving the pool while its share of $SOL keeps growing.
What happened
Stablecoins are leaving the Jupiter Perps LP pool. The pool behind the Jupiter Perps LP ($JLP) token held $116.2 million in stablecoins at 22:40 UTC on Oct. 18, according to DefiLlama. That is down 20% from $145.3 million at 00:00 UTC on Oct. 11.
Most of the drop came from $USDC. The pool’s USDC balance fell from 126.6 million to 98.4 million tokens over the same stretch, a 22% decline. Its JupUSD balance slipped from 18.7 million to 17.7 million.
The whole pool was worth $734.2 million at the latest DefiLlama reading. That is 4.8% below the $770.9 million it held on Oct. 11.
Why the pool changed
The pool takes the other side of trades on Jupiter Perps, the leveraged trading venue of Jupiter Exchange ($JUP). It holds Solana ($SOL), wrapped $BTC, wrapped $ETH and stablecoins. Each JLP token is a share of that basket.
While the stablecoins shrank, the pool’s SOL grew. DefiLlama counts 4.12 million SOL in the pool now, up 4.6% from 3.94 million on Oct. 11. That SOL is worth $424.8 million, or about 58% of the pool, up from 56% a week earlier.
Wrapped bitcoin adds $122.9 million and wrapped ether $70.3 million. Stablecoins now make up about 16% of the pool, down from about 19%.
The cause of the stablecoin drop is not confirmed. DefiLlama says its figure includes trader collateral held in the same accounts, so the change can come from liquidity providers or from traders. One factor stayed flat: USDC lent out against JLP was $147.7 million, close to $146.0 million a week earlier.
Who’s buying and selling
Trading in the token itself looked balanced. CoinGecko counted $2.3 million in JLP volume over 24 hours.
On GeckoTerminal, the largest JLP/SOL pool on Orca logged 6,341 buys and 5,291 sells in 24 hours, with $2.26 million in liquidity. DexScreener showed the main JLP/USDC pool on Orca almost even, at 5,866 buys and 5,833 sells.
Fees were quiet. DefiLlama shows $102,458 in Jupiter Perps fees over its latest 24-hour reading, down from $120,462 in the 24 hours before. The seven-day total was $1.70 million. Under DefiLlama’s methodology, 75% of those fees go to liquidity providers.
What to watch next
JLP is a pool token, so its price follows the basket, the fees it earns and trader profit or loss. A larger SOL share ties the token more closely to SOL’s own moves.
So far the token has stayed steady. In the same week, the Jupiter Exchange token lost 20.7% and Solana 6.1%, per CoinGecko, while JLP gave up 3.1%.
JLP is 3.5% lower over 30 days and about 24% below its record of $5.99 from Oct. 6, 2025, per CoinGecko. The next DefiLlama readings will show whether the USDC outflow slows or the pool keeps tilting toward SOL.
Bottom line: The Jupiter Perps LP pool now holds less cash and more SOL, while the JLP token itself has barely moved.
Sources
- DefiLlama: Jupiter Perpetual Exchange (pool value, token mix, USDC lent, fees; read 23:46 UTC, Oct. 18)
- CoinGecko: Jupiter Perps LP (price, volume, 7- and 30-day change, record high; 23:40 UTC)
- Jupiter Price API: JLP (price cross-check by token address; 23:41 UTC)
- GeckoTerminal: JLP/SOL pool on Orca (buys, sells, liquidity; 23:41 UTC)
- DexScreener: JLP/USDC pool on Orca (buys, sells; 23:41 UTC)
- CoinGecko: Jupiter Exchange and CoinGecko: Solana (7-day change; 23:41 UTC)
Price data: CoinGecko, cross-checked with Jupiter.
Not financial advice.
