Jupiter Perps LP slips to $621 million as asset prices dip

Jupiter Perps LP slips to $621.1 million in pool value, by DefiLlama’s count at 3:17 p.m. ET on Thursday, Nov. 12. The pool’s token, Jupiter Perps LP ($JLP), is Jupiter’s perps liquidity pool token. The pool lost 2.1% of its value since the start of the day, while the coins inside it barely changed.

The quick take

Price: $JLP at $3.97, -2.5% ↓ in 24 hours (CoinGecko, 4:41 p.m. ET).
Trigger: Lower prices for Solana ($SOL) and Bitcoin ($BTC) cut the value of the pool’s main holdings.
Watch: The $SOL price, since $SOL now makes up 58% of the pool.

What happened

DefiLlama put the pool at $634.4 million at 00:00 UTC on Thursday. By its 3:17 p.m. ET reading, the figure stood at $621.1 million. A week earlier, at the start of Nov. 6, DefiLlama showed $661.6 million, so the pool is down 6.1% since then.

In DefiLlama’s daily history, the last lower reading was $616.3 million on Aug. 8, 2024. That makes Thursday’s figure its lowest in more than a year on that tracker.

Jupiter’s own token data gives a larger number. It lists 185.86 million $JLP tokens at $3.98 each at 4:44 p.m. ET, a market value of about $739.3 million. The two trackers count the pool in different ways, so we show both figures.

Why it moved

The pool did not shed many coins on Thursday. Its $SOL holdings fell just 0.16%, to about 4.46 million $SOL, per DefiLlama. But the value of that $SOL dropped by $10.2 million, to $362.6 million.

The same thing happened to the pool’s wrapped Bitcoin. It still held about 1,458 WBTC, yet that stake lost $3.5 million in value, ending at $104.3 million. The pool’s USD Coin ($USDC) actually grew by $0.7 million, to $80.4 million.

Those moves match the wider market. CoinGecko showed $SOL at $81.51, down 3.8% in 24 hours at 4:41 p.m. ET. LiveCoinWatch showed $BTC at $71,568, down 4.1% over the same span. Ether ($ETH) holdings, worth $57.5 million, changed little.

The pool’s mix also explains why $SOL matters so much. Since Nov. 6, its $SOL count rose from 4.14 million to 4.46 million, while its $USDC fell from $100.3 million to $80.4 million. With more of the pool in $SOL, its value now follows the $SOL price more closely.

Who’s buying and selling

Trading in the $JLP token itself looked balanced. Jupiter’s data showed $1.51 million of buys and $1.53 million of sells over 24 hours. There were 36,048 buy trades and 33,649 sell trades from 7,540 traders.

The holder count barely moved. Jupiter listed 89,441 holders, down 0.03% in a day. That suggests owners mostly held on while the price of the pool’s assets fell.

On price, CoinGecko showed $JLP at $3.97, down 2.5% in 24 hours and 5.9% in seven days. Jupiter’s price matched it within 0.2%. Over 30 days the token is down 13.7%, and it trades 34% below its record of $5.99 from Oct. 6, 2025, per CoinGecko.

What to watch next

The $SOL price. At 58% of the pool, $SOL drives most of its daily swings.
The stablecoin share. $USDC is now about 13% of the pool, down from about 15% on Nov. 6. A smaller cash cushion means bigger swings when prices move.
The gap between trackers. DefiLlama’s $621.1 million and Jupiter’s $739.3 million differ by about $118 million. Readers comparing pool size should check which source a figure comes from.

For more on Jupiter’s other products, see our Jupiter Exchange hub and our Solana coverage.

Bottom line: The Jupiter Perps LP pool kept almost all of its coins on Thursday, but lower $SOL and $BTC prices trimmed its value to $621.1 million on DefiLlama.