Jupiter Perps

Liquidation and auto-deleveraging 10/20

How positions are picked for auto-deleveraging

Not publisheddocs.jup.ag (opens in a new tab) · 3 November 2026

Partial liquidation

Nodocs.jup.ag (opens in a new tab) · 3 November 2026

Auto-deleveraging in the last 24 months

None foundThe docs describe no ADL mechanism, and neither the Feb 2025 crash analysis nor news searches for 2025-2026 report any ADL.discuss.jup.ag (opens in a new tab) · 3 November 2026

Risky markets isolated or capped

YesRiskier Beta markets (JUP, HYPE, ZEC, stocks) run on their own engine and do not use the JLP pool; the docs publish no OI caps for JLP markets.docs.jup.ag (opens in a new tab) · 3 November 2026

Insurance fund and who absorbs losses 10/15

Backstop balance readable on-chain

YesFor a pool venue the JLP pool counts, and its custody accounts (owned, locked, guaranteedUsd) are on-chain.docs.jup.ag (opens in a new tab) · 3 November 2026

Backstop against total open interest

830.0%JLP AUM is $798.0M against OI of about $95.8M (longs about $77.2M from locked tokens x price, shorts about $18.6M from globalShortSizes).perps-api.jup.ag (opens in a new tab) · 3 November 2026

Order of loss absorption published

NoNone of the perps overview, liquidation or technical reference pages cover bad debt or a loss order.docs.jup.ag (opens in a new tab) · 3 November 2026

Price oracle 12/15

Independent sources in the liquidation price

Three or moredocs.jup.ag (opens in a new tab) · 3 November 2026

Price update interval

Not disclosedUpdates happen at trade execution and through an independent keeper, and the docs give no interval in seconds.docs.jup.ag (opens in a new tab) · 3 November 2026

Who signs prices

Many partiesdocs.jup.ag (opens in a new tab) · 3 November 2026

Oracle failure with user losses, last 24 months

None foundChecked the docs, the JLP risk report and news searches: no Jupiter Perps oracle failure with user loss since Nov 2024 (the April 2026 Drift exploit was in Drift).docs.jup.ag (opens in a new tab) · 3 November 2026

Custody and withdrawal 6/15

Users hold their own funds

Yesdocs.jup.ag (opens in a new tab) · 3 November 2026

Contract-level exit if the operator stops

NoThe docs say closes are co-signed by a Jupiter keeper and collateral withdrawals are processed by keepers, and they describe no user-only exit path.docs.jup.ag (opens in a new tab) · 3 November 2026

Withdrawals can be frozen without a delayed vote

YesThe Perpetuals account holds permission flags (remove liquidity, decrease position, withdraw collateral) whose admin CvQZZ...tipQ acts through a Squads v3 multisig, which has no timelock.solscan.io (opens in a new tab) · 3 November 2026

Delay before upgrades apply

1 dayThe program upgrade authority is a Squads v4 vault (4-of-8 multisig, time_lock 86400 s), and the last upgrade ran through VaultTransactionExecute.solscan.io (opens in a new tab) · 3 November 2026

Incidents in the last 24 months 15/15

None found since November 2024.

Liquidity 6/10

A $100,000 market order in BTC or ETH, buying and selling, moved the price by 1.00 basis points on average (2 readings, 3 November 2026). The median across the venues we measure was 1.00.

Who provides the liquidity

Mostly one vault, pool or market makerstatic-r2.jup.ag (opens in a new tab) · 30 April 2026

Transparency and operations 4/10

Public audits of core code, last 24 months

NoneThe listed perps audits are OtterSec 2023, Sec3 Jan 2024 and Offside Labs Feb 2024, all before Nov 2024.docs.jup.ag (opens in a new tab) · 3 November 2026

Core code public

NoNone of the jup-ag org's 200 public repos holds the perps program source; only IDL-based tooling is public.github.com (opens in a new tab) · 3 November 2026

Public status page

YesA Better Stack status page with 90-day uptime per component.status.jup.ag (opens in a new tab) · 3 November 2026

Operating company named in the terms

YesThe terms say Block Raccoon S.A. (Panama) operates jup.ag; this was seen via search snippets, not a direct page fetch.jup.ag (opens in a new tab) · 3 November 2026