Beta markets are in early release with limited features: take profit and stop loss orders are not available, position and order sizes are capped, and each market sets its own maximum leverage. The Beta badge next to a market opens this list on jup.ag. In the trade form, the Add TP/SL toggle stays off and its info icon reads “Take Profit / Stop Loss is not available for [market].”
Who can trade Beta markets
Any connected wallet can trade Beta markets, within the position and order caps described below. No JUP stake is required.Available markets
Collateral is USDC on every Beta market, for longs and shorts alike. The market selector groups markets under the tabs All, Favourite, Crypto, and Stock, and the star next to a market adds it to your favourites. Each Beta market shows its maximum leverage as a badge. That is the highest leverage the market allows, available only up to a certain position size: larger positions need lower leverage, see Risk tiers and position caps. The values above are the current settings and can be adjusted by the trading engine, so the badge in the app prevails.
The market header shows the Mark Price, an oracle price for the underlying that the engine uses for margin, PnL, and liquidations. The chart follows the last traded price on the orderbook, so the two can differ briefly, especially on thin markets or, for stock markets, while the underlying exchange is closed. Open Interest counts the long and short sides together.
Stock markets
SPCX, SNDK, and SKHYNIX are perpetual markets on the price of a stock: SpaceX, SanDisk, and SK hynix. Their price comes from a Chainlink oracle. They trade around the clock, seven days a week, including while the underlying stock exchange is closed. Trading can still pause, for example during maintenance of the trading engine: the trade button then reads Trading unavailable. A market can also switch to limit orders only, see When only limit orders are available. A position gives you exposure to the reference price only: it carries no shares, dividends, or voting rights.Risk tiers and position caps
Beta markets use risk tiers: the larger a position, the more margin it needs and the lower its maximum leverage. The leverage you use therefore sets your Position Cap, the most your position and your open orders in that market can total, within an overall limit per account and market.- The market header shows the Position Cap at the market’s highest leverage. Hover it to see every tier: the popover reads “Larger positions need lower leverage. The cap includes your position and open orders in this market.” and lists each Max Leverage with its Position Cap, with a Learn More link to this section.
- In the trade form, Current Position Cap shows a single value, the cap for the leverage your position uses. It does not preview the cap after the order.
- Your position and your open orders that can increase it count toward the cap; reduce-only close orders do not. A limit order counts at its limit price or the mark price, whichever is higher.
- A leverage between two tiers gets the cap of the higher-leverage tier: on a market with 20x, 10x and 5x tiers, 15x has the 20x cap. Exposure exactly at a tier’s cap falls into the next tier.
- The initial margin is one rate on the whole position: its value divided by your leverage. A $15,000 JUP position at 10x needs $1,500.
- The maintenance margin rises gradually: each slice of a position pays its own tier’s rate, see Liquidation.
- The cap is a limit on your exposure, not the depth of the orderbook or the room you have left. Each order also has its own size limit, see Beta market limits.
Each market’s tiers end at these position values, which are its Position Caps. A market’s first tier starts at $0 and each later one where the previous one ends, so JUP’s 10x tier covers $10,000 to $20,000; — means the market has no such tier. Values on October 28, 2026; the popover prevails:
A $9,000 JUP position at 20x with $750 of open orders uses $9,750 of its $10,000 cap: an increase of $500 is refused with Position Cap Exceeded, “The 20x position cap is $10,000. Reduce size or lower leverage to 10x.” To go further, reduce the order, cancel open orders, or move the position to 10x with enough collateral, as described below.
How Beta markets differ from JLP markets
Funding rate and countdown
Beta markets charge a funding rate instead of a borrow fee. Funding accrues while your position is open and is applied to it every hour, on the hour (UTC). The rate displayed is the one-hour rate, and each payment is calculated on your position value at the time it is applied. Funding keeps the perpetual price aligned with the underlying market.- A positive rate means longs pay shorts.
- A negative rate means shorts pay longs.
Fees
Beta markets charge a fee on every order, shown in the trade form and in the close form as an approximate USD amount before you confirm.
The trade form labels the fee Taker Fee on market orders and on limit orders priced at or through the mark price (at or above it for a long, at or below it for a short), and Maker Fee on other limit orders. The label is an estimate: the fee actually charged follows how the order filled.
There is no base fee, no price impact fee, and no borrow fee on Beta markets. Solana network fees apply to the transactions you sign. The rates above are set by the trading engine and can be adjusted; the form always shows the current order fee.
Opening a position
1
Select a Beta market
Pick the market in the selector. The badge shows its maximum leverage.
2
Choose Long or Short and set your collateral
Collateral is USDC only, at least $5; the token selector is locked. Leverage runs from 1.1x to the market’s maximum, but a larger position needs a lower leverage: see Risk tiers and position caps.
3
Check the order summary
The form shows the Current Position Cap, the position size, collateral and Position Leverage after the order, the entry price, the estimated liquidation price, the estimated order leverage, the slippage limit, and the taker or maker fee. Market orders on Beta markets use a fixed price limit of 1%, shown as Max: 1%; your Perps slippage setting does not apply. The estimated order leverage can come out slightly below the preset you picked, because the form keeps room for the fee, the gap between the orderbook price and the mark price, and a small margin buffer, sizes the order to what the book can fill within the 1% limit, and rounds it to the market’s step size: at 20x, the order may land nearer 19x, and lower on a thin book. If the order is outside the market’s limits, the form says so: minimum order size, minimum order value, maximum order size, or a limit price outside the allowed range.
4
Sign the order
Approve the transaction in your wallet. The order goes to the trading engine, and the app confirms once it has been processed. The engine can still reject an order after you sign it: the app then shows Order not submitted (or Limit order not submitted, Close order not submitted) with the reason.
If the confirmation does not come back within about 8 seconds, the app shows Taking longer than expected: Your order may still execute. Refresh the page to check its status before submitting again. Orders are never resubmitted automatically: refresh, then check your positions, open orders, and history before placing the order again.
How orders execute
Increasing a position
An increase keeps the position’s max leverage, the setting stored with it, which is not the same as the Position Leverage shown in the order summary (position value divided by collateral). Moving the slider above it shows Max Leverage: Nx: “Your [market] position’s max leverage is Nx. Lower leverage to Nx or less.” When an increase would take the position above its cap, the form proposes a lower max leverage with a higher cap, and asks you to fund it first:- A banner explains the step, for example “To go above your $10,000 position cap, add [amount] USDC collateral to your JUP position first and move it to 10x max leverage. Then place your order at 10x or less.”
- Click Add [amount] USDC Collateral and approve. This only deposits collateral into the position and changes its max leverage: it does not place your order. The amount covers the extra margin plus a buffer of 0.5% of the position value, with a minimum of 5 USDC.
- Check the refreshed position cap and order summary, then place the order separately.
One net position per market
A Beta market holds a single net position. Selecting the opposite direction to your existing position does not open a second position or flip the one you have: the trade form becomes a reduce-only close, capped at the position size, with a 0 to 100% slider (HALF and MAX included) and a preview of the remaining position and of the USDC you receive. To take the other side, close the position first, then open a new one. Trades in the same direction increase the position. Positions on Beta markets are isolated: each has its own collateral, and the leverage shown on the position is its entry value divided by that collateral, so it does not move with the price. The collateral editor shows the current leverage instead, based on the position value at the mark price and your collateral including unrealized PnL, so the two can differ.When only limit orders are available
If the trading engine flags a market as unhealthy, the app switches that market to limit orders only. The trade form disables Market, moves you to Limit, pre-fills the current mark price, and shows “Market orders are temporarily unavailable for [market]. Only limit orders are available.” On an open position, the Close form does the same, Quick Close is disabled with “Quick close is unavailable for [market]. Use Close and select Limit.”, and Close All is disabled for your whole account while any of your positions sits on such a market. A limit close waits for its price to be reached: it is not a stop loss and does not protect the position from liquidation.Closing a position
Open the position and choose Close. You can close at market or with a limit order, pick the Close Size with percentage shortcuts, and the form shows the estimated PnL, the fee, and the USDC you receive. A limit close appears under Open Orders until its price is reached. Quick Close, the lightning icon next to Close, closes the whole position at market with a built-in price protection. A close is an order like any other, so the per-order size limits apply to it, and a large position can need several closes. In the Close form, the percentage shortcuts apply to the largest close one order allows, so 100% can mean less than the whole position, and a typed amount above the limit is reduced to it: check the Estimated close size and the remaining position before you confirm. The form can also keep a little back so the remaining position stays above the minimum order. Quick Close is unavailable when the whole position exceeds one order, and Close All skips such a position. Close it in several orders; limit orders have higher size limits than market orders. See Beta market limits.Adding or withdrawing collateral
Open the position and choose Collateral to deposit or withdraw USDC. Each deposit is at least 5 USDC. The editor shows the resulting leverage and liquidation price, the collateral after the change, and the funding accrued so far. Withdrawals are capped below your free collateral so the position keeps a safety margin, and unrealized profit cannot be withdrawn until you close. When more than one tier fits your position and open orders, the editor also offers a Max Leverage choice and shows the Position Cap before and after:- With a deposit, a lower max leverage raises the cap. The editor says how much to deposit, for example “Deposit at least [amount] USDC to use 10x and raise your position cap to $20,000.” Adding collateral without changing the max leverage does not raise the cap.
- With a withdrawal, a higher max leverage frees margin but lowers the cap, for example “At 20x you can withdraw up to [amount] USDC. Your position cap becomes $10,000.”
- If open orders would not have enough margin at the new setting, the editor asks you to “Cancel open [market] orders to change max leverage.”
Liquidation
A Beta market position is liquidated when the mark price reaches its liquidation price. That is the price at which its collateral, including unrealized PnL, no longer covers the maintenance margin plus the cost of a forced close: the taker fee (0.035%) and the liquidation fee (0.75% on JUP, HYPE, and ZEC, 1% on SPCX, SNDK, and SKHYNIX). The maintenance margin rises gradually with the position’s value: each slice of the position pays its own tier’s maintenance rate, from the table in Risk tiers and position caps. A $15,000 JUP position needs $500 of maintenance margin: 2.5% of the first $10,000 plus 5% of the next $5,000, before the close fees. A $5,000 JUP position is liquidated once its collateral falls below 3.285% of its value (2.5% + 0.035% + 0.75%). Choosing a lower max leverage changes the initial margin and the position cap, not the maintenance rate. A position above its market’s first tier is liquidated one tier at a time: once what remains is back above its requirement, the liquidation stops and the rest of the position stays open. History then shows liquidated to lower tier. When the whole position is closed, whatever collateral remains after the loss and the fees is returned to you; the forced close fills on the orderbook, so in a fast market it can be little or nothing.This differs from the JLP markets, where all remaining collateral is taken as a liquidation fee. The liquidation price shown in the trade form and on the position is an estimate: the engine decides on its current prices and your account equity. In your History, a position closed by the engine rather than by you is labeled Liquidation. There is no auto-deleveraging on Beta markets at launch.
Beta market limits
The form tells you which limit an order exceeds. All caps above are values on October 27, 2026, which the trading engine can adjust: the app prevails.
Before you sign, the form re-checks the order against your account’s remaining capacity, its margin needs and the live orderbook. If the quote has gone stale or the book no longer holds enough liquidity to fill the whole order, it asks you to refresh instead of resizing the order silently. When an increase must also cover a margin shortfall on the existing position, the market order is sent fill-or-kill (it fills entirely or is cancelled), and the same increase as a limit order requires adding collateral first (see Increasing a position).