> ## Documentation Index > Fetch the complete documentation index at: https://docs.jup.ag/llms.txt > Use this file to discover all available pages before exploring further. > ## Agent Instructions > These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet. > Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt. > When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs. # Beta Markets > Jupiter Perps Beta markets, powered by GUM: JUP, HYPE, ZEC and stock perps on USDC collateral, with hourly funding, taker and maker fees, one net position. Beta markets are the perpetual markets Jupiter Perps offers beyond SOL, ETH, and wBTC. They are powered by GUM, an orderbook trading engine, rather than by the JLP pool, and they follow different rules: USDC collateral, a funding rate instead of a borrow fee, taker and maker fees, and one net position per market. On jup.ag they carry a **Beta** badge in the market selector, whose details read *Orderbook perpetuals powered by GUM* and link to this page; the SOL, ETH, and wBTC markets carry a **JLP** badge described as *Perpetuals priced by oracles, with liquidity from the JLP pool*. Beta markets are not available in the Jupiter Mobile app, whose Perps tab offers SOL, ETH, and wBTC only. This page covers those differences. Everything not mentioned here works as described on the other Perps pages. > [!NOTE] > > 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 | Market | Category | Maximum leverage | | - | - | - | | JUP | Crypto | 20x | | HYPE | Crypto | 25x | | ZEC | Crypto | 50x | | SPCX (SpaceX) | Stock | 20x | | SNDK (SanDisk) | Stock | 20x | | SKHYNIX (SK hynix) | Stock | 20x | 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](#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](#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](#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](#beta-market-limits). Every Beta market uses the same rates for each max leverage: | Max Leverage | 50x | 25x | 20x | 10x | 5x | | - | - | - | - | - | - | | Initial margin | 2% | 4% | 5% | 10% | 20% | | Maintenance margin | 1% | 2% | 2.5% | 5% | 10% | 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: | Market | 50x | 25x | 20x | 10x | 5x | | - | - | - | - | - | - | | ZEC | \$10,000 | \$20,000 | \$50,000 | \$100,000 | — | | HYPE | — | \$25,000 | \$50,000 | \$100,000 | — | | JUP | — | — | \$10,000 | \$20,000 | \$50,000 | | SPCX, SNDK, SKHYNIX | — | — | \$50,000 | \$75,000 | \$100,000 | 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 | | SOL, ETH, wBTC (JLP markets) | Beta markets | | - | - | - | | Counterparty | The JLP pool | GUM's orderbook trading engine | | Collateral | The traded asset (long) or USDC (short) | USDC, for longs and shorts | | Cost of holding | Borrow fee on the position size, counted against collateral | Funding between longs and shorts, applied hourly | | Trading fees | Base fee and price impact fee | Taker fee (market orders) or maker fee (limit orders) | | Positions | Up to one long and one short per asset, same-side trades merge | One net position per market | | Take profit / stop loss | Available | Not available | | Leverage | 1.1x to 250x | 1.1x to the market's own maximum | | Liquidation trigger | Oracle price reaches the liquidation price | Mark price reaches the liquidation price | | After a liquidation | All remaining collateral is taken as a liquidation fee | What remains after the loss and fees is returned to you; in a fast market, it can be little or nothing | | Header statistics | Available liquidity and borrow rate | Open interest, funding rate and countdown, and the **Position Cap**: the most your position and open orders in the market can total at the market's highest leverage | ## 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. The market header and the trade form show the current one-hour rate under **Funding (1H)**, and the **Countdown** next to it is the time until the next hourly payment, in minutes and seconds. Hover the rate to see the eight-hour and annualised equivalents: both are simple multiples of the current one-hour rate, not forecasts. Funding accrued on an open position appears as **Funding Accrued** when you edit its collateral, and past payments are listed under **Funding History**. ## 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. | Fee | Rate | | - | - | | Maker fee | 0.005% of the order value (0.5 bps), on limit orders that rest on the book | | Taker fee | 0.035% of the order value (3.5 bps), on market orders and on limit orders that execute immediately | | Liquidation fee | 0.75% of the position value on the crypto markets (JUP, HYPE, ZEC); 1% on the stock markets (SPCX, SNDK, SKHYNIX) | 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](#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. > [!NOTE] > > 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 | Order | What happens | | - | - | | Market order to open | Executes immediately against the orderbook, within the 1% price limit. The part the book cannot fill at that price is cancelled rather than left waiting. | | Limit order to open | Rests on the book until it fills or you cancel it. It has no expiry. | | Market order closing the whole position | All or nothing: if the entire position cannot be closed within the 1% price limit, nothing is closed and the position stays open. | | Market order closing part of a position | Can fill partially. Check the remaining size afterwards. | | Limit order to close | Only ever reduces the position, and waits for its price. It is not a stop loss. | > [!WARNING] > > Submitting an order is not the same as filling it. A partial fill leaves you with a smaller position than requested, and a failed full close leaves the position open. Read the position size and the open orders after every market order. ### 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: 1. 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."* 2. 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. 3. Check the refreshed position cap and order summary, then place the order separately. The same button appears with *"Your \[market] position is below its margin requirement. Add \[amount] USDC collateral to it first, then place your order."* when the position itself needs more margin. If open orders would be left without enough margin at the new leverage, the form shows **Cancel Open Orders** instead: cancel them, then try again. ### 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](#beta-market-limits). > [!TIP] > > The History tab lists individual orders and fills, and Funding History lists funding payments; there is no per-position profit summary, since a position can be reduced, closed, or rebuilt over time. The USDC from a close is normally sent to your wallet automatically and needs a USDC token account there: if the Positions tab shows **Restore USDC account**, click it and approve the transaction (it needs a little SOL for the account rent). If the USDC does not show in your wallet right away, allow a few minutes and check History before acting again. ## 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](#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. > [!NOTE] > > 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 | Limit | Current value | | - | - | | Take profit and stop loss | Not available on Beta markets | | Position value per account and market | Set by the risk tier of the leverage you use, up to an overall limit per market (\$100,000, or \$50,000 on JUP). Shown as **Position Cap**; hover it for the tiers. See [Risk tiers and position caps](#risk-tiers-and-position-caps) | | Open interest per market | \$5,000,000; \$1,000,000 on JUP | | Minimum order value | \$5 on every market | | Maximum order size | Set per market as a quantity and a USD value, whichever is lower, and lower for market orders than for limit orders. On JUP, a market order can be worth at most \$5,000 or 20,000 JUP and a limit order \$25,000 or 100,000 JUP; on SPCX, \$5,000 for a market order and \$25,000 for a limit order. Opening and closing orders have their own limits. A larger position cap does not raise these limits, so a large position is opened and closed in several orders | | Leverage | Highest leverage shown as a badge in the selector; lower for larger positions, see [Risk tiers and position caps](#risk-tiers-and-position-caps) | 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](#increasing-a-position)). 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