VENUEVERITAS

DEX EVIDENCE INTERFACE

Jupiter Perps

Perpetuals DEXSynthetic

Solana perpetuals exchange where traders borrow from the Jupiter Liquidity Pool (JLP); keepers fulfill onchain trade requests.

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How does this DEX actually work?

Structural flow from documented architecture — not a performance or safety claim.

  1. Trader

    Submits Solana trade request tx

  2. Onchain request

    Parameters recorded on Solana

  3. Jupiter keeper

    Offchain keeper validates and fulfills (docs: Jupiter runs keepers)

  4. Oracle prices

    Edge primary; Chainlink + Pyth verify/fallback

  5. JLP custody accounts

    Pool assets locked / settle PnL vs traders

Where is collateral held?

Follow the path from wallet to settlement. Smart-contract custody is still custody risk.

  1. User walletUser Solana wallet
  2. DepositPerps request / position escrow
  3. VaultJLP custody accounts
  4. SettlementOnchain settlement in collateral token

Custody model: Smart-contract custody — Not labeled simply “non-custodial.” Unknown edges stay Unknown.

Key structural facts

Liquidity model
LP VAULT (JLP)
Counterparty
JLP holders
Chain / settlement
Solana · On-chain
Chains
Solana

75% of fees to pool per JLP docs; traders profit/loss vs pool

Who controls what?

Governance processes do not by themselves prove decentralized operational control.

Evidence still unresolved
  • Program upgrade authority: Unresolved

Operational admin

Roles that can change contracts, parameters, or day-to-day operations.

  • Trade fulfillment keepers

    Controller Jupiter-operated keepers (per docs) — operational

    Mechanism Two-tx request/fulfillment

    Timelock Unknown / none documented

    Verified structured · 2026-08-30 · Source

  • Permissions / black-swan flags

    Controller Protocol administrator (docs: administrator sets permission flags)

    Mechanism Custody permissions flags can enable/disable trade actions during upgrades or black-swan events

    Timelock Unknown / none documented

    Verified structured · 2026-08-30 · Source

  • Config updates (SetPerpetualsConfig)

    Controller Admin signer required (SDK/IDL) — operational admin

    Mechanism Admin-signed config instructions; onchain upgrade authority identity not fully named

    Timelock Unknown / none documented

    Verified not structured · 2026-08-30 · Source

  • Program upgrade authority

    Controller Unknown

    Mechanism Administrator referenced; named multisig/pubkey not mapped in this pack

    Timelock Unknown / none documented

    Researched unresolved · 2026-08-30 · Source

Protocol & operator surfaces

  • Protocol
    No verified legal name on this surface

    Jupiter Perps onchain program / custody accounts

    Trader-to-LP model with JLP counterparty

    Verified structured
  • Frontend operator
    Legal operator unresolved

    Jupiter app / keepers described as run by Jupiter

    Keepers are offchain services operated by Jupiter per docs

    Verified not structured
  • Developer entity
    Legal operator unresolved

    Jupiter protocol contributors

    Brand ≠ verified legal entity in this pack

    Researched unresolved

How are prices determined?

Oracle provider presence is not a claim that the oracle is secure or endorsed.

Primary oracle
Edge by Chaos Labs
Price / index construction
If Edge fresh and within threshold of Chainlink+Pyth → Edge; else more recent of Chainlink/Pyth if they agree; else no update
Fallback
Chainlink / Pyth when Edge stale or out of band
Update mechanism
During trade execution and dedicated keeper
Dependencies
Edge · Chainlink · Pyth · Keeper
Last verified
2026-08-30 · Verified structured

Source

What happens if margin falls too low?

Liquidation mechanics in plain language — not a guarantee of user outcomes.

Maintenance / trigger
Oracle price reaches liquidation price
Partial / full
Position closed; remaining collateral to JLP as liquidation fee (FAQ)
Liquidator / keeper
Protocol automation / keepers
Liquidation fee
Remaining collateral transferred to JLP
Insurance / backstop
JLP as counterparty pool
Bad debt handling
RESEARCHED_UNRESOLVED

Insurance or buffer existence is not a solvency guarantee. · Verified structured

Who is on the other side of the trade?

Counterparty models differ by protocol — not every perpetual DEX shares the same structure.

LP VAULT (JLP)

Counterparty JLP holders

75% of fees to pool per JLP docs; traders profit/loss vs pool

Verified structured

Fees

Snapshot mechanisms and rates where documented. Not labeled cheapest or best value. Funding ≠ borrow unless documented.

  • open close base0.06%2026-08-30 · Verified structured · Source
  • price impactLinear + optional OI-imbalance additive2026-08-30 · Verified structured · Source
  • borrowHourly borrow rate in custody fundingRateState2026-08-30 · Verified structured · Source

Docs describe hourly borrow fees via custody fundingRateState; do not equate generically to funding rates on orderbook perps without checking live custody fields.

Market coverage

Only officially supported classes from primary evidence. Presence is not a recommendation.

  • CryptoSupported
  • FXNot listed
  • CommoditiesNot listed
  • IndicesNot listed
  • StocksNot listed
  • ETFsNot listed

SOL, ETH, wBTC perps only (docs)

Security evidence

Smart-contract audits are not financial audits. No combined “audited” badge. No security score.

Smart-contract audits

  • Offside Labs2024-02 · Jupiter Perpetuals (covers JLP program surface per Jupiter Security docs)Verified structuredSource
  • OtterSec2023 · Jupiter PerpetualsVerified structuredSource
  • Sec32024-01-17 · Jupiter PerpetualsVerified structuredSource

Material incidents

None structured in this pack (not a claim that none occurred).

Access surfaces

Protocol access, frontend access, and terms eligibility are separate. Not “available globally” unless evidenced.

  • Protocol access

    Solana program interaction ≠ legal eligibility.

    Verified not structuredSource
  • Frontend access

    Official Jupiter frontend geo / ToS restrictions RESEARCHED_UNRESOLVED in this pack.

    Researched unresolved
  • Terms of service

    Frontend ToS eligibility not structured here.

    Researched unresolved
  • Legal eligibility

    LEGAL_OPERATOR_UNRESOLVED — no authorization conclusion asserted.

    Researched unresolved

Direct answers

  • How do Jupiter perpetuals work?

    Traders request positions onchain; Jupiter keepers fulfill against oracle prices; JLP provides borrowed liquidity and is the counterparty.

    Verified structured · Source

  • What backs Jupiter Perps trades?

    The Jupiter Liquidity Pool (JLP) holds SOL, ETH, wBTC, USDC, USDT (and related assets per JLP docs) and pays/receives trader PnL.

    Verified structured · Source

  • What oracle does Jupiter Perps use?

    Edge by Chaos Labs (primary), with Chainlink and Pyth for verification and fallback.

    Verified structured · Source

  • Who controls Jupiter Perps?

    Docs state keepers are operated by Jupiter. Upgrade / admin authority for programs is LEGAL_OPERATOR / control RESEARCHED_UNRESOLVED in this pack — not inferred from the brand alone.

    Researched unresolved · Source

What does this DEX depend on?

Material dependencies only. Dependency count is not a risk score.

  • BlockchainSolanaSettlement
  • Lp VaultJLP poolCounterparty liquidity
  • OracleEdge (Chaos Labs)Primary mark
  • KeeperJupiter keepersFulfillment

Contracts (primary-sourced)

  • SOL Custody Account (Solana): 7xS2gz2bTp3fwCC7knJvUWTEU9Tycczu6VhJYKgi1wdz — JLP custody parameters and balances for SOL
  • ETH Custody Account (Solana): AQCGyheWPLeo6Qp9WpYS9m3Qj479t7R636N9ey1rEjEn — JLP custody for ETH
  • BTC Custody Account (Solana): 5Pv3gM9JrFFH883SWAhvJC9RPYmo8UNxuFtv5bMMALkm — JLP custody for BTC/wBTC
  • USDC Custody Account (Solana): G18jKKXQwBbrHeiK3C9MRXhkHsLHf7XgCSisykV46EZa — JLP custody for USDC

Open gaps

  • Legal entity for Jupiter / frontend: LEGAL_OPERATOR_UNRESOLVED
  • Named onchain upgrade authority pubkey / multisig not mapped
  • Frontend ToS geo language not structured

Primary sources

DEX Architecture / Control / Custody evidence only. No DEX score. Unresolved states remain unresolved.