Liquidity depth per major asset
Jupiter Perpetual Exchange's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Jupiter Perps operates a single $691M JLP pool as the sole liquidity source for all three trading markets (SOL/ETH/WBTC). Key structural risk factors: (1) Trader-PnL counterparty: JLP holders are the direct counterparty to all positions; trader profits drain AUM directly with no insurance fund — JLP absorbs bad debt if any occurs. (2) Current OI/AUM utilisation: $97.5M OI / $691M AUM = 14.1% — moderate, not alarming. (3) Feb 2025 stress test: $400M+ in positions liquidated in 24h; JLP declined 7.78% vs SOL -15.87%; no bad debt recorded — demonstrated resilience under high-stress scenario. (4) Liquidation keeper risk: liquidations depend on whitelisted team-operated bots; keeper downtime during volatility could allow positions to fall into negative equity. (5) Redemption mechanics: JLP redeemable continuously but subject to dynamic rebalancing fees if exiting into an underweight custody; pool weight buffer ±20% (2000 bps). No 2%/5% on-chain slippage depth directly measurable for JLP (it
Sources #
- DocsPool Account - Jupiter DevelopersJupiter pool account docs — position limits, weight buffer 2000bps, fee parametersretrieved 2026-05-16
- Jupiter Perpetual Exchange — DefiLlamaDefiLlama protocol page — OI $97.54M, volume, fees as of 2026-05-16retrieved 2026-05-16
- Market Crash Analysis Feb 2, 2025 — Jupiter Research ForumJupiter Research forum: Market Crash Analysis Feb 2 2025 — $400M liquidated, JLP -7.78%, no bad debtretrieved 2026-05-16
- Jupiter Perps: Fees, Leverage, How JLP Works — Eco SupportEco.com JLP article: LPs are net short; trader profits drain JLP; no insurance fund; 75% fees as bufferretrieved 2026-05-16
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →