Perps, without the costume.

Long and short

Spot is different. Spot means you buy the coin and hold it. A perp can lose the whole deposit even if you were only wrong by a few percent.

The only three numbers that matter

1. Collateral. The money you actually put in. This is what you can lose.
2. Leverage. The multiplier. 5x means the position is 5 times your collateral.
3. Size. Collateral times leverage. $100 at 5x is a $500 position. You put up $100. The pool lends the other $400.

On Jupiter, a long SOL uses SOL as collateral. A short SOL uses USDC. Profit and loss are paid in that same collateral. This desk’s ticket is the SOL market: you type the SOL you are paying. Paper never sends it. A real perp opens on Jupiter, and the size on this ticket does not travel.

A real example

SOL is $120. You pay 1 SOL. That is about $120 of collateral.

• At 2x the position is about $240. A 2% move is about 4% of your SOL, before fees.
• At 5x the position is about $600. A 2% move is about 10% of your SOL.
• At 10x the position is about $1,200. A 2% move is about 20% of your SOL.
• At 50x a 2% move the wrong way wipes the deposit.

Jupiter allows 1.1x up to 250x. 250x is how accounts get liquidated on a normal candle. If you are new, use 2x or 5x until the liquidation price makes sense to you.

Liquidation

Every ticket has a liquidation price. A long dies if the oracle price falls through it. A short dies if the price rises through it. The position is closed and the collateral is gone. You do not get a warning trade.

A rough distance is one divided by the leverage. At 5x, price has to move about 20% against you. At 10x, about 10%. Fees make that distance a little smaller. The number on the ticket is the one that counts, not this estimate.

The liquidation price moves while you hold. Jupiter takes a borrow fee out of your collateral every hour. Less collateral means the liquidation price creeps toward the market. That matters most above 10x, and if you leave a trade open for days.

What you pay

SOL, ETH, and wBTC on Jupiter’s JLP markets are not funding-rate markets. You pay these instead.

• Base fee, 0.06% of size when you open, and again when you close. On a $600 position that is about $0.36 each way.
• Price impact. Extra when your trade is large compared with the pool. Capped at 0.50% of size.
• Borrow fee. Hourly, taken from collateral, based on how much of the pool is already lent out. It is not a funding payment between longs and shorts.
• Network fee. A small Solana fee on the signature. Separate from Jupiter.

How to start on this desk

1. The chip on Execute says PAPER. Paper Open marks a ticket on this desk. Your wallet does nothing.
2. Open Perps. Pick Long or Short. Read the liquidation price before you look at the profit.
3. Type an amount of SOL you can lose. Set leverage to 2x or 5x. Set a stop and a take profit.
4. Press Paper Open. The ticket stays on this desk and follows the SOL price.
5. For a real perp, use Long SOL on Jupiter or Short SOL on Jupiter. The size on this ticket does not travel.
6. Jupiter starts its own order. Close it there, or let the stop or take profit close it.

Do not

• Do not open 50x or 250x to “start small.” The deposit is small. The loss is the whole deposit.
• Do not skip the stop. A perp does not turn into a hold-and-hope spot bag.
• Do not leave a high-leverage trade open and forget the hourly borrow fee.
• Do not treat a paper fill as money you made. Paper is the scoreboard. Jupiter is the real order.

Not a promise. Perps can take the entire deposit. Only use money you can lose.