Jupiter JLP vs SOL
JLP is a basket of SOL, bitcoin, ether and stablecoins that Jupiter lends to leveraged traders. Compare what it has returned with simply holding SOL, or holding the same basket without lending it out.
JLP ends ahead of SOL over this range
From Dec 27, 2023 to Oct 12, 2026, a dollar invested in JLP ends at $2.50 (+150.3%); the same dollar invested in SOL ends at $1.01 (+1.5%). SOL was ahead on some earlier dates within this range.
The illustrative rebalanced basket returned +33.9%. Its gap with JLP reflects fees, trader profit or loss, and differences in the pool’s weights and net exposure over time.
Return comparison
The return on a dollar put into each on the first day of the range. Choose a range to restart every line from zero on its first day. Choose a line’s name under the chart to show or hide it.
| Day | JLP return | SOL return | Same basket, rebalanced return | Same basket, bought and held return | JLP ahead of SOL |
|---|---|---|---|---|---|
| Dec 31, 2023 | −4.3% | −5.2% | −3.1% | −3.1% | +0.9% |
| Jan 31, 2024 | +6.2% | −9.3% | −4.2% | −5.0% | +17.1% |
| Feb 29, 2024 | +25.4% | +17.5% | +17.4% | +16.8% | +6.8% |
| Mar 31, 2024 | +36.5% | +89.6% | +52.7% | +54.7% | −28.0% |
| Apr 30, 2024 | +37.3% | +18.6% | +19.1% | +16.0% | +15.7% |
| May 31, 2024 | +57.7% | +54.8% | +40.2% | +37.6% | +1.9% |
| Jun 30, 2024 | +57.3% | +36.9% | +30.7% | +26.6% | +15.0% |
| Jul 31, 2024 | +75.2% | +60.5% | +41.8% | +37.7% | +9.1% |
| Aug 31, 2024 | +68.0% | +26.5% | +23.8% | +17.5% | +32.8% |
| Sep 30, 2024 | +79.7% | +42.6% | +33.0% | +26.7% | +26.0% |
| Oct 31, 2024 | +91.0% | +57.4% | +41.3% | +35.4% | +21.4% |
| Nov 30, 2024 | +122.7% | +122.1% | +80.0% | +77.7% | +0.2% |
| Dec 31, 2024 | +125.0% | +76.8% | +60.5% | +54.3% | +27.3% |
| Jan 31, 2025 | +155.3% | +116.4% | +80.2% | +75.5% | +18.0% |
| Feb 28, 2025 | +111.8% | +38.3% | +39.2% | +29.8% | +53.2% |
| Mar 31, 2025 | +99.2% | +16.5% | +27.9% | +17.6% | +71.0% |
| Apr 30, 2025 | +120.9% | +38.0% | +41.8% | +31.1% | +60.2% |
| May 31, 2025 | +140.0% | +46.4% | +52.7% | +40.6% | +64.0% |
| Jun 30, 2025 | +143.9% | +44.6% | +52.7% | +40.4% | +68.7% |
| Jul 31, 2025 | +167.9% | +61.1% | +68.2% | +54.8% | +66.3% |
| Aug 31, 2025 | +190.1% | +87.7% | +83.0% | +67.4% | +54.6% |
| Sep 30, 2025 | +201.7% | +95.0% | +87.5% | +71.7% | +54.7% |
| Oct 31, 2025 | +192.7% | +74.9% | +77.5% | +59.9% | +67.3% |
| Nov 30, 2025 | +150.3% | +24.8% | +45.7% | +27.8% | +100.5% |
| Dec 31, 2025 | +143.7% | +16.3% | +40.7% | +22.8% | +109.6% |
| Jan 31, 2026 | +123.6% | −1.5% | +26.9% | +10.1% | +127.0% |
| Feb 28, 2026 | +98.2% | −21.2% | +11.0% | −4.3% | +151.5% |
| Mar 31, 2026 | +99.9% | −22.3% | +11.4% | −4.0% | +157.4% |
| Apr 30, 2026 | +106.8% | −22.4% | +13.9% | −1.1% | +166.6% |
| May 31, 2026 | +104.2% | −23.1% | +12.0% | −3.1% | +165.5% |
| Jun 30, 2026 | +86.8% | −31.3% | +1.6% | −12.9% | +172.0% |
| Jul 31, 2026 | +91.7% | −32.0% | +3.6% | −11.0% | +181.9% |
| Aug 31, 2026 | +139.7% | −3.8% | +28.9% | +9.0% | +149.1% |
| Sep 30, 2026 | +160.4% | +10.3% | +39.9% | +17.8% | +136.2% |
| Oct 12, 2026 | +150.3% | +1.5% | +33.9% | +13.0% | +146.7% |
| Holding | Total return | Yearly average | Worst fall | Volatility |
|---|---|---|---|---|
| JLP | +150.3% | +38.9% | −46% · Jun 6, 2026 | 36% |
| SOL | +1.5% | +0.5% | −76% · Jun 6, 2026 | 79% |
| Same basket, rebalanced | +33.9% | +11.0% | −54% · Jun 6, 2026 | 46% |
| Same basket, bought and held | +13.0% | +4.5% | −57% · Jun 6, 2026 | 50% |
Yearly average is the compound growth rate a year, shown for ranges of a year or more. Worst fall is the deepest drop from a previous high in the range, on the day it bottomed. Volatility is how much daily returns swing, scaled to a year; JLP’s is lower than SOL’s because about a third of the pool sits in stablecoins.
How far ahead JLP is
JLP’s growth divided by SOL’s, and by the illustrative rebalanced basket’s, from the start of the range. Positive values mean JLP is ahead at that date; negative values mean it is behind. The gap over the basket reflects fees, trader profit or loss, and differences in the pool’s weights and net exposure over time.
| Day | JLP return | SOL return | Same basket, rebalanced return | Same basket, bought and held return | JLP ahead of SOL |
|---|---|---|---|---|---|
| Dec 31, 2023 | −4.3% | −5.2% | −3.1% | −3.1% | +0.9% |
| Jan 31, 2024 | +6.2% | −9.3% | −4.2% | −5.0% | +17.1% |
| Feb 29, 2024 | +25.4% | +17.5% | +17.4% | +16.8% | +6.8% |
| Mar 31, 2024 | +36.5% | +89.6% | +52.7% | +54.7% | −28.0% |
| Apr 30, 2024 | +37.3% | +18.6% | +19.1% | +16.0% | +15.7% |
| May 31, 2024 | +57.7% | +54.8% | +40.2% | +37.6% | +1.9% |
| Jun 30, 2024 | +57.3% | +36.9% | +30.7% | +26.6% | +15.0% |
| Jul 31, 2024 | +75.2% | +60.5% | +41.8% | +37.7% | +9.1% |
| Aug 31, 2024 | +68.0% | +26.5% | +23.8% | +17.5% | +32.8% |
| Sep 30, 2024 | +79.7% | +42.6% | +33.0% | +26.7% | +26.0% |
| Oct 31, 2024 | +91.0% | +57.4% | +41.3% | +35.4% | +21.4% |
| Nov 30, 2024 | +122.7% | +122.1% | +80.0% | +77.7% | +0.2% |
| Dec 31, 2024 | +125.0% | +76.8% | +60.5% | +54.3% | +27.3% |
| Jan 31, 2025 | +155.3% | +116.4% | +80.2% | +75.5% | +18.0% |
| Feb 28, 2025 | +111.8% | +38.3% | +39.2% | +29.8% | +53.2% |
| Mar 31, 2025 | +99.2% | +16.5% | +27.9% | +17.6% | +71.0% |
| Apr 30, 2025 | +120.9% | +38.0% | +41.8% | +31.1% | +60.2% |
| May 31, 2025 | +140.0% | +46.4% | +52.7% | +40.6% | +64.0% |
| Jun 30, 2025 | +143.9% | +44.6% | +52.7% | +40.4% | +68.7% |
| Jul 31, 2025 | +167.9% | +61.1% | +68.2% | +54.8% | +66.3% |
| Aug 31, 2025 | +190.1% | +87.7% | +83.0% | +67.4% | +54.6% |
| Sep 30, 2025 | +201.7% | +95.0% | +87.5% | +71.7% | +54.7% |
| Oct 31, 2025 | +192.7% | +74.9% | +77.5% | +59.9% | +67.3% |
| Nov 30, 2025 | +150.3% | +24.8% | +45.7% | +27.8% | +100.5% |
| Dec 31, 2025 | +143.7% | +16.3% | +40.7% | +22.8% | +109.6% |
| Jan 31, 2026 | +123.6% | −1.5% | +26.9% | +10.1% | +127.0% |
| Feb 28, 2026 | +98.2% | −21.2% | +11.0% | −4.3% | +151.5% |
| Mar 31, 2026 | +99.9% | −22.3% | +11.4% | −4.0% | +157.4% |
| Apr 30, 2026 | +106.8% | −22.4% | +13.9% | −1.1% | +166.6% |
| May 31, 2026 | +104.2% | −23.1% | +12.0% | −3.1% | +165.5% |
| Jun 30, 2026 | +86.8% | −31.3% | +1.6% | −12.9% | +172.0% |
| Jul 31, 2026 | +91.7% | −32.0% | +3.6% | −11.0% | +181.9% |
| Aug 31, 2026 | +139.7% | −3.8% | +28.9% | +9.0% | +149.1% |
| Sep 30, 2026 | +160.4% | +10.3% | +39.9% | +17.8% | +136.2% |
| Oct 12, 2026 | +150.3% | +1.5% | +33.9% | +13.0% | +146.7% |
Returns by calendar year
| Year | JLP | SOL | Same basket, rebalanced | Same basket, bought and held |
|---|---|---|---|---|
| 2023 (from Dec 27) | −4.3% | −5.2% | −3.1% | −3.1% |
| 2024 | +135.1% | +86.5% | +65.6% | +59.2% |
| 2025 | +8.3% | −34.2% | −12.4% | −20.4% |
| 2026 (to Oct 12) | +2.7% | −12.8% | −4.8% | −8.0% |
Each year runs from the previous year’s last close; JLP’s first year starts when Yahoo Finance’s history does, and this year runs to date.
What’s in the pool
Jupiter’s figures as of this page load: the pool holds $892M in all. Lent to traders is the share of each coin set aside for open positions.
| Coin | Weight now | Target weight | Lent to traders | Effective exposure |
|---|---|---|---|---|
| SOL | 46.6% | 47.0% | 12.3% | 43.1% |
| ETH | 7.8% | 8.0% | 6.7% | 7.5% |
| WBTC | 13.4% | 13.0% | 16.6% | 12.1% |
| USDC | 30.1% | 30.0% | 60.4% | — |
| USDT | 0.0% | 0.0% | 0.0% | — |
| JUPUSD | 2.1% | 2.0% | 0.0% | — |
| All crypto | 67.7% | 68.0% | 62.7% | |
| All dollars | 32.3% | 32.0% | 37.3% |
Effective exposure is how much of the pool really rises and falls with each coin once traders’ positions are counted, as a share of the pool. Traders betting a coin will rise borrow it from the pool and keep its gains, so the pool holds less of it than its weight suggests. Traders betting it will fall do the reverse: the pool takes the other side of their bet, which works like holding more of the coin. Stablecoins and the dollars long traders have borrowed make up the rest. The figures come from Jupiter’s custody and trader-position data, with traders’ positions as they stand now. Today the pool moves like 63% crypto and 37% dollars, which is part of why JLP falls less than SOL.
The basket lines on this page use the current target weights for the whole period: 47% SOL, 13% bitcoin, 8% ether and 32% dollar stablecoins. The pool’s real mix has moved over time (Jupiter’s 2025 reports show SOL anywhere from about 47% to 58%), so treat the basket as a close comparison rather than an exact one.
How JLP works
JLP is the token for Jupiter’s perpetuals liquidity pool on Solana. Buying JLP puts your money into one shared pot of SOL, bitcoin, ether and dollar stablecoins. Traders on Jupiter borrow from that pot to bet on prices with leverage, and the pool is on the other side of their trades.
The pool keeps 75% of the fees (Jupiter takes the rest) traders pay to open and close positions and to borrow, plus whatever traders lose overall. It pays out whatever they win. All of this goes straight into the price of JLP rather than being paid out, so JLP’s price rises from the earnings on top of whatever its coins do.
That is why JLP does not move one-for-one with SOL. About half the pool is SOL, so JLP still falls when SOL falls, but the stablecoins soften the drop, and the fees keep adding to it in quiet markets. The risk runs the other way when traders win big: in a strong one-way rally, profitable traders take money out of the pool, and JLP can trail the coins it holds.
The comparison basket answers “what if I had bought the same coins myself?”. The rebalanced line is closest to how the pool behaves, since Jupiter charges lower fees for deposits that pull the pool back towards its targets. The bought-and-held line lets the mix drift instead, as most people holding coins would.
What if you invested in a JLP/SOL pool?
Choose your SOL price expectation and see how an Orca liquidity position could compare with holding JLP or SOL. Bitcoin and ether follow their historical relationship with SOL, and JLP reflects all three assets plus its quoted yield. A pool automatically trades between JLP and SOL as their relative price changes.
Entry ratio: 0.0426572 SOL per JLP · Pool updated Oct 12, 4:40 PM UTC. Entry SOL price is inferred from Jupiter’s JLP price and this pool’s ratio; it may differ from Yahoo’s quote above.
JLP’s current net price exposures are 43.1% SOL, 12.1% bitcoin and 7.5% ether. We weight each implied price move by its exposure, then compound Jupiter’s quoted 8.33% APY for your horizon (Oct 10, 1:45 AM UTC). Stablecoin prices, trader positions and yield stay unchanged in this scenario.
How BTC and ETH follow SOL
104 separate weekly returns from Oct 13, 2024 to Oct 11, 2026 · Live · Yahoo Finance daily closes. We use up to 104 weeks. Weekly returns include the same seven calendar days for all three coins.
| Asset | Response to SOL | Weekly correlation | Implied price move | JLP net exposure |
|---|---|---|---|---|
| Bitcoin | 0.47× | 0.84 | 0.0% | 12.1% |
| Ether | 0.70× | 0.77 | 0.0% | 7.5% |
Response measures the size of each asset’s move relative to SOL, using a least-squares fit of weekly log returns. Correlation measures how closely they moved together, from −1 to +1; it is not the price multiplier. For a small SOL move, a response of 0.5× means roughly half that move. For larger moves we use (1 + SOL change) raised to the response, minus 1, so inferred prices remain positive. We apply this directional response over your chosen horizon without adding an independent BTC or ETH trend. Historical relationships vary: these are scenario assumptions, especially uncertain over long horizons, not guaranteed price targets.
Pool range & trading fee assumptions
The range is for JLP’s price in SOL, relative to the entry ratio. Below it your position holds only JLP; above it, only SOL. Trading fees stop outside the range.
Pool trading fees over the past 7 days: $3,490.30 before the 13% protocol share.
Where your projected gain comes from
Yield supplies 100.0% of your projected net gain; capital gain / loss supplies 0.0%.
Of your net gain, JLP yield contributes 30.5% and Orca pool yield contributes 69.5%.
| Source | Gain / loss | Return on investment | Share of net gain |
|---|---|---|---|
| Capital gain / loss | +$0.00 | 0.0% | 0.0% |
| JLP yield | +$85.00 | +0.9% | 30.5% |
| Orca pool yield | +$193.99 | +1.9% | 69.5% |
| Total gain / loss | +$278.99 | +2.8% | 100.0% |
JLP yield is embedded in the token price, using Jupiter’s quoted 8.33% APY. Its contribution is the extra ending value compared with the same investment and asset expectations with JLP yield set to zero, including the effect on your changing token balances. Capital gain / loss is that zero-yield position’s price gain or loss. Orca pool yield is the estimated trading fees earned along the actual scenario, after the protocol share. These three amounts add up to the total gain exactly; JLP yield is not added to the ending value again.
Tick-aligned range: 0.0341179–0.0512033 SOL per JLP. Your investment starts with 974.7475 JLP and 50.3555 SOL (45% JLP by value).
| Day | Pool including fees | Pool before fees | All JLP | All SOL + staking |
|---|---|---|---|---|
| 0.0 | $10,000.00 | $10,000.00 | $10,000.00 | $10,000.00 |
| 22.5 | $10,070.70 | $10,022.20 | $10,049.81 | $10,022.72 |
| 45.0 | $10,140.77 | $10,043.77 | $10,099.62 | $10,045.49 |
| 67.5 | $10,210.19 | $10,064.70 | $10,149.44 | $10,068.31 |
| 90.0 | $10,278.99 | $10,085.00 | $10,199.25 | $10,091.19 |
| Strategy | Ending value | Gain / loss | Total return | Yield | Net crypto exposure |
|---|---|---|---|---|---|
| Pool + fees | $10,278.99 | +$278.99 | +2.8% | 11.49% APR JLP 3.62% APR + Orca 7.87% APR | 83.2% |
| Pool before fees | $10,085.00 | +$85.00 | +0.8% | 3.62% APR JLP 3.62% APR | 84.8% |
| Hold entry mix | $10,140.06 | +$140.06 | +1.4% | 5.64% APR JLP 3.62% APR + SOL staking 2.02% APR | 83.0% |
| All JLP | $10,199.25 | +$199.25 | +2.0% | 8.33% APY | 62.7% |
| All SOL | $10,091.19 | +$91.19 | +0.9% | 3.75% APY | 100.0% |
Yield shows annual income rates, excluding capital gains. Mixed yields use starting allocations; Orca APR accounts for the projected time in range. “All SOL” and the SOL in “Hold entry mix” are staked, with rewards compounded in their ending values. SOL inside this JLP/SOL pool earns no separate staking yield.
Yield rates & staking assumptions
StakeWiz’s network-average staking estimate: 3.75% APY · epoch 1055 · read Oct 12, 4:41 PM UTC. The API provides no separate quote timestamp. This benchmark varies by validator, performance and commission.
All-JLP yield is Jupiter’s quoted 8.33% APY. Mixed strategies weight JLP and staking rates by their starting dollar allocations. We convert their APYs to equivalent APRs with daily compounding before adding them. Orca APR is projected trading fees ÷ initial investment × 365 ÷ days, after the protocol share and time outside the range. With zero days, it uses the initial daily fee rate. “Pool before fees” includes JLP yield only. These indicative rates assume current yields persist; projected token rebalancing can change the income actually earned.
Net crypto exposure is a share of each strategy’s ending value: direct SOL plus JLP’s SOL, BTC and ETH exposure after trader obligations, excluding stablecoins. JLP exposure adjusts for your projected asset prices; trader positions stay fixed and JLP yield scales the basket proportionally. Orca fees are held in dollars in this model, reducing the exposure of “Pool + fees”.
How this estimate works
JLP’s ending price is its entry price × (1 + SOL exposure × SOL change + BTC exposure × inferred BTC change + ETH exposure × inferred ETH change) × (1 + quoted APY) raised to days / 365. Exposures are derived from Jupiter’s custody data, including locked long obligations and short positions. Stablecoins and trader positions stay fixed. Both token prices move in a straight line to these ending prices. Orca’s concentrated-liquidity equations determine the changing balances within a fixed range, rounded outwards to valid pool ticks. The fee estimate takes the last seven days’ average fees, removes the protocol share, and applies your share of current active liquidity, including your deposit, only while in range. Active liquidity stays fixed and your fee activity assumption scales the fee estimate. JLP yield is included once in its derived price. Orca fees are valued in dollars as earned and held without compounding. Held-SOL benchmarks compound the staking APY into their SOL balances; wrapped SOL in the Orca pool remains unstaked. Incentive rewards, staking activation/deactivation delays, transaction costs, slippage, taxes, future changes in competing liquidity and alternative price paths are excluded. A different path can produce different fees even with the same ending prices. This is a hypothetical scenario, not a quoted pool yield.
Orca pool API · Pool data is read at most once a minute when this page loads. Your assumptions stay in this browser tab.
Balance your crypto exposure
Set your preferred net crypto and SOL exposure, then divide your portfolio between SOL, JLP and a 50/50 JLP/SOL pool. SOL includes your direct holdings and SOL exposure inside JLP and the LP. Both targets have equal importance; the calculator finds their closest combined match while keeping you fully invested. Leave either target blank to let it vary.
No exposure target is set. Unlocked allocations balance to 100%.
| Strategy | Allocation | Net crypto exposure | Net SOL exposure |
|---|---|---|---|
| SOL | 33.33% | 100.00% | 100.00% |
| JLP | 33.33% | 62.67% | 43.09% |
| Orca 50/50 LP | 33.33% | 81.33% | 71.54% |
The table’s exposure percentages are per strategy’s own equity; the portfolio figures weight them by your allocations. Net exposure measures sensitivity to coin prices with Jupiter trader positions fixed, using the same custody data as the pool table above. It differs from physical coin holdings.
The Orca allocation assumes equal dollar amounts of JLP and SOL at entry and remains unleveraged here. Its token balance changes as prices move, so this calculator balances today’s exposure. JLP includes stablecoins. At 1×, the LP has the same exposure as half SOL and half JLP, so changing their ratio cannot set crypto and SOL independently. Both target deviations receive equal weight; allocation locks stay fixed and blanks are ignored.
JLP leverage applies to your standalone JLP allocation, funded with a fixed stablecoin debt. Gross JLP holdings increase by the multiplier, while your equity allocations still add to 100%. Borrowing interest, liquidation thresholds and protocol borrowing limits are not modeled; this is an exposure calculation, separate from the return projection above.
Sources & update policy
Daily closes for JLP, SOL, bitcoin and ether come from Yahoo Finance’s public data, dated by UTC day (crypto trades around the clock). Yahoo’s JLP history starts on Dec 27, 2023, a few weeks after the pool opened. Its prices agree with CoinGecko’s to within half a percent on most days.
The JLP price, yield, pool size and weights come from Jupiter’s public perpetuals API, the figures behind the JLP page. The yield is Jupiter’s own annualised figure from recent fees and changes with trading activity; it does not include traders’ profit and loss, which the price history does. How fees reach the pool is set out in Jupiter’s JLP guide. The basket comparison follows this Dune query; see also the Jupiter JLP stats dashboard for fees and pool history.
Yahoo is read at most every five minutes and Jupiter every minute. If Yahoo fails, a reviewed snapshot of past closes is shown and labelled.
Not investment advice
Historical market data for education only. It may be delayed or incomplete. Past returns say little about future ones, and JLP carries risks the coins themselves do not, including smart-contract risk and losses to winning traders.