# The Watch List: Jupiter (JUP) _A deep dive on Solana's top trading platform_ July 31, 2026 • Michael Nadeau --- # The Watch List: Jupiter (JUP) ## A deep dive on Solana's top trading platform Michael Nadeau July 31, 2026 Hello readers, As a reminder, we’re currently offering 20% off our annual plan. If you’d like to receive weekly “cycle awareness” reports, access our portfolio, and receive alerts when we make changes, you can sign up [here](https://thedefireport.io/pro20?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) for $16.67/month. Back to business. Since launching in late ‘21, Jupiter has evolved from Solana’s leading swap aggregator into a full-stack financial platform spanning trading, perps, lending, staking, token launches, and prediction markets. The protocol now features strong distribution, growing revenue lines, and a newly improved buyback and emissions framework. Which begs the question: Is JUP one of the cleanest ways to get exposure to the expanding Solana onchain economy? We explore in this week’s edition of [*The Watch List*](https://thedefireport.io/price-targets?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup). Topics covered: - [The Product](#the-product) - [Financials](#financials) - [Fundamentals](#fundamentals) - [Token Economics](#token-economics) - [Valuation](#valuation) - [Closing Thoughts](#closing-thoughts) *Please note that you can click the data citation note under each chart to access the supporting dashboard for this week’s report. Let’s go. # The Products ##### Spot Trading (DEX aggregator) Jupiter routes spot trades across more than 100 Solana liquidity sources, including Raydium, Meteora, and market makers. The protocol monetizes via Ultra (managed swap routing) with a 0% to 5% commission on trades. This was the first Jupiter product, and became the most popular interface to trade spot assets on Solana last cycle. It now accounts for roughly 16% of Jupiter’s top-line revenues. ##### Jupiter Perps (onchain Perps trading) Jupiter Perps is an oracle-based perpetual futures exchange where traders take leveraged long or short positions using liquidity supplied by the JLP pool. In this structure, JLP holders act as the economic counterparty to traders. Trader profits are paid from the pool, while trader losses accrue to it. This differs from the Hyperliquid perps exchange model that matches traders with other traders and market makers. Traders pay a 0.06% base fee when opening and closing positions, in addition to potential price impact, borrowing, swap, and transaction fees. Jupiter directs 75% of all fees generated by the Perps platform back into the JLP pool, increasing JLP’s underlying value, while the remaining 25% is retained by Jupiter as protocol revenue. This is Jupiter’s cleanest, high-margin business line. Over the last 90 days, perps trading accounted for nearly 60% of top-line revenues. ##### JUP Lend (onchain lending market) This is a pooled, overcollateralized lending market (similar to Aave). Depositors supply assets through Earn; borrowers use those assets through Borrow. Borrow rates change as utilization changes. Borrowers pay interest, with 90% going to the lenders. The Jupiter protocol retains 10% as protocol revenue. In addition to the three main products above, Jupiter has a number of smaller products including jupSOL (staking), prediction markets via Polymarket, and studio (launchpad). # Financials ##### Fees [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Over the last 90 days, Jupiter has generated $37.8m in total fees, down 31% q/q and 68% y/y. - Over the last 90 days, 59.9% came from Perps trading. - 22.8% came from Jup Lend. - 16.8% came from the DEX aggregator (Ultra, its first product). - 0.11% came from its DCA feature. - 0.06% came from Limit Orders. - And 0.22% came from Jup Studio. ##### Key Takeaways - Jupiter was (and still is) the most popular interface to trade spot assets on Solana.   - However, it’s had a difficult time monetizing user activity because it doesn’t own the underlying infrastructure (the DEXs). - As such, Jupiter has worked to leverage its user base by launching complementary products such as Perps trading (11% of Solana perps volume over the last 90 days) and JUP Lend (40% of Solana active loans), which now make up for 83% of total fees generated. - The challenge for Jupiter as a brand is that it’s not “known” for any of these products. For example, perp trading and onchain lending are not necessarily synonymous with Jupiter to crypto-native users. And most memecoin activity on Solana runs through Pump Fun. # Fundamentals ##### Total Value Locked [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Jupiter currently has $3.06b in TVL, up 19% q/q and 12% y/y. - 63.5% of the TVL is currently from the Jup Lend product. - 23.6% is from perps. - And 12.9% is from Staked SOL (via jupSOL). ##### Active Loans [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Jup Lend currently has $832m in active loans on the platform, up 41% q/q. - This represents roughly 40% of active loans on Solana (which has roughly 10% of the active loans on Ethereum L1+L2). ##### Spot Volume [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Jupiter has generated $70.3b in spot volume over the last 90 days, down 52% q/q and 48% y/y. - Over the last 90 days, 17% of Solana spot DEX volumes have been routed through Jupiter (down from a peak of 67%). - Spot volumes are currently down 85% from peak levels last cycle. ##### RWA Volumes [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Over the last 90 days, Jupiter generated $1.4b in RWA volumes, up 93% q/q. - Roughly 26% of all RWA volumes on Solana run through Jupiter today. ##### Perps Volume [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - Over the last 90 days, Jupiter has generated $17b in perps volume, down 29% q/q and 70% y/y. - This represented 11.2% of Solana perps volume over the last 90 days, and 1% of total onchain perps volume over the same period. - Perps volumes on Jupiter are currently down 90% from peak levels last cycle. # Token Economics Total Supply: 6.86b JUP Circulating Supply: 3.32b JUP (48.4%) ##### Token Unlock Schedule [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) ##### Token Allocation - Community: 55%. 56% of these tokens are unlocked. - Team: 20%. 70% of these tokens are unlocked. - Strategic Reserve: 19.04%. 0% of these tokens are unlocked. - Mercurial stakeholders (merged with Jupiter): 5%. 76% of these tokens are unlocked. - Market Making/CEX Liquidity: 0.71%. 100% of these tokens are unlocked. - Immediate Liquidity: 0.25%. 100% of these tokens are unlocked. ##### Unlocks Through Year-End Note: Jupiter did not raise venture capital for Jupiter itself, conduct an OTC JUP sale, or create a conventional Jupiter investor allocation (the 5% to Mercurial stakeholders includes the existing investors from that time). Team unlocks began in February of ‘25. 70% of the tokens are currently unlocked, but unlocks are now on [pause](https://discuss.jup.ag/t/proposal-net-zero-emissions/39948?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) per a February 2026 governance update. Furthermore, [founder tokens are now locked through 2030.](https://discuss.jup.ag/t/meow-s-2030-lock-in/36023?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) # Valuation ##### P/S Ratio [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - JUP’s p/s ratio is currently 1.9x, up 13% q/q but down 28% y/y. - This is what we typically see in bear markets, when valuation declines much faster than protocol fundamentals. - For reference, HYPE currently has a p/s ratio of 17x. PUMP has a p/s ratio of 1.6x. ##### JUP/SOL [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - The JUP/SOL ratio is currently 0.0025, up 9% q/q but down 20% y/y. - JUP/SOL is currently up 70% off the lows established in December of ‘25. ##### Buyback Yield [Data: The DeFi Report](https://dune.com/the_defi_report/jupiter?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) - The Jupiter protocol currently directs 50% of its onchain protocol revenue to the “Litterbox Trust,” which programmatically purchases JUP on the open market. The remaining 50% is used for protocol development, operations, incentives, and ecosystem growth. - JUP currently has a buyback yield of 9.3%, down 13% q/q. For reference, HYPE’s current buyback yield is 4.2%. PUMP’s buyback yield is currently 49%. # Risks - Monetization & focus. While Jupiter owns the distribution layer within Solana via its trading interface, it has historically struggled to monetize users at a high rate. For example, Pump Fun did more than 2x the revenue that JUP did over the last 90 days (by focusing purely on a specific user segment). - Team execution. Jupiter is now building out a product suite across perps, lending, staking, prediction markets, launchpads, etc. While the progress looks appealing on paper, it also reveals a lack of focus and a search for true product/market fit and a “cash cow” revenue stream. It also puts more pressure on the team to build, manage, and secure a growing line of products. # Closing Thoughts Since launching in late ‘21, Jupiter has become one of Solana’s most important pieces of financial infrastructure, serving as the primary aggregation and execution layer connecting users and applications to liquidity across more than 100 DEXs, proprietary market makers, and RFQ venues. By finding and splitting trades across the best available routes, Jupiter improves pricing, liquidity, efficiency, and transaction reliability throughout the Solana ecosystem. Its APIs are also embedded in wallets, exchanges, and other applications, making Jupiter not just a consumer trading platform but a core distribution layer for much of Solana DeFi. It’s now building out a product suite across perps, lending, staking, token launchpads, and prediction markets. Meanwhile, Jupiter has: - Solid fundamentals and user activity in the bear market ($40m in fees over the last 90 days). - Strong token economics (buybacks and paused unlocks). - Growing RWA trading volumes. - A price-to-sales ratio of 1.9x. - And key integrations with Private DEXs, setting the stage for future TradFi integrations. The JUP token is currently trading at $0.19, 90% off its cycle high, and within our [“fair value” range](https://thedefireport.io/price-targets?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup). If you’d like to access our active portfolio and be notified if/when we add JUP to our active portfolio (or any other assets), you can subscribe to TDR Pro [here](https://thedefireport.io/upgrade?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup). If you’re an existing subscriber and would like to lock in for one year at 33% off ($16.67/month), you can do so [here.](https://thedefireport.io/pro20?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-jupiter-jup) Take a Report. And Stay Curious. ***Disclaimer****: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This research report is for general educational purposes only, is not individualized, and as such should not be construed as investment advice. The content contained in the report is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed in the report are based on the information cited herein as of the date of the publication. Although The DeFi Report and the author believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials in the report are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.*