As of 25 October 2026 (10:13 UTC), JLP trades at about $4.45 on CoinGecko. That is 1.7% lower over seven days and 8.0% lower over thirty. It is roughly 2% below its level on 7 September 2026 and about 26% below its all-time high of $5.99, set on 6 October 2025. In the week to 7 September, JLP rose about 2.8%, and it gained about 26% over the thirty days before that. Since then it has mostly drifted sideways to lower.
What JLP is
JLP is the liquidity provider token of a perpetual futures exchange on Solana. Depositors add assets to a shared pool and receive JLP, which represents their share of that pool. According to the pool's own documentation (updated October 2026):
- The pool is the counterparty to traders on the SOL, ETH and wBTC perpetual markets. Traders borrow from the pool to open leveraged positions. Separate "beta" markets run on another engine and do not touch the pool.
- The pool holds custody accounts for SOL, ETH, wBTC, USDC, USDT and the operator's own dollar stablecoin. The documentation says USDT cannot be used to mint or burn JLP and that its custody "held no assets in October 2026."
- 75% of all fees from the pool's markets go to the pool: opening and closing fees, price impact, borrow fees and swap fees. The other 25% is protocol revenue.
- Minting JLP directly from the pool carries a fee. That fee depends on which asset is deposited and how much of the pool that asset already makes up. The documentation gives no fixed amount.
What moves the price
The documentation names three drivers of JLP's value.
1. The asset basket
Most of the pool is SOL, ETH and wBTC, so JLP falls when those coins fall. The documentation says plainly that JLP "is not a stablecoin or a capital-protected product." The stablecoin share cushions price moves but does not remove them.
2. Trader profit and loss
Because the pool takes the other side of trades, trader losses add to JLP's value. Trader profits are paid out of the pool: "If traders are profitable, their gains are paid from the pool, reducing JLP value." When markets trend hard in one direction and traders are positioned for it, the pool loses.
3. Fees
Trading and borrowing fees accrue to the pool all the time. This is why JLP can rise over long periods even when its basket goes nowhere. It also means busy, choppy markets tend to be good for the pool.
The documentation also lists smart contract risk and notes that "no audit eliminates all risk."
JLP price and market cap on four dates
Switch between price and market cap to see where JLP stood on each CoinGecko snapshot date, set against its all-time high.
Data table
| Item | USD | Source |
|---|---|---|
| 6 Oct 2025 (all-time high) | 5.99 | |
| 8 Aug 2026 | 3.6 | |
| 31 Aug 2026 | 4.41 | |
| 7 Sep 2026 | 4.53 | |
| 25 Oct 2026 (10:13 UTC) | 4.45 |
Data table
| Item | USD | Source |
|---|---|---|
| 8 Aug 2026 | 789,300,000 | |
| 31 Aug 2026 | 864,500,000 | |
| 7 Sep 2026 | 876,700,000 | |
| 25 Oct 2026 (10:13 UTC) | 843,300,000 |
This shows only five dated snapshots from one aggregator. It does not show the moves between those dates, the basket, trader profit and loss, or fee income, and it says nothing about where JLP goes next.
The numbers, dated
CoinGecko daily snapshots, taken at 00:00 UTC unless marked otherwise:
| Date | Price (USD) | Market cap (USD) |
|---|---|---|
| 8 August 2026 | $3.60 | $789.3M |
| 31 August 2026 | $4.41 | $864.5M |
| 7 September 2026 | $4.53 | $876.7M |
| 25 October 2026 (10:13 UTC) | $4.45 | $843.3M |
- 24-hour trading volume on 7 September 2026: about $5.73M.
- Circulating and total supply on 25 October 2026: about 189.33 million JLP.
- All-time high: $5.99 on 6 October 2025. All-time low: about $0.147 on 23 November 2023.
- Solana mint address:
27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4
Market cap fell more than price between 7 September and 25 October: about 3.8% against about 1.9%. The arithmetic implies that some JLP was redeemed over that period, so the supply shrank. This is an inference from the figures, not a reported fact.
How to read a JLP week
- Check the basket first. A weekly JLP move mostly tracks SOL, ETH and wBTC over the same days, adjusted for the stablecoin share.
- Then check trader positioning. If JLP lags its basket during a strong trend, traders on the winning side are a likely cause.
- Expect fees to show over months, not days. Fee income is steady. Basket swings can hide it in any single week.
- Read the mint fee before depositing directly. It changes with the pool's weights, so the cost of entering depends on what you deposit and when.
Limitations: prices come from one aggregator (CoinGecko), and pool mechanics come only from the pool operator's own documentation.
