Jupiter

Jupiter has no pools of its own for ordinary swaps. When you ask for SOL to USDC, the router looks at every Solana AMM and order book it integrates, plus quotes from professional market makers through its RFQ system, JupiterZ. It then splits the order across several routes if that gives a better total. You sign one transaction, and the route is shown in the swap details before you confirm.

Splitting matters more on Solana than on Ethereum because liquidity for the same pair is spread across many venues. The same token can trade on Raydium, Orca, Meteora and a launchpad curve at once. In the 30 days to 27 September 2026 the aggregator routed about $15.1 billion (DefiLlama).

Ultra can also make a swap gasless when your wallet holds almost no SOL: a relayer pays the network fee and the cost is added to the swap, with no extra margin. The trade must be about $10 or more, and the recovered gas must stay within 10% of the trade (Jupiter docs).

Jupiter's cost depends on which button you press. The default Ultra mode takes a commission. Manual mode does not. Both are shown in the quote before you sign (Jupiter docs).

Third-party apps built on Jupiter can add their own integrator fee on top, so the same route can cost more inside a wallet or bot than on jup.ag. If you trade large amounts in liquid pairs and are comfortable setting slippage yourself, Manual mode removes Jupiter's cut completely.

The jup.ag interface is "made available by Block Raccoon S.A.", which also deployed the protocol's programs, and disputes go to arbitration under the laws of Panama (Terms of Use). The best-known founder is the pseudonymous Meow. Jupiter's own docs say its co-founders also co-founded Meteora, a Solana DEX, and that Meteora's revenue and balance sheet are kept separate from Jupiter's.

Jupiter says it has no equity entity. According to its transparency page, half of on-chain revenue goes to the Litterbox Trust, which has bought JUP on the open market since February 2025 and has burned about 134 million JUP. The other half, plus off-chain revenue, funds the team through Foundation and Labs entities. The same page lists three market makers (Kbit, Wintermute and DWF) and the JUP each received, and says Jupiter has never sold JUP over the counter.

Governance runs through the Jupiter DAO, seeded with 100 million JUP and 10 million USDC. Only staked JUP can vote, and stakers who vote earn Active Staking Rewards. Team tokens vest over a one-year cliff and then three years, visible on Jupiter Lock.

The terms say Jupiter "does not interact with digital wallets located in, established in, or a resident of the United States", along with sanctioned regions. US readers are outside its intended users.

Jupiter is non-custodial: the router never holds your tokens between steps, and a swap either completes in one transaction or fails. We found no exploit of Jupiter's own programs in the DefiLlama hacks database or in Jupiter's disclosures as of 27 September 2026. Its security page links every audit report:

The risks that do hit Jupiter users come from what they trade and which product they use:

• Tokens. Jupiter lists almost anything that trades on Solana, including launchpad tokens minutes old. A good route to a bad token is still a bad trade.
• Leverage. Perps allow up to 250x on SOL, ETH and BTC. JLP holders are the counterparty to traders and lose when traders win.
• Chain conditions. When Solana is congested, transactions fail or land late, and Jupiter cannot route around that.
• Fake sites. Scam sites copy jup.ag and fake airdrop claims appear around each Jupuary. Jupiter says it will not launch another governance token.

Swaps are now one product among many. The ones holding real money in September 2026, per DefiLlama:

The DEX ratings compare Jupiter's swap product with Ethereum venues: see the Jupiter card and the DEX rating.

• January 2025: second Jupuary airdrop of JUP to users, with the list of eligible wallets published.
• February 2025: the Litterbox Trust starts buying JUP with 50% of on-chain revenue. By September 2026 it had burned about 134 million JUP.
• July–November 2025: Jupiter Lend is audited by Offside Labs, Zenith, MixBytes and OtterSec. By September 2026 it holds about $1.19 billion.
• October 2025: a new Offside Labs audit of the Swap v6 program.
• May–July 2026: Offerbook, for fixed-term USDC loans against any Solana token, is audited by Cantina and Guardian. By September the same app also offers tokenised stocks, prediction markets and the JupUSD stablecoin.

JUP market data is on our market page.