Jupiter Fees

Jupiter is lying to you on fees

If you go look at your position history on Jupiter right now, you will see something like this. You likely naïvely assumed because these are not the round numbers you actually spent opening a position, these are the collateral values post fees. You would be wrong.

If you trade longs in SOL/BTC collateral directly, this won't affect you. Imperial is only for traders that denominate their trades in USDC directly.

Swap Fees

The key insight of this page is that Jupiter is charging you swap fees without showing you. They also lie about all their other fees, but we will get to that. If you take one thing away here, it is that Jupiter charges you swap fees (and there is slippage) without displaying it to you.

We are going to do a deep dive on this transaction: https://explorer.solana.com/tx/66pPaFZHTPhNV6cVLCXANDK41jAVkq6yF77g7DC39xsxrSiPCKSpThHDFaB7GWDKL2FXwK7uS9TpyameDHgVNzCe

The first thing to understand is that $49,889 was not spent on the position increase, $50,000 was.

What is the $49,889 value then? It's the amount of collateral (in USDC value) that was increased on the position. A SOL long is denominated in SOL (not USDC). So when you deposit $50,000 in USDC, a swap happens first.

This swap is against the JLP. In this case 18 bps were charged. Additionally, the oracle price of USDC was not $1, it was $0.99959900, so the user lost BPS on the trade to this as well. Before anything was charged to the user, the user spent $111 in swap fees; fees that are unaccounted for and not shown to the user.

Jupiter's Fees

When Jupiter reports their fees, this is what's reported:

According to our research here is what happens at position change:

• 7 BPS Open fee charged on size

• Price Impact fee is not charged at all

• If the user owes borrow fees, they are paid here