Jupiter Fees

Clarity around 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.

Longs traded directly in SOL/BTC will not be affected by swap fees. Users who trade like this should continue trading on Jupiter

Swap Fees

The key insight is that when a long is placed, a swap happens from USDC to traded asset, i.e. wBTC.

Open this transaction to follow along:

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.

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