Jupiter Launches New Perps Markets: Order on Solana, Orderbook on GUM
Jupiter has taken perpetual markets for HYPE, ZEC, tokenized SpaceX shares (SPCX), SK Hynix, SanDisk, and JUP live — as a beta, with early access for JUP stakers. Under the surface, execution runs through GUM's orderbook.
What Happened
Jupiter has taken new perpetual futures markets live: HYPE, ZEC, SPCX (tokenized SpaceX shares), SK Hynix, SanDisk, and JUP. The offering is explicitly marked as a beta; JUP stakers get early access. Trading runs through the familiar Jupiter interface at jup.ag.
The technical construction is the interesting part: the order is placed from Solana, without the user operating a bridge — execution runs underneath through GUM’s native orderbook. To the user it feels like Solana; the orderbook’s settlement, however, does not sit entirely on the Solana chain.
What Users Should Know
That very invisibility is the point to understand before trading: what stays on Solana and what happens on the orderbook side determines counterparty and infrastructure risk — even when the interface shows no chain switch. Add the product risks themselves: perpetuals are leveraged products with liquidation risk, and with SPCX there is a market whose underlying is tokenized shares of a non-listed company — with the corresponding securities-law questions depending on jurisdiction.
The wallet space recently moved in the same direction: Solflare brought perps into the wallet via the Phoenix orderbook. Competition is visibly shifting to who offers leveraged products with the smoothest interface.
Leveraged products can lead to total loss of the stake; availability and permissibility depend on jurisdiction.
What to Watch
- When the beta opens to all users and which markets follow
- How transparently Jupiter documents the GUM settlement path
Sources
- Jupiter — Announcement on X · Perps product page
- SOLANA·HUB knowledge: Jupiter explained