JUP Rises 51% in Four Weeks as Jupiter Fees Decline

Jupiter’s $JUP token gained 51.3% over the four weeks to Oct. 13, far outpacing bitcoin and ether even as fees across the Solana-based trading and lending platform declined.

$JUP traded around $0.333 at 3:15 p.m. ET, up from $0.220 on Sept. 15, according to The Defiant’s calculations using CoinGecko data. Bitcoin gained 9.4% and ether 4.4% over the approximately 28-day window. $JUP nevertheless lost 5.6% over the latest seven days.

For token holders, Jupiter’s fee performance matters because revenue helps fund $JUP buybacks. Fees across its products totaled $16.82 million over Sept. 15–Oct. 12, down from $19.81 million in the preceding 28 days, according to The Defiant’s calculation of DefiLlama’s daily data.

The fee comparison uses complete UTC days, rather than the intraday endpoints used for token returns. It includes payments to liquidity providers and lenders, not just revenue retained by Jupiter and allocated to token holders.

Trading Activity and Token Buybacks

Jupiter’s business spans a DEX aggregator, which routes token swaps, perpetual futures trading and lending. DefiLlama recorded $13.96 billion in aggregator volume and $5.70 billion in perpetuals volume over its trailing 30-day window. The perpetuals figure measures notional trading volume, including leverage. Jupiter Lend separately had about $1.03 billion in active loans.

Across Jupiter’s products, DefiLlama recorded $5.51 million in revenue over 30 days. Its methodology allocates half of revenue from the aggregator, perpetuals and lending products to $JUP buybacks. That creates a link between protocol income and token demand, but does not establish that buybacks caused the price advance.

The Litterbox Trust, Jupiter’s strategic reserve trust, reported on Oct. 13 that it had added about 2.19 million $JUP during the month. “We added 132,015 $JUP to the Litterbox Trust yesterday,” it said.

Jupiter’s product expansion has continued alongside the rally. As The Defiant reported, USDGO added trading liquidity on Jupiter Lend’s automated market maker through Fluid. Jupiter confirmed on Oct. 12 that the trading liquidity was “now live.”

Stakers also received a new claim opportunity on Oct. 13: Jupiter announced that its third-quarter rewards were live, with 50 million $JUP distributed according to time-weighted stake for July through September.