An experimental, high-risk beta from Jupiter Labs that lets traders go long or short on SOL, BTC, or ETH at 500x to 1,000x leverage.
On October 15, 2026, Jupiter Labs quietly opened YOLO in beta. Within 24 hours it recorded roughly $1 billion in notional volume. The number is striking, but the structure underneath is more interesting than the headline. YOLO is not a conventional perpetual futures market. It is a house-versus-trader product built for extreme directional bets, with real money at risk and a set of rules that differ sharply from Jupiter Perps.
How YOLO Works
Every YOLO trade is placed against the House, a pool funded only by trader losses. Winning traders are paid from that same pool. Positions are simulated against the on-chain oracle price rather than executed as large leveraged orders in the open market, but the profits and losses are real and settle in JupUSD. YOLO does not use the JLP pool and is separate from Jupiter Perps.
Collateral starts at a minimum of $5. Other tokens can be swapped into JupUSD in the same transaction. There is no expiry, no holding fee, and no funding rate. Orders are market-only: no stop-loss, no take-profit, and no limit orders. The earliest a position can be closed is 15 seconds after it opens.
Bust Price and Liquidation
At these leverage levels a tiny price move liquidates the position and takes the entire collateral. At 1,000x the bust threshold is 0.1%. At 500x it is 0.2%. You cannot add collateral mid-trade to push the bust price further away, and you never lose more than the collateral assigned to that position.
Profit Is Asymmetric
Winning trades do not receive the full linear profit of the price move. Moves of 0.2 basis points or less in your favor pay nothing. Beyond that, profit is adjusted downward (the reduction is strongest on small moves and the adjusted profit never exceeds 90% of linear) and then a 2% fee is taken. Losses, by contrast, are linear up to the full collateral.
On a $10,000 position (10 JupUSD at 1,000x), a 0.1% move in your favor pays roughly $7.24 after adjustment and fee. The same 0.1% move against you liquidates the entire $10.
The Payout Queue
When you close a winning position your remaining collateral returns immediately in JupUSD. Profit is treated differently. It is paid in full at close only if the House can cover the entire amount and no earlier profit is already waiting. Otherwise the full profit enters a first-in, first-out queue. There is no fixed timeline. Queued profits are paid only as new trader losses refill the House, and a queued profit may never be paid.
Key Risks
- Extreme sensitivity: a 0.1–0.2% adverse move liquidates the position.
- No stop-loss or take-profit. Market orders only.
- Asymmetric payoffs: small wins are heavily reduced while losses are linear.
- Payouts depend on the House pool. Profits can be queued indefinitely and may never arrive.
- Unaudited beta. Network congestion, oracle delays, or a trading pause can prevent timely closes while open positions can still be liquidated.
YOLO is a high-risk product by design. The leverage makes it closer to a short-term directional lottery than to conventional leveraged trading. Only capital that can be lost entirely should be considered, and the structural features—the House counterparty, the profit adjustment, and the payout queue—should be understood before any position is opened.
Sources: Jupiter documentation (docs.jup.ag/user-docs/labs/yolo), official announcements, and contemporaneous reporting. Product parameters are those published at launch; the live interface prevails.