JLP/USD price feed

JLP represents a claim on the Jupiter liquidity pool: a basket of SOL, ETH, wrapped BTC plus stablecoins that collects trading fees from perpetuals traders and takes the other side of their profit and loss. The token's underlying value therefore drifts with the basket, with fee income, with trader performance.

On top of that sits the market rate: what buyers actually pay for JLP in whichever DEX pools currently make its market. That rate can sit above or below the pool's own published value. The gap is information: it reflects demand for JLP exposure plus the liquidity available to enter or exit at size.

A protocol NAV tells you what a share of the pool is worth on paper. The market rate tells you what a position actually exits at. For anyone holding JLP as collateral, the second number is the one liquidations settle against, which makes it the number a risk engine should watch.

This feed reads that market as it stands: stablecoin quotes arrive as direct dollar readings, while any other leg resolves through its own measured market before the JLP number forms. Depth ships with every response, so position size is part of the picture rather than an afterthought.

Much of the public attention around JLP is about yield: the fee income the pool distributes to holders. That yield is real, but it is not the same thing as the price. Yield accrues into the pool's underlying value over time; the price is what the market pays for that claim today, including its own view on where fees plus trader losses are heading.

In practice the two interact. Strong fee income tends to pull the market rate upward as the underlying value compounds; drawdowns in the basket or heavy trader wins push it the other way. A price feed captures the net result of all of it, at the pool level, block by block: the single number in which every force acting on JLP has already been settled by the market.