# Jupiter Perps Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Jupiter Perps measures the market value of all assets deposited into the perpetual exchange's liquidity vault. These assets serve as the counterparty to trader positions and provide the necessary liquidity for leveraged trading. TVL is calculated by tracking the real-time balances of supported assets held by the Perpetual Vault Authority account on-chain.

## 2. Data sources

- **Blockchain events**: Solana account balances and token balance changes for the Perpetual Vault Authority account, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Jupiter Perps vault balance tracking

- **Purpose**: Captures the quantity of each asset held within the perpetual exchange vault to establish the liquidity base.
- **Logic**: Token balances are extracted for the Perpetual Vault Authority account from Solana account activity records. Daily snapshots are generated by identifying the most recent balance for every supported asset at the close of each UTC day. A fill-forward mechanism is applied to ensure data continuity on days where no balance-changing instructions occur for a specific asset.
- **Key fields**: `token_address` for asset identification, `owner` to isolate the vault authority, and `post_balance` for asset quantities.

### Component B: Normalization and USD conversion

- **Purpose**: Converts raw on-chain asset quantities into a standardized USD valuation for cross-asset aggregation.
- **Logic**: Asset quantities are normalized by their respective decimal precision based on asset metadata. These adjusted balances are multiplied by end-of-day price feeds for each asset. The final TVL for Jupiter Perps is calculated as the sum of these USD values across all assets held in the vault.
- **Key fields**: `price_usd` for valuation and asset metadata for decimal adjustment.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

Derivative exchanges

Jupiter aggregates liquidity from multiple non-custodial exchanges. Integrators set custom fees. Liquidity providers deposits funds into the perpetual exchange. Both receive fees from traders (supply-side fees).

Jupiter is a non-custodial DEX aggregator and exchange for perpetual contracts built on Solana. Jupiter was founded by an pseudonymous founder meow and launched in 2021.

JUP token holders own and govern the protocol. They currently take a cut of the total perpetual and integrator trading fees paid by traders (revenue). Jupiter's investors include White Hilt Capital, etc.
