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.


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Jupiter

# Jupiter Earnings Methodology

## 1. Overview

Earnings measures the net value Jupiter retains after subtracting all expenses from its revenue. For Jupiter Lend, this calculation accounts for the 50/50 revenue-sharing agreement with Fluid, the underlying lending infrastructure provider. Revenue is primarily generated through interest fees on the lending platform, while expenses are defined by the portion of that revenue shared with infrastructure partners. This metric reflects on-chain profitability for the protocol.

## 2. Data sources

- **Blockchain events**: `Operate`, `UpdateRateDataV1`, `UpdateRateDataV2`, and `UpdateTokenConfig` instructions from the `Liquidity` program on Solana
- **External data**: End-of-day price feeds for assets supplied and borrowed on Jupiter Lend

## 3. Step-by-step calculation

### Component A: Interest accrual tracking for Jupiter Lend

- **Purpose**: Calculate the total interest earned on active loans within the lending market.
- **Logic**: Running borrow and supply balances are tracked per asset by parsing `Operate` instructions. Utilization rates are calculated as the ratio of borrowed assets to total supplied assets. Interest rate curves are identified from `UpdateRateDataV1` and `UpdateRateDataV2` instructions. Compound interest is accrued between consecutive operations based on the time delta and the applicable interest rate at the recorded utilization level.
- **Key fields**: `borrow_amount`, `supply_amount`, and `mint` (asset identification).

### Component B: Protocol revenue calculation

- **Purpose**: Determine the protocol's gross share of accrued interest.
- **Logic**: Fee rates are extracted from `UpdateTokenConfig` instructions and joined with the accrued interest data. Revenue is calculated by multiplying the interest accrued during each period by the specific protocol fee rate. These amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.

### Component C: Cost of revenue allocation

- **Purpose**: Calculate the portion of revenue shared with the infrastructure provider Fluid.
- **Logic**: A 50% allocation is applied to the calculated protocol revenue. This represents the fixed revenue-sharing obligation to Fluid for providing the underlying lending infrastructure. This value is categorized as the protocol's primary cost of revenue and total operating expense.

### Component D: Final earnings aggregation

- **Purpose**: Calculate the net profitability of the protocol.
- **Logic**: Earnings are calculated by subtracting the cost of revenue (the share paid to Fluid) from the total protocol revenue. Data is aggregated to daily granularity using UTC day boundaries, with values forward-filled with zeros for days where no activity is recorded.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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