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 Revenue Methodology

## 1. Overview

Revenue measures the portion of interest income that is retained by the protocol on Jupiter Lend. This metric represents the project's earnings derived from its lending infrastructure after the majority of interest paid by borrowers is distributed to liquidity providers. Revenue is calculated by applying a specific protocol take rate to the total compound interest accrued on active loan balances.

## 2. Data sources

- **Blockchain events**: `Operate`, `UpdateTokenConfig`, `UpdateRateDataV1`, and `UpdateRateDataV2` instructions from the `Liquidity` program, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Interest rate parameter tracking

- **Purpose**: Captures the configuration of the interest rate curves required to calculate borrow costs.
- **Logic**: Metadata is parsed from `UpdateRateDataV1` and `UpdateRateDataV2` instructions within the `Liquidity` program. These instructions provide critical parameters including the utilization kink points and the corresponding interest rates at zero, kink, and maximum utilization. These values are used to reconstruct the interest rate model for each supported asset.
- **Key fields**: `kink`, `rate_at_utilization_kink`, `rate_at_utilization_max`, and `rate_at_utilization_zero`.

### Component B: Borrow and supply activity extraction

- **Purpose**: Tracks the raw movement of assets to determine current pool balances.
- **Logic**: Asset deposit and debt instructions are parsed from the `Operate` instruction of the `Liquidity` program. Borrow amounts and supply amounts are extracted for every operation to maintain a historical record of activity. Self-reported amounts are used to update the running state of the lending pools.
- **Key fields**: `borrow_amount`, `supply_amount`, and `token_address`.

### Component C: Interest accrual and utilization modeling

- **Purpose**: Calculates the total interest generated by borrowers over time.
- **Logic**: Utilization is calculated as the ratio of active loan balances to total supply. Compound interest is accrued between every instruction by calculating the time delta since the previous event. The applicable interest rate is determined by mapping the current utilization to the rate curves established in Component A. This process tracks the growth of debt balances through continuous compounding.
- **Key fields**: `interest_accrued_this_period`, `active_loan_balance`, and `total_supply_balance`.

### Component D: Protocol revenue calculation and USD conversion

- **Purpose**: Normalizes the protocol's share of interest into a standardized USD value.
- **Logic**: The protocol take rate is identified from `UpdateTokenConfig` instructions. This fee percentage is applied to the accrued interest calculated in Component C to determine the protocol revenue. Final amounts are normalized by decimal precision, multiplied by end-of-day price feeds for the respective assets, and aggregated to a daily frequency using UTC boundaries.
- **Key fields**: `fee` (protocol take rate), `revenue`, and `price_usd`.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

JupiterJUP

Revenue

Revenue

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