Jupiter Exchange launches perps markets for SPCX, HYPE, and ZEC on Solana

Jupiter Exchange just added perpetual futures markets for three assets: tokenized SpaceX equity (SPCX), Hyperliquid’s native token (HYPE), and the privacy-focused Zcash (ZEC). The new listings went live on September 22 alongside perps for JUP itself, SNDK, and SKHYNIX.

All three headline additions offer up to 20x leverage with USDC as collateral, meaning traders can go long or short without needing to hold the underlying asset. JUP perps, meanwhile, cap out at 10x.

What the new markets actually look like

The new contracts run on what the team calls the GUM orderbook engine, a system distinct from the JLP liquidity pool that underpins Jupiter’s original perpetual markets for SOL, ETH, and wBTC.

Price feeds come from Chainlink oracles, and funding rates settle hourly rather than the eight-hour intervals common on centralized exchanges. The markets trade around the clock, which is standard for crypto perps but notable for SPCX, given that the underlying SpaceX shares don’t exactly have a 24/7 spot market.

Tokenized SpaceX shares steal the spotlight

SPCX is the most eyebrow-raising listing of the bunch. The token represents tokenized shares of SpaceX, first launched on Solana back in June 2026. SpaceX remains a private company, so traditional retail investors have essentially zero access to its equity outside of secondary-market platforms and now, tokenized versions on-chain.

HYPE, meanwhile, brings cross-protocol intrigue. Hyperliquid operates its own perpetual futures exchange, so Jupiter is essentially listing a competitor’s token as a tradeable derivative. ZEC rounds out the trio as one of the oldest privacy coins in crypto.

The staking gate and what it signals

Access to these beta markets isn’t open to everyone. Traders need to have staked at least 69 JUP tokens to get early entry.

Jupiter’s evolution from swap router to derivatives platform

Jupiter originally made its name as Solana’s dominant DEX aggregator, routing trades across multiple liquidity sources to find the best execution price. Jupiter’s initial perps markets covered SOL, ETH, and wBTC, all backed by the JLP liquidity pool.

Adding six new markets in a single batch, spanning native crypto tokens, tokenized equities, and a privacy coin, is a qualitative leap. Jupiter is no longer just aggregating existing liquidity — it’s creating new markets from scratch, complete with custom infrastructure like the GUM engine.