Jupiter JUP

Revenue fadingRank#49·Score16

Revenue −32% over 30 days; paid to holders this week: 18% of the best week in 90 days ($192k against $1.1M).

DEX Aggregator, Solana, 192 days of data

Market cap

$856.4M

price $0.255 · 7d −2.1% · 30d −23.2%

FDV $1.75B (2.0× market cap)

source defillama

Buyback revenue / year

$17.1M

holders revenue of the last 30 days, $1.4M, × 365 ÷ 30

Buybackbuyback share 32%

DefiLlama books 31.7% of its revenue as holders revenue; the project itself says 50% of its revenue. See How the buyback really works.

Buys back 2.0% of its market cap a year, using 32¢ of every $1 it earns.

Multiple

50.2×

peer median 15.3× (Trading, 26 tokens), against 50.2× here

Run-rate

86.0×

last 7 days $192k × 52 = $10.0M a year

last week's payout to holders ran at 58% of the 30-day pace: the payout is slowing

What we checked

Valuation
Multiple 50.2×, 3.3× more expensive than its Trading peers (median 15.3×, 26 tokens). The group's largest earner Hyperliquid trades at 20.2×: 2.5× dearer per dollar returned to holders. On total revenue: 15.9×, 4.8× dearer than the revenue peer median.
Distribution
Buyback: Revenue buys the token on the market; the tokens stay in circulation (treasury, stakers or LPs). Holders got $1.4M of $4.4M revenue in 30 days → buyback share 32%. DefiLlama: “No holders revenue on this listing: JUP buybacks, funded with 50% of onchain revenue, are counted once, on the Jupiter Aggregator listing.”
Sustainability
Holders were paid on 27 of 30 days (90%); largest single day 7% of the month's holders revenue; paid to holders this week: 18% of the best week in 90 days (more than half below peak). Revenue −36% over 7 days and −32% over 30 days, price −23% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

Payout >50% below peakthis week's holders revenue is 18% of its best week in the last 90 days ($1.1M)
Children changedthe set of DefiLlama children behind this token changed since the last run; HR windows may mix old and new children

How the buyback really works

Researched Nov 1, 2026 · 2 wallets: 1 high, 1 medium confidence

The moneyPaid from ongoing revenue
The buyerPartly automatic, partly up to the team
The tokensBought tokens go to the treasury (not burned, not paid out)

The project says 50% of its revenue goes to buybacks; DefiLlama books 31.7% of its revenue as holders revenue.

On-chain: $1.7M bought back over 29 days = 107% of what DefiLlama reports for the same days.

Method: Helius enhanced transactions: JUP into the Litterbox Trust token account DpVH8…. Checked November 12, 2026.

Red flags 5

Tokens are held, not burned automatically. The Litterbox is a 'long-term strategic reserve'; burning or deployment happens by DAO decision. After the Oct 2025 vote ~134M JUP was burned (late Nov 2025, confirmed in the docs: 'burned approximately 134 million JUP'). The destination is therefore discretionary.
No decision was found on what happens with new inflows since the burn. The proposals for 70% and for a partial burn (2026) have no known outcome.
Community claim: ASR staking inflation exceeds the buybacks. Not verified.
DefiLlama holdersRevenue is modelled as 50% of revenue and not measured on the Litterbox. The Litterbox address appears in DefiLlama's calculation only on a commented-out line.
Purchases are executed by wallets or bots under Jupiter's control ('automated, programmatic onchain transactions'), not by an autonomous contract.

Buyback wallets 2

Solana6tZT9A…NsFX on Solscanhigh confidence
docs.jup.ag/user-docs/…/transparency
Solana7JQeyN…fxcP on Solscanmedium confidence
github.com/DefiLlama/…/jupiter.ts

Sources 8

Buyback wallets 2

Solana6tZT9A…NsFX on Solscanhigh confidence
docs.jup.ag/user-docs/…/transparency
Solana7JQeyN…fxcP on Solscanmedium confidence
github.com/DefiLlama/…/jupiter.ts

Sources 8

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Measure incoming JUP (mint JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN) on the Litterbox ATA DpVH8xQZ4aapxwZ6KW9nuEUs9zEePa8HQvXny9Ajj93T (owner 6tZT9...) over 30 days. Use Solscan Pro v2 /account/transfer?address=6tZT9...&token=JUPyiw...&flow=in, or Helius getSignaturesForAddress(ATA) with getTransaction (jsonParsed). There are ~1000 tx per ~4.7 days, so paginate. Sum inflows at the daily price and subtract outflows or burns. Cross-check: daily ATA balance snapshots. Purchases for Jupiter's own balance sheet (Net-Zero Emissions) do not go to the Litterbox and do not count.

Holders revenue / revenue (30d): $1.4M / $4.4M; last 30 closed days
To holders: Buys back 2.0% of its market cap a year
FDV / dilution: $1.75B / 2.0×; FDV ÷ market cap
Price 7d / 30d: −2.1% / −23.2%
Revenue growth 7d / 30d: −36% / −32%; versus the period before
Divergence: 0.00; revenue growth minus price growth, 30d
DEX liquidity: $3.3M; DexScreener, representative pools
24h volume: $57.1M; all markets, CoinGecko
Unlocks 30d: —; DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple: 15.9×; market cap ÷ revenue per year
Fee multiple: 4.1×; market cap ÷ fees per year
Distance to peak: 18%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 50.2× (scored) · peer median 15.3×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
Date	Signal	Price then	After 7d	After 30d	Since	Outcome
November 4, 2026	Revenue jumpclosed Nov 5: the condition no longer holds	$0.249	+1%	—	+2%	30-day check: day 8

Versus peers

Trading (merged group) · 27 tokens (26 with a multiple) · median multiple 15.3× · Hyperliquid is valued 19.8× higher. Per dollar that counts for holders, Jupiter is 2.5× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Pharaoh Exchange	ve / bribes	0.3×	0.2×	100%	$1.3M	$2.6M	−52%
OTC	Buyback + burn	0.5×	0.2×	43%	$292k	$1.9M	+111%
RamsesX	Mixed	0.7×	0.5×	97%	$368k	$2.2M	+8%
nest	Distribution	0.8×	0.4×	100%	$869k	$4.4M	+32%
Sapling	Buyback + burn	0.9×	0.7×	82%	$100k	$1.1M	−30%
StonkFun	Buyback + burn	1.7×	1.0×	60%	$1.7M	$34.5M	−88%
up	ve / bribes	2.0×	1.0×	100%	$313k	$3.9M	−68%
THORSwap	Mixed	3.7×	2.1×	75%	$312k	$10.4M	+55%
Chainflip	Buyback + burn	5.4×	5.4×	100%	$520k	$34.4M	+59%
Pons	Buyback + burn	5.7×	5.7×	118%	$1.7M	$99.8M	−84%
Pump	Buyback	5.8×	2.6×	44%	$21.9M	$1.54B	−24%
Aero	ve / bribes	8.7×	4.0×	96%	$7.4M	$372.0M	−6%
Lighter	Buyback	14.6×	11.8×	81%	$4.4M	$775.1M	+14%
edgeX	Buyback	16.0×	7.0×	44%	$622k	$120.8M	−43%
PancakeSwap	Buyback + burn	19.5×	12.8×	65%	$2.4M	$563.6M	−29%
Hyperliquidleader	Buyback + burn	20.2×	20.2×	100%	$68.8M	$16.94B	−3%
ApeX Protocol	Mixed	21.2×	15.9×	100%	$145k	$28.2M	−21%
Raydium	Buyback	27.1×	16.8×	62%	$1.3M	$425.4M	−65%
Curve Finance	ve / bribes	29.3×	11.1×	94%	$2.6M	$374.4M	+44%
GMX	Distribution	37.0×	13.5×	73%	$354k	$79.6M	+15%
Uniswap	Buyback + burn	37.3×	37.3×	100%	$8.2M	$3.71B	−20%
Orca	Buyback	47.8×	7.9×	16%	$130k	$75.6M	−36%
Aster	Buyback + burn	50.2×	∞	—	$2.8M	$1.69B	—
Jupiterthis token	Buyback	50.2×	15.9×	32%	$1.4M	$856.4M	−32%
dYdX	Distribution	51.6×	25.8×	100%	$240k	$75.2M	−15%
Meteora	Distribution	180×	5.2×	18%	$458k	$161.9M	−60%
BONK.fun	Mixed	∞	11.7×	95%	$1.5M	$233.7M	−67%

Score build-up16 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

16of 100#49·top 96%

Valuation 3.4Momentum 4.3Divergence 0.0Quality 13.3penalties −5= 16.1

Valuation35%

10Valuation 9.8: HR half 19.6 (multiple 50.21×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 0.0 (revenue peer value 0.21×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%capped

17Momentum 17.3: m = 0.5·g7 −0.442 + 0.3·(ln(day jump 0.59) clamped ±1.5 = −0.527) + 0.2·g30 −0.393 = −0.458; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%capped

0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

67Quality 66.7: mean of days HR>0 90% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 7% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.18 → 0.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penalty −5 (dilution_above_2): dilution ratio 2.04 above 2.

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penalties−5

−5Dilution ratio above 2dilution ratio 2.04 above 2

9 rules not applied, 3 wait for research data.

Where the numbers come from

Revenue source: 19 active children; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 11, 2026; as-of date of the last compute run
On-chain verified: yes; checked Nov 12

Protocols behind this token19 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

Jupiterz
Dexs · Solana
type unclear · source text
“No holders revenue on this listing: JUP buybacks, funded with 50% of onchain revenue, are counted once, on the Jupiter Aggregator listing.”
No holders revenue on this listing: JUP buybacks, funded with 50% of onchain revenue, are counted once, on the Jupiter Aggregator listing. JupiterZ market-maker fees are settled offchain.
adapter on GitHub ↗
Jupiter Aggregator
DEX Aggregator · Solana
type buyback · source label
“Token Buy Back: JUP bought back into the Jupiter Litterbox wallet with 50% of Aggregator, JupiterZ, Limit, DCA and Perps revenue.”
JUP bought back into the Jupiter Litterbox wallet since 2025-02-17, funded with 50% of Aggregator, JupiterZ, Limit, DCA and Perps revenue and reported once, on this listing.
Token Buy Back
JUP bought back into the Jupiter Litterbox wallet with 50% of Aggregator, JupiterZ, Limit, DCA and Perps revenue.
adapter on GitHub ↗
Jupiter Prediction
Interface · Solana
type unclear · source text
“No holders revenue”
No holders revenue
adapter on GitHub ↗
Jupiter Studio
Launchpad · Solana
type buyback · source label
“Token Buy Back: From 2025-02-17, share of 50% fees to buy back JUP tokens.”
From 2025-02-17, share of 50% fees to buy back JUP tokens.
Token Buy Back
From 2025-02-17, share of 50% fees to buy back JUP tokens.
adapter on GitHub ↗
Ape Jupiter
Launchpad · Solana
type unclear · source text
“No holders revenue on this listing: JUP buybacks are counted once, on the Jupiter Aggregator listing.”
No holders revenue on this listing: JUP buybacks are counted once, on the Jupiter Aggregator listing.
adapter on GitHub ↗
Jupiter DCA
DCA Tools · Solana
type unclear · source text
“No holders revenue on this listing: the JUP bought back with the other half of DCA fees is counted on the Jupiter Aggregator listing.”
No holders revenue on this listing: the JUP bought back with the other half of DCA fees is counted on the Jupiter Aggregator listing.
adapter on GitHub ↗
Jupiter Staked SOL
Liquid Staking · Solana
type buyback · source label
“Token Buy Back: From 2025-02-17, 50% revenue are used to buy back JUP tokens.”
From 2025-02-17, 50% revenue are used to buy back JUP tokens.
Token Buy Back
From 2025-02-17, 50% revenue are used to buy back JUP tokens.
adapter on GitHub ↗
Jupiter Vaults
Onchain Capital Allocator · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
JupUSD
Basis Trading · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
Jupiter Lend
Lending · Solana
type buyback · source label
“Token Buy Back: From 2025-02-17, 50% of the revenue are used to buy back JUP.”
From 2025-02-17, 50% of the revenue goes to JUP token holders via buy back.
Token Buy Back
From 2025-02-17, 50% of the revenue are used to buy back JUP.
adapter on GitHub ↗
Jupiter Perpetual Exchange
Derivatives · Solana
type unclear · source text
“No holders revenue on this listing: the JUP bought back with the other half of the 25% of fees sent to Jupiter is counted on the Jupiter Aggregator listing.”
No holders revenue on this listing: the JUP bought back with the other half of the 25% of fees sent to Jupiter is counted on the Jupiter Aggregator listing.
adapter on GitHub ↗
Jupiter Limit
DEX Aggregator · Solana
type unclear · source text
“No holders revenue on this listing: the JUP bought back with the other half of limit order fees is counted on the Jupiter Aggregator listing.”
No holders revenue on this listing: the JUP bought back with the other half of limit order fees is counted on the Jupiter Aggregator listing.
adapter on GitHub ↗
Jupiter Offerbook
Lending · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
Jupiter Lend DEX
Dexs · Solana
type unclear · source text
“Money going to governance token holders”
Money going to governance token holders
adapter on GitHub ↗
Jupiter YOLO
Derivatives · Solana
type unclear · source text
“Fees going to governance token holders”
Fees going to governance token holders
adapter on GitHub ↗
Jupiter Native Staking
Staking Pool · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
Jupiter VRFD
Developer Tools · Solana
type burn · source label
“Retail Verification Fees Burned: Retail verification fees, paid in JUP to a burn account and burned in batches.”
Retail verification fees, paid in JUP to a burn account and burned in batches.
Retail Verification Fees Burned
Retail verification fees, paid in JUP to a burn account and burned in batches.
adapter on GitHub ↗
Jupiter Developer Platform
Developer Tools · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
Jupiter Rent Reclaim
Developer Tools · Solana
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗

Market cap

Buyback revenue / year

Multiple?

Run-rate?

What we checked

Flags

How the buyback really works

Red flags 5

Buyback wallets 2

Sources 8

Holders revenue and price

Multiple over time

Signal history

Versus peers

Penalties−5

Multiple

Run-rate