# Why Ketju rejected Jupiter Perpetual Exchange

- URL: https://riadefi.com/rejections/jupiter-perpetual-exchange/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-09-19

## The memo

REJECTED ON A CATEGORICAL US-PERSON EXCLUSION, DESPITE A SUBSTANTIVE TECHNICAL SECURITY RECORD. Jupiter Perpetual Exchange is an oracle-priced, LP-to-trader perpetuals venue whose JLP token represents the pool standing opposite leveraged traders while also holding SOL, ETH, BTC, USDC, USDT, and JupUSD inventory. Jupiter's current Terms identify Block Raccoon S.A. as the interface provider and state that Jupiter does not interact with wallets located in, established in, or resident of the United States; VPN circumvention is also prohibited. That alone makes both direct perpetual trading and a JLP allocation ineligible for this registry's US-advisor client base. The refusal is not a claim that the pool lacks engineering controls: Jupiter publishes three dedicated perpetual-program audits and unusually useful on-chain account documentation. It is a legal-access decision reinforced by the economic fact that JLP is not passive cash yield—it is a multi-asset market-making and liquidation-risk position whose withdrawals can be constrained by pool weight limits and whose action permissions can be changed by a protocol administrator.

## What would reopen the file

- Jupiter publishes terms permitting this registry's United States client population to use both Perpetuals and JLP
- Administrator identities and the authority controlling every custody permission flag are publicly mapped to a named multisig and threshold
- A proposed-size JLP removal succeeds during a documented period when at least one custody is at its 20% target-weight boundary
- Any confirmed exploit, oracle failure, or realized pool loss exceeding 5% of JLP AUM opens an immediate off-cycle review

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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