Jupiter’s Perpetual Crypto Trading Falters as Bitcoin Hits Record

The Solana-based trading platform was experiencing issues with its price feed infrastructure.

AccessTimeIconMar 5, 2024 at 5:39 p.m. UTC
Updated Mar 9, 2024 at 1:40 a.m. UTC
  • Jupiter’s perpetual trading service struggled during high volatility in the Bitcoin markets.
  • The venue told users their funds were safe despite some reporting losses.

UPDATE (March 5, 21 UTC): Reworks story with updated information from the company and comments from Jupiter's founder.

Bitcoin's (BTC) wild price swings spawned widespread chaos in the crypto markets Tuesday, including at Jupiter, an on-chain derivatives trading platform where users reported failed trades and liquidated positions.

Jupiter's founder said he plans to "look into making users whole" after issues were reported.

In a message on Telegram, pseudonymous founder Meow said Jupiter's perpetual futures exchange had resumed full operations Tuesday afternoon New York time. In the preceding hours it experienced "serious issues" stemming from a surge in demand, per a tweet.

The issues stemmed from bitcoin's record-setting climb above $69,000 and ensuing sell-off by traders cashing out at the new all-time high. Other cryptos, including SOL, followed the market leader up and down in a short period. All that volatility attracted plenty of traders to Jupiter's perpetual futures service, which saw 100 times more activity than usual, according to Meow.

On Jupiter’s Discord server traders claimed they were losing SOL to trades that were not executing. It was not immediately clear how much money was lost; Meow said the Jupiter team will post an update on the Discord server.

Earlier Tuesday Jupiter told users the issues related to "congestion" in its oracles, the piece trading infrastructure that pumps price data into Jupiter's on-chain smart contracts, which handle the trades.

Edited by Stephen Alpher and Sam Reynolds.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Read more about