Jupiter
JUP#64JUP is the governance token of Jupiter, Solana's largest token-swap aggregator.
Fails our Shariah screening. Needs caution: interest (riba), nature of the asset, gambling (maysir), excessive uncertainty (gharar), usage, and benefit and harm (maslahah). Fails: business model.
- 1 pass
- 6 caution
- 1 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Jupiter?8 Shariah criteria
1 pass · 6 caution · 1 failHolding JUP pays no interest, but staking rewards are handed out from a token allocation rather than for network work, and buybacks are partly funded by interest income.
Riba means interest or any guaranteed increase on a loan. Simply holding JUP earns nothing, and JUP is not a loan to anyone. Staked JUP receives Active Staking Rewards: each quarter 50 million JUP from the community allocation is shared among stakers by time-weighted stake, and Jupiter's docs say voting has no effect on eligibility. This is not interest from borrowers, but it is not payment for validation or other network work either, so its nature is unclear.
There is also an indirect link to interest: Jupiter Lend earns a share of the interest borrowers pay, perpetual futures charge hourly borrow fees on leveraged positions, and half of Jupiter's onchain revenue buys JUP for the Litterbox Trust. Holders do not receive this income directly, and the buybacks are judged under business model, but the link keeps this criterion at caution.
Jupiter is a heavily used product, but JUP itself is only a governance token, and official religious bodies disagree on whether cryptocurrency is property (mal).
Mal is property that Islamic law recognises as having value and that can be owned and traded. Jupiter's products are real and widely used: DefiLlama reports about $15 billion of aggregator volume in the latest 30 days. JUP's own utility is narrower. It is used to vote in the Jupiter DAO and to stake for rewards; it is not needed to use Jupiter's swaps, and it gives no direct claim on Jupiter's revenue or assets.
Malaysia's Securities Commission Shariah Advisory Council (2020), for assets under its supervision, treats digital currency without an underlying asset as goods ('urudh) that may be traded on registered exchanges. Other tier-1 bodies disagree: Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit dealing in cryptocurrencies, and the OIC Fiqh Academy (2019) deferred a ruling. None of them names Jupiter. Limited utility and disagreement among authoritative bodies keep this criterion at caution.
JUP is not a betting token, but its own trading is mostly futures, and Jupiter runs high-leverage perpetuals, prediction markets and a token launchpad.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and JUP has no chance-based payout of its own. The activity around it is highly speculative, though. In a one-day snapshot on 27 September 2026, Binance's JUPUSDT perpetual futures traded about $23.4 million against about $3.7 million on the spot pair, so about 86% of that volume was futures.
Jupiter itself advertises perpetual futures with up to 250x leverage, offers binary prediction contracts on sports, politics and other events that pay $1 if correct, and runs a token launch platform (Jupiter Studio). DefiLlama records no revenue to Jupiter from the prediction product, with venue fees going to Kalshi. A real function exists alongside this, since the swap aggregator is a useful routing service, so the status is caution rather than fail, at the low end of the band.
Perpetual futures fees and lending interest together make up roughly a third to over half of Jupiter's revenue, far above the 5% limit, and half of revenue buys JUP.
This criterion asks how the protocol earns and whether any of that income is impermissible. Jupiter's docs state that Jupiter takes 25% of the fees of its perpetual futures pool, which include opening and closing fees, price impact fees and hourly borrow fees on leveraged positions; Jupiter Lend earns a share of the interest borrowers pay. Perpetual futures are never acceptable (AAOIFI SS 20: deferred exchange without delivery, with leverage), and lending interest is riba.
By DefiLlama's figures, perpetuals produced about $44.6 million of about $86.0 million of revenue over the year to 26 September 2026 (about 52%) and about 29% over the latest 30 days; Jupiter Lend added about 2.0% and 2.8%. Clearly impermissible revenue is therefore well above the 5% threshold; even if perpetuals revenue were counted only as disputed, its share is above the 20% threshold for disputed revenue in both periods. This matters directly for JUP: Jupiter's docs say the Litterbox Trust receives 50% of all onchain revenue and uses it to buy JUP, more than $70 million in 2025, so the support holders get is paid for partly by derivatives and interest income. The largest permissible line is swap fees from the aggregator (about 40% over one year, 63% over 30 days). JupUSD's reserves are about 90% USDtb, which is backed by a Treasury-bill fund; who keeps that yield, and whether it is counted in revenue, is not disclosed.
Supply changes and buybacks are disclosed, but large non-circulating holdings sit in team and community wallets, and the rules have changed repeatedly by vote.
Gharar is excessive uncertainty or hidden information in a deal. Much is disclosed: Jupiter publishes its tokenomics, the Litterbox wallet address and its revenue split, team tokens vest on-chain through Jupiter Lock, and supply cuts were proposed and voted on in public. But on 27 September 2026 only about 3.32 billion of about 6.86 billion JUP circulated, and the rest sits in team, reserve and community wallets whose community audits happen about every six months (the latest one named is February 2025).
The rules have also changed often: a 3 billion JUP burn (2024), a Litterbox burn of about 130 million JUP (late 2025), and in February 2026 a vote that postponed the airdrop, returned 700 million JUP to a community multisig and replaced team vesting releases with claims on Jupiter's balance sheet. CoinGecko still shows a 10 billion max supply against the 7 billion target. These are partial-opacity issues, not undisclosed minting, so the status is caution.
Jupiter's biggest service is permissible swap routing, but leveraged futures, interest-based lending and prediction markets are a large share of its activity.
This criterion looks at what the product behind the token is actually used for. The largest use is swap aggregation: about $15 billion of volume over the latest 30 days and about $293 billion over a year by DefiLlama's count, which is a permissible routing service. A large share is impermissible or disputed: perpetual futures with up to 250x leverage produced about half of Jupiter's revenue over the past year, Jupiter Lend and its leveraged 'Multiply' loops are interest-based (DefiLlama shows about $1.05 billion borrowed through Jupiter), and prediction markets let users bet on sports and
political events. JUP itself is used only for governance and staking. Impermissible uses are a notable share but not shown to be the main purpose, so the status is caution at the low end.
Fully paid spot JUP is available on major exchanges and can be held in one's own Solana wallet.
This criterion asks whether the asset can be owned in a permissible way. JUP trades spot, with full payment and delivery, on major exchanges such as Binance, and it is a standard Solana token that can be withdrawn to a self-custody wallet. Ownership therefore does not depend on derivatives or leveraged wrappers, even though futures dominate its trading volume. No exchange-traded fund holding JUP was found.
Jupiter makes swaps cheaper and easier, but it also markets very high leverage, event betting and memecoin launches to retail users.
Maslahah weighs public benefit against harm. The benefit is real: the aggregator finds better prices across Solana exchanges and handles a very large volume of ordinary swaps. The harm is also significant. Jupiter markets perpetual futures with up to 250x leverage, where hourly borrow fees and liquidations can wipe out retail traders' collateral, offers prediction contracts on sports and politics, and runs a token launch platform.
For JUP holders, JUP fell about 93% from its $2.00 peak (31 January 2024) to about $0.136 on 12 February 2026, according to CoinGecko, while new tokens kept being released until the February 2026 emissions pause. Speculative trading losses are counted under maysir and not again here; the balance is caution.
How you can use it
Tap a card for the ruling and sourcesJUP can be bought spot with full payment on major exchanges and held in a self-custody wallet, but spot counts as acceptable only for an asset rated HALAL or DOUBTFUL. JUP is rated HARAM because much of the revenue that supports it comes from perpetual futures and lending interest, so a spot purchase is not rated acceptable here.
Not available: no exchange-traded fund holding JUP was found. A fund holding it would be judged like spot, which fails for this asset.
JUP is not used as a payment coin, and paying with it would mean holding an asset that did not pass screening. Separately, tier-1 bodies such as Indonesia's MUI hold that using cryptocurrency as currency is not permissible. Jupiter's card and payment links work mainly with stablecoins.
JUP staking is not proof-of-stake validation. Staked JUP receives Active Staking Rewards, 50 million JUP a quarter from the community allocation, with no work or voting required, and the asset itself is rated HARAM. It is therefore not rated acceptable.
Margin trading in JUP is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
JUP perpetual futures make up most of its exchange volume (about 86% on Binance in a one-day snapshot), and Jupiter's own perpetuals exchange is its largest revenue source over the past year. Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending JUP or other assets on platforms such as Jupiter Lend pays depositors interest from borrowers. This is riba.
Jupiter's yield products (Lend Earn vaults, leveraged 'Multiply' loops, the JLP pool that earns perps borrow and trading fees, and JUICED, which earns T-bill yield and lending interest) pay interest or returns from derivatives trading and fail.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.Simply buying and holding the JUP token is considered Haram.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
No exchanges from our coverage trade Jupiter yet
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