Trades and pricing
How coupons are built, priced, and settled.
What a trade looks like from the trader's side, and where the price comes from.
To build a coupon, you pick up to 5 legs from Jupiter Predict markets, choose a side on each, set your stake for the whole coupon, and submit. The protocol bundles the coupon into a Jito bundle and routes it on-chain. Either every leg lands at the prices you saw, or none of them do, there is no partial fill. Coupon odds are the product of each leg's odds; payout is stake × couponOdds.
Who you're trading against
The counterparty on every coupon is the LP. There is no orderbook on this protocol, no matching engine, no other trader on the other side. Whether the coupon wins or loses, the PnL flows directly to or from the LP's balance.
Where the price comes from
The price each leg trades at is Jupiter Predict's quote for that market, read directly by the program at bundle-inclusion time. There is no separate price feed, no oracle committee, no admin signer. The price the program sees is the same price Jupiter Predict is quoting in the same slot.
Coupon lifecycle
Each coupon lives as its own self-contained position. The stake you commit at submission is the stake the coupon carries until it ends. You cannot edit legs after the bundle lands, cannot add or remove legs, cannot top up the stake, and cannot partially close.
A coupon ends in exactly one of three ways:
- All legs win, coupon pays
stake × couponOdds, settled against the LP. - Any leg loses, the whole coupon loses; stake is forfeit to the LP.
- A leg voids on Jupiter Predict, that leg drops out of the product per Jupiter Predict's market rules, and the coupon settles on the remaining legs.
What's available, what's the cap
Any market live on Jupiter Predict is eligible. Markets are added by Jupiter Predict, not by this protocol's owner, the protocol inherits the available market set automatically. The only hard cap on the user side is 5 legs per coupon.