How To Use Jupiter: Solana’s Top DEX

Introduction

Solana, known for its high throughput and low transaction costs, hosts several decentralized exchanges (DEXs) that facilitate trading within its ecosystem. As of 2024, there are over 27 DEXs on Solana, including notable platforms like Raydium, Orca, and Lifinity. However, Jupiter stands out as the most widely used DEX on the platform, boasting a leading position in total value locked (TVL), which recently surpassed $650 million.

Before we start exploring Jupiter, let's take a quick look at some of its key features.

Key Features

Jupiter offers unique features such as:

• Limit Orders: Unlike many automated market makers (AMMs) that settle trades at current market prices, Jupiter allows users to set specific buy or sell prices.
• Dollar Cost Averaging (DCA) Tool: This feature automates the purchase of a fixed amount of tokens at regular intervals, catering to passive investors seeking steady returns.
• Comprehensive Token Access: Jupiter's recent upgrade to V3 includes instant routing, intelligent token filtering, and an ecosystem token list, enhancing the overall trading experience​.
• Perpetual Trading: Jupiter supports perpetual contracts, enabling traders to engage in leveraged trading up to 100x, offering liquidity providers opportunities to earn returns through the Jupiter Liquidity Pool.

How to Use Jupiter: A Step-by-Step Guide

Step 1: Connect Your Wallet to Jupiter

1. Visit the Jupiter Website: Go to the Jupiter platform at jup.ag.
2. Connect Your Wallet: Click on the "Connect Wallet" button. Select Phantom (or your preferred wallet) from the options provided. If you don't have a Solana wallet yet, check out our guide on how to create one here.
3. Authorize the Connection: Follow the prompts to authorize the connection between your wallet and Jupiter.

Step 2: Perform a Token Swap

1. Select Tokens: On the Jupiter interface, choose the token you want to swap from and the token you want to receive. For example, if you want to swap SOL for USDC, select SOL in the "You’re paying" field and USDC in the "To receive" field.
2. Enter the Amount: Specify the amount of the token you wish to swap.
3. Review the Swap Details: Jupiter will automatically calculate the best route for your swap, showing you the estimated amount you will receive and the fees involved.
4. Execute the Swap: Click on the "Swap" button. Confirm the transaction in your wallet when prompted.

Step 3: Utilize Advanced Features

Limit Orders

• Access Limit Orders: On the Jupiter interface, navigate to the limit order section at the top.
• Set Your Parameters: Choose the token pair (for e.g. SOL/USDC), the amount you want to trade, the expiry date of the order and the price at which you want to execute the trade.
• Place the Order: Confirm the details and place your limit order. Your order will be executed automatically when the market reaches your specified price.

Dollar-Cost Averaging (DCA)

• DCA Feature: Navigate to the DCA section on Jupiter.

• Define Your Strategy: Specify the amount you wish to invest in USDC, select SOL as your preferred token to buy, set the frequency of purchases (daily, weekly, etc.), and the total duration for your DCA strategy.

• Start DCA: Confirm your settings and activate the DCA strategy. This will automate your purchases over the specified period.

Step 4: Explore Additional Features

1. Perpetual Trading: Jupiter also offers a decentralized perpetual trading platform. You can take long or short positions with leverage, enhancing your trading strategies.
2. Bridge Aggregator: Use Jupiter's bridge feature to transfer assets between different blockchains. This is particularly useful for accessing liquidity from other ecosystems.

Conclusion

Jupiter's combination of advanced features, user-friendly interface and robust integration within the Solana ecosystem make it a leading choice for crypto trading. By following the steps outlined in this guide, you can easily navigate the Jupiter platform and take advantage of the opportunities it offers in the rapidly evolving DeFi landscape on Solana.