Jupiter is the third largest perp earner in DeFi with only three markets. Only Hyperliquid and EdgeX earn more while listing far more assets. Jupiter's perps brought in $105M in 2025 and are its single largest revenue line. What's missing is the asset selection. HIP-3 cleared $11B in volume in 2025. Oil perps did $1.6B in a single day. Only seven of Hyperliquid's top thirty markets are crypto related today. @JupiterExchange is building the same expansion through two pieces of infrastructure. JupNet is an omnichain layer that routes any token on any chain without bridging. The Giant Unified Market (GUM) pulls tokenized equities, commodities, and forex into a single atomic market. Jupiter has the distribution with 42M wallets, a mobile app, and payment rails live. New assets on JupNet go live across perps, the aggregator, JLP, and Lend at once. This flywheel routes volume back to perps. For now, perps have been on the back burner while the team builds out the superapp stack. Once the pivot comes, Jupiter enters crosschain competition against every EVM-native aggregator with the distribution already in place.(Delphi Digital)