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Home»Exchanges»Jupiter’s Perpetual Crypto Trading Falters as Bitcoin Hits Record
Exchanges

Jupiter’s Perpetual Crypto Trading Falters as Bitcoin Hits Record

NBTCBy NBTC07/03/2024No Comments2 Mins Read
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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.

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, one of the largest venues for swapping perpetual futures contracts of Solana tokens, experienced issues relating to its infrastructure for tracking crypto prices, according to messages sent to users.

The extent of the issue was not immediately clear but on Jupiter’s Discord server traders claimed they were losing SOL to trades that were not going through.

“There’s currently congestion happening with oracle, rest assure the funds are safe and failed position funds are returning to your wallet shortly,” read a message sent to users who filed tickets.

On-chain trading platforms such as Jupiter rely on oracles — basically price data feeds — to manage their operations. During periods of high volatility, however, those oracles can falter, especially when on-chain trading spikes. This creates a possible cascade of issues.

Tuesday’s volatility in the bitcoin markets – with the crypto jumping to a record high above $69,000 only to crumble about 5% within minutes – was a set up for such an occasion. Other assets including SOL followed the market leader’s record setting pump and subsequent crash.

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