Jupiter, the well known aggregator on Solana launched perps today. I haven’t dug on the implementation details (think it’s GMX like which isn’t a great construction), but think this is strategically smart for a few reasons.

1. It strengthens their value prop as a user touchpoint. Come do all your trading onchain here, we’re more than just spot. Jupiter has value today because they originate a lot of soft flow, and this increases the likelihood it sticks there. I Would need to check, but I’m pretty sure most of Jupiter’s flow is soft and it originates 50% of spot dex volume on Solana.
2. Perps allows them to move up the value chain without harming relationships with existing partners, spot dexes like Phoenix or Orca.
3. Perps trading, both onchain and offchain, is a big market with PMF even if it’s small today on solana. I’d bet that most Jupiter users do not consistently use perps onchain and that this launch can make a dent by putting the product in front of them.As a brief aside, I’d bet that most Uniswap frontend and MM Swap users are also not onchain perp users. It is much harder to monetize an spot aggregator than perps, especially if you have a lot of consistent soft flow.

I’m excited to see the contracts get open-sourced/audited, but would expect more ex-US teams with flow to move in this direction.