Every JUP token that is staked is one that can’t be sold tomorrow. Jupiter’s staking page now shows 1,103,720,890 JUP locked, which is about a third of everything in circulation.
A third is a lot for any token, and it gets more interesting when you add the buyback on top. I did the sums myself, and the picture is tighter than the headline suggests.
The Exact Staking Numbers
According to Jupiter’s staking dashboard, captured on October 11, three figures define the program:
- Total JUP staked: 1,103,720,890
- Total stakers: 357,096
- Estimated APY: 18.12%
Circulating supply is 3.319 B JUP on CoinMarketCap. Divide one by the other and you get 33.25%, which rounds to 33.3% of circulating supply. At a price near $0.375, the staked tokens are worth roughly $414 million against a market cap of about $1.25 billion.
The average staker holds about 3,091 JUP, or a bit over $1,100, so this is a broad base of mid-sized holders and not just a few whales.
Why the 18.12% Is Not Magic
The APY figure is arithmetic, and that makes it easy to check. Jupiter’s Active Staking Rewards documentation says 50 million JUP from the community allocation is distributed to eligible stakers every quarter. That is 200 million a year. Divide 200 million by 1,103,720,890 staked tokens and you get 18.12%.
It also shows how the rate behaves. The pool is fixed, so the more JUP gets staked, the smaller each staker’s share. If another 100 million tokens joined, the same formula would give about 16.6%.
Rewards are paid in staked JUP and added to your balance. The staking page currently carries a banner saying ASR is claimable through the Jupiter Rewards Hub, and you can see how a past round worked on the April to June 2026 rewards page, which paid out a 50,000,000 JUP pool.
How Locked Is Staked JUP
Jupiter’s staking docs say it plainly: staked JUP is not liquid. Tokens leave your wallet, and they can’t be sold or transferred until you unstake. The staking page promises that you can “unstake anytime,” and the docs explain what that means in practice: unstaking starts a seven-day cooldown that can’t be skipped or shortened. Stakers can still vote and earn rewards during it.
That cooldown matters for supply. A holder who wants out has to wait a week, and anyone watching the market knows those tokens aren’t an instant sell. It also discourages people from staking briefly around reward distributions and leaving.
Adding the Buyback
The second number is the buyback. About 175 million JUP, or roughly 5.3% of circulating supply, has been bought back. Put it together with staking and you get 1,278,720,890 JUP, or about 38.5% of circulating supply. Adding the rounded 33.3% and 5.3% gives 38.6%, but the unrounded math lands just under that.
Jupiter’s buyback program began on February 17, 2025, funded by roughly half the revenue of products such as the aggregator, plus parts of its perps, lending and other fees. DefiLlama’s Jupiter page shows about $44 million spent across the program so far, with $5.59 million in the third quarter of 2026 alone. Spread over 175 million tokens, that implies an average purchase price near $0.25.
Locked Versus Absorbed
It’s best to separate the two numbers, because they do different jobs. Staked JUP is locked by its owners, and the owners can start unlocking it at any time. Bought-back JUP is taken from the market by the protocol, and it isn’t returned to the open market by a holder’s decision.
So “off the market” is true for both, but only the staked portion is a choice that 357,096 people make every day. That makes the staking number the one to watch, since it can rise or fall with sentiment, and the buyback is the steadier support underneath.
What Could Change the Picture
Several things could shift the picture. A rising price could tempt stakers to leave, and the seven-day delay would show up first in the unstaking data. The 18.12% yield will fall if staking keeps growing, which could slow new deposits. Token unlocks, which have added supply over the past year, also keep pressing on the circulating figure. And the buyback depends on protocol revenue staying healthy.
Still, a token with a third of its circulating supply locked, and more than a third removed from the market once buybacks are counted, has a very different float from one that is fully liquid.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on X @nulltxnews
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