Jupiter SOL Trading Volume vs CEXes
This chart illustrates the daily trading volume distribution for SOL across different platforms, including Jupiter, Binance, Bybit, Kraken, and others over time.
- Jupiter’s Volume Share: Jupiter’s share of SOL volume appears to fluctuate around 7% on the latest date (October 6, 2024). This indicates a small portion of the overall trading volume compared to the major CEXes like Binance and Bybit.
- Dominance of Binance: Binance commands the largest portion of SOL volume, hovering around 60% for most of the period, showing its dominance in SOL perp markets.
- Competitors: Other exchanges like Bybit and OKX also have notable volume shares, contributing to 15%-30% of the volume.
Jupiter SOL Open Interest (OI) vs CEXes
This chart shows the distribution of open interest (OI) for SOL across different exchanges.
- Jupiter’s OI Share: On October 6, Jupiter’s SOL OI stood at 10%, which is relatively better than its volume share. This suggests that while Jupiter captures less daily trading volume, it has a more significant share of the market in terms of positions being held.
- Binance Dominance in OI: Binance continues to hold the largest share, controlling around 50%-60% of SOL OI, showing that it remains the largest venue for both trading volume and position holding.
- Stable Competition: Bybit, OKX, and other exchanges also maintain consistent shares in OI, but they trail behind Binance. Jupiter seems to be competing more closely with smaller exchanges in this metric.
Implication for Jupiter:
Despite having a lower volume compared to the larger CEXes, Jupiter’s OI share at 10% is noteworthy. This suggests that traders are more likely to hold positions on Jupiter for longer durations. However, the fact that its volume share is smaller than its OI share could indicate that traders are opening fewer but larger or longer-held positions on Jupiter.
Jupiter SOL Open Interest (OI) vs leading CEXes + DEXes
The table and information give an in-depth view of the open interest (OI) and trading volume across different platforms, including Jupiter, alongside CEXes like Binance, Bybit, OKX, and DEXes like Hyperliquid and dYdX.
SOL Open Interest (OI) and Volume Breakdown (as of October 10, 2024)
- Jupiter’s SOL OI is at 9.39% with a total of $216.84M.
- Jupiter’s Volume is 6.73% of the total, with $187.41M traded.
Comparison to Other Venues:
Binance:
- OI: $839.15M (36.35% of total OI)
- Volume: $1.28B (45.84% of total volume)
Binance dominates both open interest and trading volume, controlling nearly half of all SOL perpetual volume (45.84%) and more than a third of the OI (36.35%). This shows that Binance remains the primary venue for SOL perps trading, benefiting from liquidity and lower slippage.
Bybit:
- OI: $691.80M (29.96% of total OI)
- Volume: $665.60M (23.89% of total volume)
Bybit ranks second, holding a substantial portion of SOL’s OI and volume, reflecting its strong position as a competitor to Binance. Bybit’s OI and volume are relatively balanced, unlike Jupiter, where OI is proportionally higher than volume.
OKX:
- OI: $300.83M (13.03% of total OI)
- Volume: $451.90M (16.22% of total volume)
OKX has a stronger presence in trading volume (16.22%) compared to its OI share (13.03%), which implies a higher frequency of trades or shorter-term trading activity relative to the OI.
Key Takeaways for Jupiter:
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Higher OI Relative to Volume: Jupiter’s 9.39% OI is noticeably higher than its 6.73% volume share. This means traders are more inclined to hold positions longer on Jupiter relative to other exchanges.
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DEX position: Compared to DEX venues like HyperLiquid, which has a much smaller OI and volume presence, Jupiter is well-positioned in the mid-tier range of SOL markets.
AUM cap increase risk?
Given current market conditions, if Jupiter increases the AUM cap from $700M to $800M, their Open Interest (OI) share across DEXes and CEXes is projected to rise modestly from 9.39% to approximately 10.74%. This 1.35 percentage point increase represents a relatively small change in Jupiter’s overall market presence and doesn’t post significant risks for the protocol.
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