Summary
Gauntlet is excited to provide a deep dive into our Dashboard and highlight some key features and use cases. Our public front end is a key pillar in serving the Jupiter community with real time data about positions and risks affecting the protocol. We expose the same data we use in our analysis internally, allowing the community to work in parallel with us.
Components
Topline Metrics
At the protocol level, key metrics we track to evaluate protocol health includes volume, open interest, and liquidity. Our data is streamed via RPC calls in virtually real time (leaving a small buffer to ensure blocks are finalized). Freshness is important as positions can change rapidly. Some aggregations such as returns and volatility will update on a longer cadence, as they derive meaning not from a single point in time but describe performance over time. ‘Last updated’ timestamps provide this context around the data.
On Jupiter protocol, stablecoins USDC and USDT supply liquidity to short positions, while volatile assets SOL, ETH, and BTC back long positions. Short liquidity is provided in the summary section, while liquidity for specific assets is provided in the market summaries.
Market summaries
On the protocol summary page we include high level metrics for each market, namely 24 hr volume, long open interest, short open interest, available long liquidity, and leverage.
24 hr Volume represents the total notional amount traded in the last 24 hours, calculated using the volume in the current hour, updated in real time, plus the preceding 23 hours.
Long/Short OI represents the notional amount in long and short positions currently open on the protocol.
Long liquidity represents the LP provided funds that are currently unmatched to open positions.
Leverage is a function of notional trader position value and the underlying asset price. As asset prices fluctuate, so does the leverage of current positions since collateral provided as margin is denominated in stable coins. The red/green color coded numbers (’trend’) represent how a given metric has changed over the last 24 hours. The trend helps us derive useful insights. For example, if leverage is increasing along with available long liquidity, this indicates that LPs are more willing to provide liquidity to the market even as asset prices are falling. This bodes well for traders continuing to be able to open positions.
Market utilization represents the portion of JLP liquidity matched against trader net long positions for a given asset; this is a measure of capital efficiency. Higher utilization results in higher fees accruing to JLP holders, while leaving less opportunity for trading to open or increase their positions.
JLP Pool Information
We describe, in real time, the current composition of the Jupiter Liquidity Pool. We monitor the pool composition, as well as the tracking error against target weights. An asset being far from target indicates that arbitrageurs are not willing to rebalance the pool, signaling that incentives are misaligned (liquidity for a given asset may be too low on the Solana ecosystem for example, resulting in slippage higher than the arbitrage opportunity). If tracking error remains high for an extended period, the core protocol team may need to come in and rebalance the pool.
In addition, we monitor whether JLP is trading at a premium or discount on DEXes. We generally want to keep JLP trading at a premium, which would indicate the market has an expectation of future fee revenues accruing and outpacing trader profits. One goal of our trading fee methodology is to keep JLP at a premium such that liquidity providers are encouraged to add more liquidity to the pool, increasing liquidity available to traders. When JLP trades at a discount, LPs are encouraged to purchase JLP on a DEX which does not increase the size of the pool.
Market Specific Pages
At the market level, we monitor long and short open interest, borrow rates (which represent the cost of carry similar to a funding rate on other protocols), utilization, leverage and volume. Just as on the protocol summary pages, the ‘trend’ numbers provide useful insights to how risk is changing on a given market.
Trader Behavior
Below the summary statistics we have a number of charts that visualize activity on the protocol such as volume and distribution of leverage, and open interest. A healthy protocol sees higher volume (turnover of positions) when asset prices move as traders use perps to hedge their positions. Interest and OI Cap usage charts are provided as additional context.
JLP Activity
The JLP activity charts are specific to a given volatile asset (in the example above, ETH). Utilization numbers indicate whether trader demand is being effectively met by ETH liquidity providers, while the fee revenue chart displays how profitable this liquidity is for JLP holders.
Taker Activity
Taker fees summarize the amount paid by traders for opening (position fee) and maintaining (interest fee) positions in ETH derivatives, long or short, on the protocol. We always seek to balance fees to remain attractive for both sides of the market.
Features and Navigation
Tooltips - we’ve added tooltips on every chart and data tile to provide definitions and context around how each datapoint is calculated and why it matters. Hover over the circle with the “i” next each title to view.
Timestamps - each datapoint displays a timestamp that defines when the data was fetched. Note: the data will not currently update automatically while you have the dashboard displayed. You must hit refresh if you want the latest data (auto refresh is in our backlog for a future release). Upon hover, the date and time of the dataset will appear, like so:
Filters - charts with more than one data series have filter functionality, represented by a funnel icon at the top right. Click on the icon to expand the menu to select / deselect any series. You may also click on the series names in the legend to filter them out. Charts are filtered individually (applying one filter on a chart will not affect any other charts).
Full screen views - click on the four corners icon at the top right of any chart to expand to full screen. This view will also provide you a unique URL that allows you to reference a specific chart directly, such as in a tweet or hyperlink.
Navigation Menu - the dashboard has two level of information: summaries for the protocol as a whole and market level data (ie. SOL, ETH, etc.). You can navigate in two ways.
- Using the Top Menu - click on the “+” next to the protocol name and select the desired market. This works on any page.
- Using the “Details” button in the Market Summary Table
We’ve seen many of you visit the site and welcome any feedback you have!
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