Yesterday’s price action in the crypto markets triggered one of the largest liquidation events in crypto’s history. However, Jupiter remains healthy, and JLP remained relatively stable compared to the broader market throughout this period. We analyze the most recent data pertaining to each Jupiter market and the JLP token’s performance below.
Traders’ PnL
Over the last 24 hours, Jupiter’s total trader PnL — the sum of the realized PnL and current unrealized PnL — stands at negative $57M. In the same span, the total value liquidated eclipsed $400 million. Here is a breakdown of realized PnL and unrealized PnL per market:
| Market | Realized PnL (24h) | Unrealized PnL | Total PnL | Fees Paid | Value Liquidated | Liquidation Fees |
|---|---|---|---|---|---|---|
| SOL | -$30,171,801 | -$14,352,838 | -$44,524,639 | $1,866,093 | $294,033,747 | $285,960 |
| ETH | -$7,644,869 | -$2,757,588 | -$10,402,457 | $396,299 | $74,209,028 | $65,327 |
| BTC | -$3,171,242 | $782,286 | -$2,388,956 | $431,734 | $59,105,784 | $77,978 |
JLP Performance
Over the last 72 hours, the JLP’s market price decreased by 7.78%. In the same period:
- BTC decreased by 7.20%
- ETH decreased by 12.64%
- SOL decreased by 15.87%
JLP’s basket price decreased by 9.70%, reflecting an outperformance of 1.92% for LPs due to the long-skewed imbalance of open interest.
Conclusion
Despite one of the most significant liquidation events in crypto history, the Jupiter protocol functioned flawlessly, processing over $400M in liquidations without disruptions. The JLP token’s performance similarly demonstrated resilience, outperforming the broader market due to the long-skewed imbalance of Jupiter’s open interest. JLP’s dampened losses compared to its underlying assets showcases the strength of Jupiter’s design and risk management during times of market distress.