Summary
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Over the past week, the protocol’s volume increased by 57.13%, averaging $1.1B per day, compared to $702M on average in the three weeks prior.
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In the same span, SOL’s price increased by 19.29%, ETH’s price increased by 2.12%, and BTC’s price increased by 5.22%. JLP increased by 12.12% vs. the JLP basket’s 10.01% increase, representing an outperformance of 2.11% for LPs relative to the JLP pool’s underlying assets.
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Jupiter traders’ aggregate realized PnL increased by $5M in gross terms and $2M on net thanks to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by a much more dramatic $29.0M this week.
Protocol level
JLP pool
The JLP pool held relatively steady in nominal terms this week.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP’s market price increased by 12.12% over the last week. In the same period, BTC increased by 5.22%, ETH increased by 2.12%, and SOL increased by 19.29%.
Given the JLP pool’s weights:
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SOL - 47.11%
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WBTC - 13.99%
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WETH - 9.17%
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USDC - 25.86%
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USDT - 3.85%
JLP’s basket price increased by 10.01%, reflecting an outperformance of 2.11% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 57.13% on Jupiter in the past week compared to previous weeks, averaging $1.1B per day, compared to $702.0M on average in the three weeks prior. BTC’s average daily volume increased by 43.79% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 65.17% of the protocol volume in the last week.
Unique daily users
Jupiter’s perps exchange has served a maximum of ~12,000 unique addresses on its most active days. Recently, it has severed between 3,000 and 10,000 addresses per day.
PnL
Due to Jupiter traders’ net long exposure, their realized PnL increased by $5M in gross terms and $2M on net. Their aggregate unrealized PnL increased much further, by $29M.
Fees
Over the past week, Jupiter’s cumulative fees were ~$5.0M, with a daily average of $716.0K.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions. There’s currently no expectation or reason for that to change.
SOL:
BTC:
ETH:
