Summary
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Over the past week, the protocol’s volume increased by 37.60%, averaging $895.1M per day, compared to $650.5M on average in the three weeks prior.
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In the same span, SOL’s price decreased by 15.32%, ETH’s price decreased by 12.96%, and BTC’s price decreased by 5.19%. JLP decreased by 8.09% vs. the JLP basket’s 8.98% decrease, representing an outperformance of 0.89% for LPs relative to the JLP pool’s underlying assets.
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Jupiter traders’ aggregate realized PnL decreased by $17.5M in gross terms and decreased by $26.3M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $7.0M this week.
Protocol level
JLP pool
The JLP pool held relatively steady in nominal terms this week.
The pool’s composition also hemmed relatively close to target (however, WBTC continues to pull off of peg as it depreciates less than ETH & SOL). Utilization rates have fallen slightly.
JLP Market Comparison
JLP’s market price decreased by 8.09% over the last week. In the same period, BTC decreased by 5.19%, ETH decreased by 12.96%, and SOL decreased by 15.32%.
Given the JLP pool’s weights:
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SOL - 45.52%
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WBTC - 15.8%
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WETH - 9.19%
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USDC - 25.5%
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USDT - 3.96%
JLP’s basket price decreased by 8.98%, reflecting an outperformance of 0.89% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 37.60% on Jupiter in the past week compared to previous weeks, averaging $895.1M per day, compared to $650.5M on average in the three weeks prior. BTC’s average daily volume increased by 32.45% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 63.10% of the protocol volume in the last week.
Unique daily users
Jupiter’s perps exchange has served a maximum of ~15,000 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 aggregate realized PnL decreased by $17.5M in gross terms and decreased by $26.3M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $7.0M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$7.5M, with a daily average of $1.1M, a increase of 65.12% from $652.3K the previous three weeks.
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:
