Summary
- Over the past week, the protocol’s volume decreased by 12.56%, averaging $1.1B per day, compared to $1.3B on average in the three weeks prior.
- In the same span, SOL’s price decreased by 0.48%, ETH’s price increased by 7.68%, and BTC’s price increased by 3.42%. JLP increased by 1.48% vs. the JLP basket’s 0.98%, representing an outperformance of 0.50% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $4.7M in gross terms and decreased by $13.3M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $5.6M this week.
Protocol Level
JLP Pool
The JLP pool held relatively steady in nominal terms this week, with SOL deposits rising the most and USDC deposits falling the most.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP’s market price increased by 1.48% over the last week. In the same period, BTC increased by 3.42%, ETH increased by 7.68%, and SOL decreased by 0.48%.
Given the JLP pool’s weights:
- SOL - 45.42%
- WBTC - 11.87%
- WETH - 10.33%
- USDC - 25.47%
- USDT - 6.91%
JLP’s basket price increased by 0.98%, reflecting an outperformance of 0.50% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 12.56% on Jupiter in the past week compared to previous weeks, averaging $1.1B per day, compared to $1.3B on average in the three weeks prior. BTC’s average daily volume decreased by 13.8% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 63.25% of the protocol volume in the last week.
Unique Daily Users
Looking at unique daily users, it suggests a maximum of ~10,000 users on the most active days. Recently, it was between 5,000 and 10,000.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $4.7M in gross terms and decreased by $13.3M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $5.6M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$12.6M, with a daily average of $1.8M, a decrease of 8.60% from $2.0M 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:
Price impact
P99 trades have paid 8.94 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 7.1 and 6.62 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
