Summary
- Over the past week, the protocol’s volume decreased by 12.15%, averaging $1.3B per day, compared to $1.5B on average in the three weeks prior.
- In the same span, SOL’s price decreased by 1.02%, ETH’s price decreased by 7.76%, and BTC’s price decreased by 1.14%. JLP increased by 3.45% vs. the JLP basket’s 1.36% decrease, representing an outperformance of 4.81% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL decreased by $25.5M in gross terms and decreased by $37.0M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $39.7M this week.
Protocol Level
JLP Pool
The JLP pool held relatively steady in nominal terms this week, with WETH deposits rising the most and USDT deposits falling the most as Jupiter continues to decrease its target weightage.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP’s market price increased by 3.45% over the last week. In the same period:
- BTC decreased by 1.14%
- ETH decreased by 7.76%
- SOL decreased by 1.02%
Given the JLP pool’s weights:
- SOL - 49.2%
- WBTC - 11.74%
- WETH - 9.3%
- USDC - 26.13%
- USDT - 3.61%
JLP’s basket price decreased by 1.36%, reflecting an outperformance of 4.81% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 12.15% on Jupiter in the past week compared to previous weeks, averaging $1.3B per day, compared to $1.5B on average in the three weeks prior. BTC’s average daily volume decreased by 12.07% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, comprising 68.21% of the protocol’s volume in the last week.
Unique Daily Users
Jupiter’s perps exchange served a maximum of ~15,000 distinct addresses on its most active day last week — Monday, February 10th. Since then, it has served between 5K and 10K per day.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $25.5M in gross terms and decreased by $37.0M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $39.7M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$7.2M, with a daily average of $1.0M, a decrease of 50.79% from $2.1M 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 by position size have paid:
- 8.73 bps in the SOL market
- 7.22 bps in BTC
- 6.62 bps in ETH
P90 trades by size have paid less than 1 basis point more than 6 bps - the base rate - across all markets.
