Summary
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Over the past week, the protocol’s volume decreased by 34.47%, averaging $721.3M per day, compared to $1.1B on average in the three weeks prior.
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In the same span, SOL’s price decreased by 11.02%, ETH’s price increased by 6.00%, and BTC’s price decreased by 0.09%. JLP decreased by 4.96% vs. the JLP basket’s 4.53% decrease, representing an impermanent loss of 0.43% for LPs relative to the JLP pool’s underlying assets.
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Jupiter traders’ aggregate realized PnL decreased by $25.6M in gross terms and decreased by $36.0M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $8.3M 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 WBC trending overweight, but not substantially so. Utilization rates remained steady.
JLP Market Comparison
JLP’s market price decreased by 4.96% over the last week. In the same period, BTC decreased by 0.09%, ETH increased by 6.00%, and SOL decreased by 11.02%.
Given the JLP pool’s weights:
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SOL - 46.55%
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WBTC - 13.4%
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WETH - 10.19%
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USDC - 26.07%
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USDT - 3.77%
JLP’s basket price decreased by 4.53%, reflecting an impermanent loss of 0.43% for LPs due to a decrease in JLP’s market premium, among other factors.
Volume
Volume decreased by 34.47% on Jupiter in the past week compared to previous weeks, averaging $721.3M per day, compared to $1.1B on average in the three weeks prior. BTC’s average daily volume decreased by 36.27% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 69.85% of the protocol volume in the last week.
Unique daily users
Jupiter’s perps exchange served a maximum of ~15,000 unique addresses on its most active day last week. Recently, it has served between 5,000 and 10,000 addresses per day.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $25.6M in gross terms and decreased by $36.0M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $8.3M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$7.7M, with a daily average of $1.1M, a decrease of 14.84% from $1.3M the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions in the SOL market, though they have been trending more towards ETH and BTC shorts than the historic norm.
SOL:
BTC:
ETH:
Price impact
P99 trades by position size have paid 8.27 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 7.01 and 6.57 bps, respectively. P95 and below trades by size have paid less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
