Summary
- Over the past week, the protocol’s volume decreased by 37.08%, averaging $582.4M per day, compared to $925.6M on average in the three weeks prior.
- In the same span, SOL’s price increased by 12.77%, ETH’s price increased by 8.70%, and BTC’s price increased by 5.30%. JLP increased by 5.71% vs. the JLP basket’s 7.76%, representing an impermanent loss of 2.05% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $6.9M in gross terms and increased by $435.7K in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $47.2M this week.
Protocol Level
JLP Pool
The JLP pool saw net outflows of USDT and SOL & net inflows of WBTC. USDC and WETH balances held steady.
The pool’s composition also hemmed close to target, though SOL & WBTC are slightly overweight and USDC slightly underweight. Utilization rates held steady.
JLP Market Comparison
JLP’s market price increased by 5.71% over the last week. In the same period, BTC increased by 5.30%, ETH increased by 8.70%, and SOL increased by 12.77%.
Given the JLP pool’s weights:
- SOL - 48.76%
- WBTC - 12.57%
- WETH - 9.94%
- USDC - 23.08%
- USDT - 5.65%
JLP’s basket price increased by 7.76%, reflecting an impermanent loss of 2.05% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 37.08% on Jupiter in the past week compared to previous weeks, averaging $582.4M per day, compared to $925.6M on average in the three weeks prior. BTC’s average daily volume decreased by 38.22% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 67.55% of the protocol volume in the last week.
Unique Daily Users
Looking at unique daily users, it suggests a maximum of 7K users on the most active days. Recently, it was between 4K and 6K.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $6.9M in gross terms and increased by $435.7K after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $47.2M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$4.9M, with a daily average of $693.4K, a decrease of 69.32% from $2.3M 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:
