Summary
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Over the past week, the protocol’s volume decreased by 30.61%, averaging $758.9M 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 0.43%, ETH’s price decreased by 6.50%, and BTC’s price increased by 2.29%. JLP increased by 0.09% vs. the JLP basket’s 0.48% decrease, representing an outperformance of 0.57% for LPs relative to the JLP pool’s underlying assets.
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Jupiter traders’ aggregate realized PnL decreased by $19.4M in gross terms and decreased by $26.4M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $16.9M this week.
Protocol level
JLP pool
The JLP pool held relatively steady in nominal terms this week, growing predominantly in ETH and BTC.
The pool’s composition also hemmed close to target, with BTC diverging ~5% off-target but utilization rates remaining steady.
JLP Market Comparison
JLP’s market price increased by 0.09% over the last week. In the same period, BTC increased by 2.29%, ETH decreased by 6.50%, and SOL decreased by 0.43%.
Given the JLP pool’s weights:
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SOL - 45.39%
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WBTC - 14.52%
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WETH - 9.47%
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USDC - 26.81%
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USDT - 3.8%
JLP’s basket price decreased by 0.48%, reflecting an outperformance of 0.57% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 30.61% on Jupiter in the past week compared to previous weeks, averaging $758.9M per day, compared to $1.1B on average in the three weeks prior. BTC’s average daily volume decreased by 20.42% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 58.21% of the protocol volume in the last week. BTC continues to grow in share.
Unique daily users
Jupiter’s perps exchange has served a maximum of ~12,000 unique addresses on its most active days. Recently, it has severed between 3,000 and 6,000 addresses per day.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $19.4M in gross terms and decreased by $26.4M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $16.9M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$4.3M, with a daily average of $620.1K, a decrease of 58.44% from $1.5M 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. However, the ETH market in particular has grown to its highest short share (~50%) since before the U.S. presidential election.
SOL:
BTC:
ETH:
strong holder, only waiting peacefully Thanks for this reports, best wishes everyone