Summary
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Over the past week, the protocol’s volume increased by 70.98%, averaging $1.4B per day, compared to $827.3M on average in the three weeks prior.
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In the same span, SOL’s price increased by 6.15%, ETH’s price decreased by 10.72%, and BTC’s price decreased by 1.84%. JLP increased by 0.38% vs. the JLP basket’s 1.54% increase, representing an impermanent loss of 1.16% for LPs relative to the JLP pool’s underlying assets.
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Jupiter traders’ aggregate realized PnL decreased by $41.0M in gross terms and decreased by $57.4M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $38.7M this week.
Protocol level
JLP pool
The JLP pool fluctuated with market volatility in nominal terms this week, but stayed stable in token terms.
The pool’s composition hemmed close to target, and utilization rates remained steady.
JLP Market Comparison
JLP’s market price increased by 0.38% over the last week. In the same period, BTC decreased by 1.84%, ETH decreased by 10.72%, and SOL increased by 6.15%.
Given the JLP pool’s weights:
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SOL - 45.98%
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WBTC - 13.85%
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WETH - 9.63%
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USDC - 26.59%
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USDT - 3.93%
JLP’s basket price increased by 1.54%, reflecting an impermanent loss of 1.16% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 70.98% on Jupiter in the past week compared to previous weeks, averaging $1.4B per day, compared to $827.3M on average in the three weeks prior. BTC’s average daily volume increased by 117.67% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 66.07% of the protocol volume in the last week.
Unique daily users
Jupiter’s perps exchange has served a maximum of ~15,000 unique addresses on its most active days. Recently, it has served between 3,000 and 10,000 addresses per day.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $41.0M in gross terms and decreased by $57.4M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $38.7M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$9.8M, with a daily average of $1.4M, a increase of 16.17% from $1.2M 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 8.14 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 7.01 and 6.56 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:
