Summary
- Over the past week, the protocol’s volume increased by an incredible 106.65%, averaging $1.1B per day, compared to $528.4M on average over the three weeks prior.
- In the same span, SOL’s price increased by 29.37%, ETH’s price increased by 29.86%, and BTC’s price increased by 16.97%. JLP increased by 12.20% vs. the JLP basket’s 17.94%, representing an impermanent loss of 5.74% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $43.0M in gross terms thanks to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $44.4M this week.
Protocol Level
JLP Pool
The JLP pool held relatively steady in nominal terms this week, with stablecoin deposits rising the most.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP’s market price increased by 12.20% over the last week. In the same period, BTC increased by 16.97%, ETH increased by 29.86%, and SOL increased by 29.37%.
Given the JLP pool’s weightage:
- SOL - 44.31%
- WBTC - 11.26%
- WETH - 10.09%
- USDC - 26.04%
- USDT - 8.31%
JLP’s basket price increased by 17.94%, reflecting an impermanent loss of 5.74% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 106.65% on Jupiter in the past week compared to previous weeks, averaging $1.1B per day, compared to $528.4M on average in the three weeks prior. BTC’s average daily volume increased by 73.94% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 75.86% of the protocol volume in the last week.
Unique Daily Users
Unique daily addresses reached a maximum of ~12K users on the most active days last week, with a typical range of 6K-10K.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $43.0M in gross terms - though they decreased by $6.3M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $44.4M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$10.4M, with a daily average of $1.5M, a increase of 78.81% from $832.8K the previous three weeks.
Market Level
OI Distribution
Jupiter’s traders continue to have a strong bias for long positions — especially this week, with even traders’ ETH long bias returning to >90% from a low of ~60%.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 8.5 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.76 and 6.58 bps, respectively. P95 and below continue to pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
