Summary
- Over the past week, the protocol’s volume increased by 106.51% (
), averaging $1.5B per day, compared to $746.6M on average in the three weeks prior. - In the same span, SOL’s price increased by 12.78%, ETH’s price decreased by 3.68%, and BTC’s price increased by 11.60%. JLP increased by 1.52% vs. the JLP basket’s 6.53%, representing an impermanent loss of 5.01% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $42.5M in gross terms but decreased by $9.2M in net terms due to fees.
Protocol Level
JLP Pool
The JLP pool’s SOL and WBTC reserves fell by 10% and 5% respectively this week, whereas it’s balances of USDC, USDT, and WETH grew by ~20%, ~20% and 10% respectively.
The pool’s composition hemmed close to target.
SOL’s utilization rate had the most volatility over the last seven days, ranging from a high of 80% early last week to a low of 40% later in the week.
JLP Market Comparison
JLP’s market price increased by 1.52% over the past week. In the same period, BTC increased by 11.60%, ETH decreased by 3.68%, and SOL increased by 12.78%.
Given the JLP pool’s weights:
- SOL - 43.93%
- WBTC - 11.05%
- WETH - 9.83%
- USDC - 26.2%
- USDT - 8.99%
JLP’s basket price increased by 6.53%, reflecting an impermanent loss of 5.01% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 106.51% on Jupiter in the past week compared to previous weeks, averaging $1.5B per day, compared to $746.6M on average in the three weeks prior. BTC’s average daily volume increased by 158.24% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 74.90% of the protocol volume in the last week.
Unique Daily Users
Looking at unique daily addresses, it suggests a maximum of ~12K users on the most active days. Recently, it oscillated between 6K and 12K per day.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $42.5M in gross terms but decreased by $9.2M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $768.2K this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$11.6M, with a daily average of $1.7M, a increase of 42.34% 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 have paid 8.82 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.81 and 6.55 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:
.