Summary
- Over the past week, the protocol’s volume increased by a massive 51.95%, averaging $571.2M per day, compared to $375.9M on average in the three weeks prior.
- In the same span, SOL’s price decreased by 7.68%, ETH’s price decreased by 8.20%, and BTC’s price decreased by 4.31%. JLP decreased by just 1.08% vs. the JLP basket’s 4.82%, representing an outperformance of 3.74% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL decreased by $3.5M in gross terms and decreased by $6.1M in net terms due to their long-favored exposure. Cumulative unrealized PnLs decreased by an additional $1.2M.
Protocol Level
JLP Pool
The JLP pool grew in nominal terms this week, with SOL, WBTC, WETH, and USDT deposits all rising. SOL remains consistently above target, though only by 1-3 percentage points.
JLP Market Comparison
JLP’s market price decreased by just 1.08% over the last week. In the same period, BTC decreased by 4.31%, ETH decreased by 8.20%, and SOL decreased by 7.68%.
Given the JLP pool’s weights:
- SOL - 46.68%
- WBTC - 11.1%
- WETH - 9.17%
- USDC - 24.24%
- USDT - 8.8%
JLP’s basket price decreased by 4.82%. Jupiter LP token holders therefore outperformed the JLP basket by 3.74% due to the long-skewed imbalance of open interest.
Volume
Volume increased by 51.95% on Jupiter in the past week compared to previous weeks, averaging $571.2M per day, compared to $375.9M on average in the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 74.06% of the protocol volume in the last week. BTC continues to grow its share.
Unique Daily Users
Jupiter saw a maximum of ~8,500 unique active users on October 1st, and a typical range of 3,000 - 6,500.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $3.5M in gross terms and by $6.1M after fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $1.2M this week.
Fees
Jupiter’s daily fees peaked on October 1st at more than $1.4M. Over the past week, Jupiter’s total cumulative fees were ~$4.5M, with a daily average of $645.5K, an increase of 28.00% from $504.3K 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 7.87 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.7 and 6.47 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
. Kudos