Summary
- Over the past week, the protocol’s volume decreased by 14.81%, averaging $456.9M per day, compared to $536.3M on average in the three weeks prior.
- In the same span, SOL’s price decreased by 14.22%, ETH’s price decreased by 5.50%, and BTC’s price decreased by 6.07%. JLP decreased by just 5.15%, representing an outperformance of 2.37% for LPs relative to the JLP pool’s underlying basket of assets.
- Jupiter traders’ aggregate realized PnL decreased by $7.6M in gross terms and decreased by $8.1M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased even more steeply — by $22.5M — this week.
Protocol level
JLP pool
The JLP pool held relatively steady in nominal terms this week, with SOL deposits rising the most and USDC deposits falling the most.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP price decreased by 5.15% over the last week. In the same period, BTC decreased by 6.07%, ETH decreased by 5.50%, and SOL decreased by 14.22%.
Given the JLP pool’s weights:
- SOL - 44.42%
- WBTC - 10.88%
- WETH - 9.82%
- USDC - 25.81%
- USDT - 9.07%
JLP’s basket price decreased by 7.52%, reflecting an outperformance of 2.37% for LPs due to the long-skewed imbalance of open interest.
Volume
Jupiter’s volume decreased by 14.81% in the past week compared to previous weeks, averaging $456.9M per day, compared to $536.3M on average in the three weeks prior. BTC’s average daily volume decreased by 13.8% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 76.39% of the protocol volume in the last week.
Unique daily users
Looking at unique daily users, it suggests a maximum of ~6,000 users on the most active days. Recently, it continued to oscillate between 3K and 6K.
PnL
Due to long exposure, Jupiter traders’ aggregate realized PnL decreased by $7.6M in gross terms and decreased by $8.1M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased even more steeply — by $22.5M — this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$3.5M, with a daily average of $506.6K, a decrease of 10.42% from $565.5K the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions. Even in the face of the recent market drawdown, there’s no expectation or reason for that to change.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 7.91 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.73 and 6.54 bps, respectively. In all markets, P95 and below pay less than 1 basis point above 6 bps, the base rate.
SOL:
BTC:
ETH:
. Wagmi