Summary
- Over the past week, the protocol’s volume held steady, averaging $391.9M per day compared to $400.3M on average in the three weeks prior.
- In the same span, SOL’s price increased by 10.04%, ETH’s price increased by 11.29%, and BTC’s price increased by 7.51%. JLP increased by 4.24% vs. the JLP basket’s 6.61%, representing an impermanent loss of 2.37% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $6.4M in gross terms but decreased by $2.8M in net terms due to fees. Traders’ cumulative unrealized PnLs, however, increased by $14M, well outpacing fees.
Protocol level
JLP Pool
The JLP pool held relatively steady in nominal terms this week. The quantity of USDT, WBTC, SOL in the pool remained about the same as seven days prior, while WETH and USDT deposits fell slightly.
The pool’s composition has deviated somewhat from target, with the pool becoming about 3% overweight SOL and 3% underweight USDC, but the deviation is not significant and appears to be shrinking over time.
JLP Market Comparison
JLP’s market price increased by 4.24% over the last week. In the same period, BTC increased by 7.51%, ETH increased by 11.29%, and SOL increased by 10.04%.
Given the JLP pool’s weights:
- SOL - 46.4%
- WBTC - 10.98%
- WETH - 10.01%
- USDC - 23.96%
- USDT - 8.64%
JLP’s basket price increased by 6.61%, reflecting an impermanent loss of 2.37% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 2.11% on Jupiter in the past week compared to previous weeks, averaging $391.9M per day, compared to $400.3M on average in the three weeks prior. BTC’s average daily volume decreased by 8.04% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, accounting for 72.82% of protocol volume last week.
Unique daily users
Looking at unique daily users, it suggests a maximum of ~5,000 users on the most active days in the last week, and an average of about 3,500.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $6.4M in gross terms and decreased by $2.8M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $14M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$3.4M, with a daily average of $488.1K, an increase of 3.05% from $473.6K 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 7.86 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.6 and 6.56 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
