Summary
- Over the past week, the protocol’s volume increased by 2.10%, averaging $426.8M per day, compared to $418.0M on average in the three weeks prior.
- In the same span, SOL’s price increased by 0.99%, ETH’s price decreased by 5.19%, and BTC’s price decreased by 4.34%. JLP decreased by 1.37%, representing an impermanent loss of 0.85% for LPs relative to the performance of the JLP pool’s underlying basket of assets.
- Jupiter traders’ aggregate realized PnL decreased by $4.4M in gross terms and $5.7M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, however, increased by $2.8M this week, thanks primarily to SOL’s outperformance.
Protocol Level
JLP pool
The JLP pool held relatively steady in nominal terms this week. BTC, SOL, and ETH deposits all rose by 5-10%, while USDC and USDT deposits fell by a similar amount.
The pool’s composition also hemmed close to target, with utilization rates remaining steady.
JLP Market Comparison
JLP price decreased by 1.37% over the last week. In the same period, BTC decreased by 4.34%, ETH decreased by 5.19%, and SOL increased by 0.99%.
Given the JLP pool’s weights:
- SOL - 45.08%
- WBTC - 10.66%
- WETH - 9.65%
- USDC - 25.67%
- USDT - 8.94%
JLP’s basket price decreased by 0.52%, reflecting an impermanent loss of 0.85% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 2.10% on Jupiter in the past week compared to previous weeks, averaging $426.8M per day, compared to $418.0M on average in the three weeks prior. BTC’s average daily volume decreased by 13.65% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 73.07% of the protocol volume in the last week. BTC & ETH’s volumes both marginally increased as a percentage of total volume.
Unique daily users
Looking at unique daily users, it suggests a maximum of ~6,500 users on the most active days in the last week, and an average of about 4,500.
PnL
Due to long exposure, Jupiter traders’ aggregate realized PnL decreased by $4.4M in gross terms and decreased by $5.7M after accounting for fees thanks to the decline of BTC & ETH. Traders’ cumulative unrealized PnLs, on the other hand, increased by $2.8M on September 8th relative to September 1st, though they remain more than $10M in the red on a further uPnL lookback.
Fees
Over the past week, Jupiter’s cumulative fees were ~$3.3M, with a daily average of $467.4K, a decrease of just 0.69% (~$3,000 a day) from $470.7K the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions, though ETH’s open interest distribution continues to creep closer to 50:50 balance.
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 6.78 and 6.41 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:
