Summary
- Over the past week, the protocol’s volume averaged 41.81% lower than the previous three weeks, with ETH volumes falling the furthest at -54.77%. In CEX perpetual markets, volumes decreased by 29%. With crypto markets quieting over the last week, we view this decline as a reversion to the mean rather than a worrying decrease.
- Market prices fell by 1.90% (BTC), 3.30% (ETH), and 2.55% (SOL); the JLP price fell by just 0.70%, outperforming its underlying asset basket.
- Due to long exposure, traders’ realized PnL held steady around -$27.5M in gross terms and -$57M after accounting for fees. In contrast, traders’ cumulative unrealized PnL improved by $12M this week, re-approaching positive territory at -$2M presently.
- Jupiter’s AUM/TVL grew in notional and token terms over the past seven days. The JLP pool’s per-asset weightage has also hewed closer to its target this week than in weeks past
Protocol level
JLP pool
Jupiter enjoyed positive net deposits for every token over the past seven days, bringing Jupiter’s assets closer to their target weightage.
Every asset in the JLP pool is currently within 1% of its target weightage, a significant improvement over last week when assets like SOL briefly deviated from their targets by as much as 5%.
Utilization trended positively for WBTC and SOL last week, though not for WETH, USDC, and USDT.
JLP Market Comparison
JLP’s price changed by -0.70% over the last week. Over the same period, BTC decreased by 1.90%, ETH decreased by 3.30%, and SOL decreased by 2.55%.
Given the JLP pool’s current weights:
- SOL - 44.16%
- BTC - 10.08%
- ETH - 9.48%
- USDC - 26.93%
- USDT - 9.36%
JLP’s basket price decreased by 1.63%, reflecting a 0.93% outperformance by LPs thanks to the long-skewed imbalance of open interest amid market-wide declines.
Volume
Volume decreased on Jupiter in the past week compared to previous weeks, averaging $426.16M per day, compared to $732.35M on average in the three weeks prior, a 41.81% decrease. With crypto markets quieting over the last week, we view this decline as a reversion to the mean rather than a worrying decrease.
SOL continues to be the most dominant market on Jupiter, consisting of ~72.9% of the protocol’s long + short volume.
Unique daily users
Looking at unique daily users, it suggests a maximum of ~6K users this week and a low of ~3K, in line with Jupiter’s historical norm.
Realized PnL
Due to long exposure, traders’ PnLs held steady around -$27.5M in gross terms and -$57M after accounting for fees. In contrast, traders’ cumulative unrealized PnLs increased by $12M this week, re-approaching positive territory at -$2M presently.
Fees
Over the past week, Jupiter’s cumulative fees were ~$3.12M, with a daily average of $446.71k, a decrease from $972.21k the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions, and there’s no reason to expect that to change.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 8.3 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.78 and 6.62 bps, respectively. In all markets, P95 and below continue to pay less than one basis point above six bps, the base rate.
SOL:
BTC:
ETH:
