Summary
- Over the past week, the protocol’s volume surged, averaging 25% higher than the previous three weeks, with a notable 60% increase in the BTC market. In CEX perpetual markets, volume rose by 3.2%, and BTC increased by 11%, marking a strong week for Jupiter.
- Market prices rose between 11% (BTC) and 22% (SOL); JLP increased by 9%.
- Due to long exposure, traders’ gross profits reached $12.1M, but they lost $3.7M in net terms. BTC’s skew was balanced, with shorts briefly exceeding longs, making it the only market without gross profit for traders.
- Due to market increases, AUM grew in notional terms but remained stable in token terms, with a slight decrease in SOL supplied.
Protocol Level
JLP Pool
SOL, BTC, and ETH increased by approximately 22%, 13%, and 11% over the past week, respectively, and TVL increased by 10%. The token amount of SOL decreased by nearly 6%, from ~1.5M to ~1.41 M.
No significant change to pools’ distribution recently.
SOL utilization ranged from 30-60%, BTC from 30-45%, and WETH from 20-35%. Stablecoins had 15-30% utilization, with USDT peaking over 40%. Since USDT comprises only 25% of the supply, overall stablecoin utilization averaged around 27.5%.
JLP Market Comparison
JLP price increased by 9% between 14/7 and 21/7. In the same period, BTC increased by 13%, ETH by 11%, and SOL by 22%.
Given the JLP pools’ weights:
- SOL - 45.76%
- BTC - 9.16%
- ETH - 10.37%
- USDC - 25.65%
- USDT - 9.07%
Volume
Volume increased significantly on Jupiter in the past week compared to previous weeks, averaging $478M per day, compared to $381M on average in the three weeks prior, a 25% increase. BTC’s average daily volume increased by 60% over the last week compared to the three weeks prior. In CEX perpetual markets, volume rose by 3.2%, and BTC increased by 11%, marking a strong week for Jupiter.
SOL continues to be the most dominant market on Jupiter, consisting ~76% of the protocol volume on the last week, however BTC’s weight, as well as his volume, increased.
Unique Daily Users
Looking at unique daily users, it suggests a maximum of ~7,000 users on the most active days. Recently, it was between 2,000 and 7,000.
Realized PnL
Despite large traders achieving large profits of approximately $12.1 million, mainly from the SOL market due to rising prices and a long bias in open interest, they faced a net loss of $3.7 million.
Interestingly, there were no profits in the BTC market, even though its price increased. As we’ll show in the open interest distribution section, BTC’s open interest was less skewed compared to other markets and even had a short skew at times. This demonstrates how Jupiter’s market would have behaved with funding rates and other incentives for maintaining balanced, open interest.
Market Level
OI Distribution
Generally, traders continue to have a strong bias for long positions. There’s currently no expectation or reason for that to change.
SOL:
BTC:
As can be seen by both plots, OI has increased in the BTC market, with an unusual short interest, which %17.5M on July 15th, which led the market to having a short skew which is vey unusual on Jupiter. This is the reason the BTC market traders had no profits this week in total.
ETH:
OI had increased in ETH market over the last week, reaching $20M.
Price Impact Histogram
The P99 trades pay 8.22 bps in the SOL market, while BTC and ETH markets pay 6 bps. P95 and below pay 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
