Summary
- Over the past week, the protocol’s volume surged, averaging $724M per day, which is 66% higher than the previous three weeks. The ETH market saw an 80% increase, and SOL saw a 57% increase. In CEX perpetual markets, ETH volume rose 20% and SOL 31%, marking a strong week for Jupiter.
- Market prices increased between 1% (BTC) and 6.6% (SOL), while ETH dropped by 7.2%. JLP increased by 1.9%
- Despite long exposure, traders’ gross profits were nearly zero, with a $8.4M net loss.
- AUM grew in both notional and token terms due to a 6.4% increase in ETH and a 12% increase in BTC tokens supplied, alongside market growth.
Protocol level
JLP pool
Jupiter TVL increased by 7%, as the token amounts of SOL, ETH, and BTC increased by 1.4%, 6.4%, and 12%, respectively.
No significant change to pools’ distribution recently.
SOL utilization ranged from 30% to 75%, BTC from 30% to 50%, and WETH from 20% to 40%. Stablecoins had 10% to 20% utilization.
Volume
Volume on Jupiter surged significantly in the past week, averaging $724M per day, up 66% from the previous average of $434M over the prior three weeks. SOL’s daily volume increased by 57%, ETH by 80%, while BTC remained stable. In CEX perpetual markets, BTC volume increased by 1.6%, SOL by 31%, and ETH by 20%, marking a strong week for Jupiter.
SOL continues to be the most dominant market on Jupiter, consisting ~80% 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
Traders were approximately balanced in gross terms and experienced a negative realized PnL of $8.4 M over the past week despite rising market prices (except for the ETH market). This resulted from short holders realizing losses and facing liquidations, while the majority of long holders maintained their positions with unrealized PnL — as can be seen by the growing unrealized PnL, which increased by ~$3M.
Fees
Over the past week, Jupiter’s cumulative fees were ~ $6M, with a daily average of $860k, an increase from $620k the previous three weeks.
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 market had a maximal OI of ~$192M (long and short combined).
SOL:
BTC:
ETH:
OI increased in the ETH market over the last week, reaching $20M.
Price Impact Histogram
The P99 trades pay 8.61 bps in the SOL market, while the BTC and ETH markets pay 6 bps. P95 and below pay the base rate in all markets.
SOL:
BTC:
ETH:
