Summary
- Over the past week, the protocol’s volume increased by 26.67%, averaging $1.2B per day, compared to $976.7M on average in the three weeks prior.
- In the same span, SOL’s price decreased by 19.39%, ETH’s price decreased by 16.95%, and BTC’s price decreased by 8.99%. JLP decreased by 2.72% vs. the JLP basket’s 11.68%, representing a massive outperformance of 8.96% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL fell by $79.8M in gross terms and decreased by $106.7M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $48.4M this week.
Protocol Level
JLP Pool
The JLP pool held relatively steady in nominal terms this week, with SOL deposits rising the most and stablecoin deposits falling the most.
The pool’s composition also hemmed close to its new targets—lower in USDT’s case and higher in SOL’s case. Long tokens’ utilization rates fell by 20-40%, and now persist around 30-50% compared to 40%-80% prior to 12/20.
JLP Market Comparison
JLP’s market price decreased by 2.72% over the last week. In the same period, BTC decreased by 8.99%, ETH decreased by 16.95%, and SOL decreased by 19.39%.
Given the JLP pool’s current weights:
- SOL - 46.3%
- WBTC - 11.44%
- WETH - 9.89%
- USDC - 25.78%
- USDT - 6.59%
JLP’s basket price decreased by 11.68%, reflecting an outperformance of 8.96% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 26.67% on Jupiter in the past week compared to previous weeks, averaging $1.2B per day compared to $976.7M on average in the three weeks prior. BTC’s average daily volume increased by 20.28% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 67.14% of the protocol volume in the last week.
Unique Daily Users
Looking at unique daily users, it suggests a maximum of ~16,500 users on the most active days. Recently, it has been between 4,000 and 16,000.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $79.8M in gross terms and decreased by $106.7M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $48.4M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$22.7M, with a daily average of $3.2M, an increase of 43.20% from $2.3M the previous three weeks.
Market Level
Open Interest 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 8.71 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 7.09 and 6.67 bps, respectively. P95 and below pay less than 1 basis point above 6 bps (the base rate) in all markets.
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