Weekly Risk Report | January 26, 2025

Summary

  • Over the past week, the protocol’s volume increased by 67.18%, averaging $1.5B per day, compared to $917.4M on average in the three weeks prior.
  • In the same span, SOL’s price decreased by 2.08%, ETH’s price increased by 1.15%, and BTC’s price increased by 1.86%. JLP decreased by 3.04% vs. the JLP basket’s 0.67%, representing an impermanent loss of 2.37% for LPs relative to the JLP pool’s underlying assets.
  • Jupiter traders’ aggregate realized PnL increased by $11.6M in gross terms but decreased by $1.8M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $8.8M this week.

Protocol Level

JLP Pool

The JLP pool grew in nominal terms this week following outflows from TRUMP & MELANIA memecoins, with SOL deposits rising the most.

The pool’s composition also hemmed close to target, with utilization rates remaining steady.

JLP Market Comparison

JLP’s market price decreased by 3.04% over the last week. In the same period, BTC increased by 1.86%, ETH increased by 1.15%, and SOL decreased by 2.08%.

Given the JLP pool’s weights:

  • SOL - 48.28%
  • WBTC - 11.53%
  • WETH - 10.04%
  • USDC - 26.23%
  • USDT - 3.89%

JLP’s basket price decreased by 0.67%, reflecting an impermanent loss of 2.37% for LPs due to the long-skewed imbalance of open interest.

Volume

Volume increased by 67.18% on Jupiter in the past week compared to previous weeks, averaging $1.5B per day, compared to $917.4M on average in the three weeks prior. BTC’s average daily volume increased by 97.01% over the last week compared to the three weeks prior.

SOL continues to be the most dominant market on Jupiter, consisting of 69.67% of the protocol volume in the last week.

Unique Daily Users

Looking at unique daily users, it suggests a maximum of ~12K users on the most active days, and a typical range of 6K-12K.

PnL

Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $11.6M in gross terms and decreased by $1.8M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $8.8M this week.

Fees

Over the past week, Jupiter’s cumulative fees were ~$9.4M, with a daily average of $1.3M, a decrease of 12.62% from $1.5M the previous three weeks.

Market Level

OI 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:

6 Likes

Thank you for making this every week. Will be making a graphics based on this to be posted in Reddit. :clap: :raised_hands:

Jupiter Perps Weekly Stats

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thanks! interesting and helpful

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thanks for the amazing charts and breakdown of the top coins.I love analysis and seeing what works in the long run.I plan to grow and learn in crypto and invest for the long game.I appreciate the charts and research done here!