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: