Weekly Risk Report | November 10, 2024

Summary

  • Over the past week, the protocol’s volume increased by an incredible 106.65%, averaging $1.1B per day, compared to $528.4M on average over the three weeks prior.
  • In the same span, SOL’s price increased by 29.37%, ETH’s price increased by 29.86%, and BTC’s price increased by 16.97%. JLP increased by 12.20% vs. the JLP basket’s 17.94%, representing an impermanent loss of 5.74% for LPs relative to the JLP pool’s underlying assets.
  • Jupiter traders’ aggregate realized PnL increased by $43.0M in gross terms thanks to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $44.4M this week.

Protocol Level

JLP Pool

The JLP pool held relatively steady in nominal terms this week, with stablecoin 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 increased by 12.20% over the last week. In the same period, BTC increased by 16.97%, ETH increased by 29.86%, and SOL increased by 29.37%.

Given the JLP pool’s weightage:

  • SOL - 44.31%
  • WBTC - 11.26%
  • WETH - 10.09%
  • USDC - 26.04%
  • USDT - 8.31%

JLP’s basket price increased by 17.94%, reflecting an impermanent loss of 5.74% for LPs due to the long-skewed imbalance of open interest.

Volume

Volume increased by 106.65% on Jupiter in the past week compared to previous weeks, averaging $1.1B per day, compared to $528.4M on average in the three weeks prior. BTC’s average daily volume increased by 73.94% over the last week compared to the three weeks prior.

SOL continues to be the most dominant market on Jupiter, consisting of 75.86% of the protocol volume in the last week.

Unique Daily Users

Unique daily addresses reached a maximum of ~12K users on the most active days last week, with a typical range of 6K-10K.

PnL

Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $43.0M in gross terms - though they decreased by $6.3M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $44.4M this week.

Fees

Over the past week, Jupiter’s cumulative fees were ~$10.4M, with a daily average of $1.5M, a increase of 78.81% from $832.8K the previous three weeks.

Market Level

OI Distribution

Jupiter’s traders continue to have a strong bias for long positions — especially this week, with even traders’ ETH long bias returning to >90% from a low of ~60%.

SOL:

BTC:

ETH:

Price impact

P99 trades have paid 8.5 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.76 and 6.58 bps, respectively. P95 and below continue to pay less than 1 basis point above 6 bps, the base rate, in all markets.

SOL:

BTC:

ETH:

6 Likes

Great data as always

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General question for anybody on the actual JUP team. I have recently seen a number of places advertising airdrop checkers. None are official but the pages have follows from Jupiter or Meow.

My first thought is don’t connect to any of these sites, but my question is should these be used to gauge a potential jupuary reward ?

Any help or insight would be appreciated!

Have a great day all

2 Likes

No not at all! The criteria will be completely different this year

1 Like

Amazing data analysis. Thanks for explaining it so well

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