Summary
- Over the past week, the protocol’s volume increased by 18.63%, averaging $553.2M per day, compared to $466.3M on average in the three weeks prior.
- In the same span, SOL’s price decreased by 8.18% and ETH’s price decreased by 2.15%, but BTC’s price increased by 1.09%. JLP increased by 0.06% vs. the JLP basket’s 3.83%, representing an significant 3.89% outperformance for Jupiter LPs relative to the performance of the JLP pool’s underlying assets taken alone.
- Jupiter traders’ aggregate realized PnL decreased by $1.3M in gross terms and decreased by $5.7M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by a massive $29.1M this week, due in large part to SOL’s 8+% price decrease.
Protocol level
JLP pool
The JLP pool grew across the board this week, with deposits of every asset growing by 1-10%. SOL and USDC deposits grew the most.
The pool’s composition hemmed close to target throughout this period, and utilization rates held steady.
JLP Market Comparison
JLP’s market price increased by 0.06% over the last week. In the same period, BTC increased by 1.09%, ETH decreased by 2.15%, and SOL decreased by 8.18%.
Given the JLP pool’s weights:
- SOL - 46.03%
- WBTC - 11.29%
- WETH - 8.82%
- USDC - 24.44%
- USDT - 9.42%
JLP’s basket price decreased by 3.83%, reflecting an outperformance of 3.89% for LPs.
Volume
Volume increased by 18.63% on Jupiter in the past week compared to previous weeks, averaging $553.2M per day, compared to $466.3M on average in the three weeks prior. BTC’s average daily volume increased by 16.96% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 76.28% of protocol trading volume over the last week.
Unique daily users
Looking at unique daily addresses, it suggests a maximum of ~9,500 users and a typical range of 5K - 9K within the last week, up significantly from the typical 3K-6K we observed over the last three months.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnLs decreased by $1.3M in gross terms and decreased by $5.7M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $29.1M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$5.7M, with a daily average of $816.1K, an increase of 16.07% from $703.1K 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:
Price impact
P99 trades have paid 8.14 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.73 and 6.51 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
