Summary
- Over the past week, the protocol’s volume increased by 10.05%, averaging $418.6M per day, compared to $380.3M on average in the three weeks prior.
- In the same span, SOL’s price increased by 9.50%, ETH’s price increased by 2.91%, and BTC’s price increased by 3.22%. JLP increased by 3.14% vs. the JLP basket’s 5.04%, representing an impermanent loss of 1.90% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $8.7M in gross terms and decreased by $1.8M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $8.0M this week.
Protocol Level
JLP Pool
The JLP pool held relatively steady in nominal terms this week, with SOL deposits falling closer to their target weightage and USDC deposits rising closer to target.
Utilization rates also remained stable, with WBTC rising the most, from 35% to as much as 50% at certain times during the week.
JLP Market Comparison
JLP’s market price increased by 3.14% over the last week. In the same period, BTC increased by 3.22%, ETH increased by 2.91%, and SOL increased by 9.50%.
Given the JLP pool’s weights:
- SOL - 46.34%
- WBTC - 11.03%
- WETH - 9.69%
- USDC - 24.54%
- USDT - 8.4%
JLP’s basket price increased by 5.04%, reflecting an impermanent loss of 1.90% for LPs due to the long-skewed imbalance of open interest.
Volume
Volume increased by 10.05% on Jupiter in the past week compared to previous weeks, averaging $418.6M per day, compared to $380.3M on average in the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 73.39% of the protocol volume in the last week.
Unique Daily Users
Looking at unique daily users, it suggests a maximum of ~6,200 users on the most active days. It remains between 3K and 6K.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL has increased by $8.7M over the last four weeks in gross terms while decreasing by $1.8M after fees. Traders’ cumulative unrealized PnLs, meanwhile, have increased by $8.0M in the same span.
Fees
Over the past week, Jupiter’s cumulative fees were ~$3.9M, with a daily average of $560.2K, an increase of 21.30% from $461.8K the previous three weeks.
Market Level
OI Distribution
Jupiter’s traders continue to have a strong bias for long positions, but least so in the ETH market, where the OI imbalance is currently just 55% long to 45% short — the most bearish in several months.
SOL:
BTC:
ETH:
Price Impact
P99 trades have paid 7.74 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.6 and 6.56 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:
. Awesome!