Summary
- Over the past week, trading volumes on Jupiter averaged $834.78M per day, marking a 31.72% increase compared to the previous three weeks. ETH market volumes notably rose by 49.04%.
- BTC and ETH short interest have grown considerably, likely due to the market turbulence we’ve observed over the past several weeks, leading to brief windows of short-skewed imbalance in those markets.
- In the face of this short interest, market prices grew by 10.16% (BTC), 11.01% (ETH), and 10.32% (SOL) last week. JLP’s market price increased by 7.64% during this span — slower than the above assets but faster than the JLP pool’s current weightage would suggest. JLP’s basket price increased by just 6.60% during the same span, reflecting a ~1% outperformance by LPs due to Jupiter’s high volumes and its, at times, short-skewed imbalances this week.
- Traders’ gross and net profits have fallen to -$15M and -$56M over the past four weeks. This week, they have trended positively in gross terms, but not net of fees.
Protocol level
JLP pool
JLP price increased by 7.63% over the last week. In the same period, BTC increased by 10.16%, ETH by 11.01%, and SOL by 10.32%.
SOL’s utilization ranged from 25% to 35%, BTC’s from 29% to 56%, and ETH’s from 8% to 26% throughout the week. Stablecoins, meanwhile, saw 5% to 15% utilization, averaging around 8%.
JLP Market Comparison
JLP’s market price increased by 7.63% over the last week. In the same period, BTC increased by 10.16%, ETH by 11.01%, and SOL by 10.32%.
Given the JLP pool’s weights:
- SOL - 44.33%
- BTC - 9.58%
- ETH - 9.64%
- USDC - 27.15%
- USDT - 9.29%
The JLP basket price increased by 6.60% by comparison, reflecting a ~1% outperformance by LPs due to the, at times, short-skewed imbalance of ETH and BTC open interest throughout the past week.
Volume
Volume increased on Jupiter in the past week compared to previous weeks, averaging $834.78M per day, compared to $633.72M on average in the three weeks prior, a 31.72% increase. BTC’s average daily volume increased by 36.96% over the last week compared to the three weeks prior. On CEX perpetual markets, volume rose by 47.33%, and BTC increased by 41.17%.
SOL continues to be the most dominant market on Jupiter, accounting for ~75.8% of the protocol volume last week; however, ETH’s weight and volume increased.
Unique daily users
Looking at unique daily users, it suggests a maximum of ~13K users on the most active days. Recently, it was between 3K and 6K.
Realized PnL
Traders’ gross & net profits have remained deeply negative over the past four weeks at -$15M and -$56M, respectively, but traders in all markets have been trending positively in gross terms since the drawdown on August 5th. In net terms, however, traders’ profits continue to decline.
Fees
Over the past week, Jupiter’s cumulative fees were ~$6.44M, with a daily average of $920k, a slight decrease from the $902k average over the previous three weeks.
Market Level
OI distribution
Traders continue to have a strong bias for long positions on Jupiter — especially in the SOL market. However, short interest in BTC and ETH has grown considerably, likely due to the market turbulence seen over the past several weeks, leading to brief periods of short-skewed imbalance in those markets.
SOL:
BTC:
ETH:
Price impact
P99 trades — 99th percentile trades in terms of notional size — pay 8.42 bps in the SOL market, while the BTC and ETH markets pay 6.75 and 6.67 bps, respectively. In all markets, P95 trades and below pay less than 1 basis point above Jupiter’s base rate of 6 bps.
SOL:
BTC:
ETH:
