Summary
- Over the past week, the protocol’s volume averaged 40.15% lower than the previous three weeks. In CEX perpetual markets, perp volumes fell by 34.4%, and BTC increased/decreased by 31.8%. This marked a strong week for Jupiter in BTC volume terms, with just a 14.68% decrease over the same span.
- BTC’s price increased by 6.62%, ETH by 2.49%, and SOL by 9.31% over the last week; JLP by 4.16% over the same span.
- Traders’ cumulative unrealized PnLs rose by more than $10M this week, the biggest single-week gain in over a month. In realized terms, Jupiter traders’ gross PnLs increased by $3M, but fell by $2M in net terms as fees have taken their toll.
- The JLP pool’s AUM remained relatively stable in token & USD notional terms.
Protocol level
JLP pool
SOL remains the most well-utilized and well-capitalized asset in the JLP pool, with the highest utilization of any asset on Jupiter and the highest current weightage relative to target.
SOL’s utilization ranged from 30% to 43%, BTC’s from 30% to 59%, and ETH’s from 8% to 20%. Stablecoins, used for short positions, had 5% to 15% utilization.
JLP Market Comparison
JLP price changed by 4.16% over the last week. In the same period, BTC’s price increased by 6.62%, ETH increased by 2.49%, and SOL increased by 9.31%.
Given the JLP pool’s weights:
- SOL - 45.94%
- WBTC - 10.45%
- WETH - 12.56%
- USDC - 25.39%
- USDT - 8.66%
JLP basket price increased/decreased by 4.59%, reflecting a 0.43% impermanent loss for LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased on Jupiter in the past week compared to previous weeks, averaging $386.39M per day, compared to $645.58M on average in the three weeks prior, a 40.15% decrease. BTC’s average daily volume decreased by 14.68% over the last week compared to the three weeks prior. In CEX perpetual markets, volumes fell by 34.4%, and BTC decreased by 31.8%, marking a relatively strong week for Jupiter’s BTC markets.
SOL continued to be the most dominant market on Jupiter, accounting for ~70.6% of the protocol volume last week. However, BTC’s weight and volume increased this week.
Unique daily users
Regarding unique trader addresses, Jupiter has steadily maintained a range of 3K - 6K unique daily active users (DAUs).
Realized PnL
Traders’ cumulative unrealized PnLs flipped positive over the past week for the first time since the early August downturn. In realized terms, Jupiter traders’ gross PnLs also inched upwards from—$28M to—$25M, but downwards from roughly—$48M to—$50M in net terms as fees have taken their toll.
Fees
Over the past week, Jupiter’s cumulative fees were ~$2.70M, with a daily average of $385,610. This decreased from $800,128 in the previous three weeks from the peak during the August 5th spike.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions, though the ETH and BTC markets have trended towards a 70:30 long-short balance lately, compared to the months prior when the imbalance hovered closer to 85:15.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 7.99 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.84 and 6.57 bps, respectively. In all markets, P95 and below continue to pay less than 1 basis point above 6 bps, the base fee rate.
SOL:
BTC:
ETH:
