Jupiter Weekly Report | Dec. 22nd 2025

Research Risk
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Happy holidays! Looking forward to the new year of 2026!

Summary

  • Over the past week, the protocol’s volume increased by 18.34%, averaging $340.1M per day, compared to $287.4M on average in the three weeks prior.

  • In the same span, SOL’s price decreased by 1.19%, ETH’s price increased by 1.31%, and BTC’s price increased by 2.53%. JLP increased by 0.68% vs. the JLP basket’s 0.00% decrease, representing an outperformance of 0.68% for LPs relative to the JLP pool’s underlying assets.

  • Jupiter traders’ aggregate realized PnL decreased by $2.9M in gross terms and decreased by $6.1M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $257.1K this week.

Protocol level

JLP pool

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The JLP pool held relatively steady in nominal terms this week.

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The pool’s composition also hemmed close to target, with utilization rates remaining steady.

JLP Market Comparison

JLP’s market price increased by 0.68% over the last week. In the same period, BTC increased by 2.53%, ETH increased by 1.31%, and SOL decreased by 1.19%.

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Given the JLP pool’s weights:

  • SOL - 44.2%

  • WBTC - 17.2%

  • WETH - 8.2%

  • USDC - 30.4%

JLP reflects an outperformance of 0.68% for LPs due to the long-skewed imbalance of open interest.

Volume

Volume increased by 18.34% on Jupiter in the past week compared to previous weeks, averaging $340.1M per day, compared to $287.4M on average in the three weeks prior. BTC’s average daily volume increased by 0.92% over the last week compared to the three weeks prior.

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SOL continues to be the most dominant market on Jupiter, consisting of 74.90% of the protocol volume in the last week.

Unique daily users

Jupiter’s perps exchange has served a maximum of ~15,000 unique addresses on its most active days. Recently, it has served between 3,000 and 10,000 addresses per day.

PnL

Due to Jupiter traders’ net long exposure, their aggregate realized PnL decreased by $2.9M in gross terms and decreased by $6.1M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $257.1K this week.

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Fees

Over the past week, Jupiter’s cumulative fees were ~$2.6M, with a daily average of $368.7K, a increase of 42.50% from $258.8K the previous three weeks.

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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:

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BTC:

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ETH:

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1 Like
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great report as always. I would love to see a monthly post that compares month by month or the trend change over the last month. the open interest I find the most valuable although it doesn’t change much it shows how bullshit everyone platform wide is.

Has there been any conversation about creating any more JLP products or making JUPBTC instead of using wbtc or jupeth instead of weth?

cant wait for JUPUSD. would love to see a working checklist outside of metrics.

I don’t know why but I am hoping for a push of Pre IPO stocks by Jupiter. Pre ipo’s really offers something tradfi does not. I think a push to download the Jupiter wallet to buy the Pre ipo’s is a hidden pot of gold no one outside of crypto knows.

I know that’s really off topic but the report is great as always just trying to add new points of view.