Jupiter Weekly Report | Dec. 8th 2025

Research Risk
,
1

Summary

  • Over the past week, the protocol’s volume decreased by 2.19%, averaging $359.9M per day, compared to $368.0M on average in the three weeks prior.

  • In the same span, SOL’s price increased by 3.67%, ETH’s price increased by 8.67%, and BTC’s price increased by 4.12%. JLP increased by 3.88% vs. the JLP basket’s 0.00% decrease, representing an outperformance of 3.88% for LPs relative to the JLP pool’s underlying assets.

  • Jupiter traders’ aggregate realized PnL decreased by $487.5K in gross terms and decreased by $3.1M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $5.0M this week.

Protocol level

JLP pool

1600×1600 196 KB

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

1000×800 66.4 KB

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

JLP Market Comparison

JLP’s market price increased by 3.88% over the last week. In the same period, BTC increased by 4.12%, ETH increased by 8.67%, and SOL increased by 3.67%.

1000×800 63 KB

Given the JLP pool’s weights:

  • SOL - 45.3%

  • WBTC - 16.2%

  • WETH - 8.2%

  • USDC - 30.3%

JLP’s basket price decreased by 0.00%, reflecting an outperformance of 3.88% for LPs due to the long-skewed imbalance of open interest.

Volume

Volume decreased by 2.19% on Jupiter in the past week compared to previous weeks, averaging $359.9M per day, compared to $368.0M on average in the three weeks prior. BTC’s average daily volume decreased by 15.4% over the last week compared to the three weeks prior.

1000×800 70.3 KB

1000×800 29.5 KB

SOL continues to be the most dominant market on Jupiter, consisting of 70.28% 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 $487.5K in gross terms and decreased by $3.1M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $5.0M this week.

1200×1200 133 KB

1200×1200 118 KB

1000×800 55.7 KB

Fees

Over the past week, Jupiter’s cumulative fees were ~$1.8M, with a daily average of $257.9K, a decrease of 39.16% from $424.0K the previous three weeks.

1000×800 41.4 KB

1000×800 44.2 KB

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:

image
image2466×848 133 KB

image
image2482×860 146 KB

BTC:

image
image2480×852 134 KB

image
image2470×844 146 KB

ETH:

image
image2480×842 134 KB

image
image2470×840 134 KB

2 Likes
2

I would be interested in seeing fee statistics over a longer period of time. The accuracy of statistics from this weekly report helpful. It would be cool to see comparable stats from a year ago.

Its nice having historical data but it would be cool to see what work the team has completed in the last week so we can follow the building being done. I understand it is hard to share what’s going on but it would be great for accountability and treating token holders as equal governance members.

Historical data is always appreciated. Quarterly predictions, forecasts and a to do list would really bring Jupiter to the expected level of a publicly traded company on the NYSE. I know its asking a lot but it is the next step to really compete in the tradfi realm. Weekly forecasts may be to short term, inaccurate and possibly damaging.

Keep up the great work.

1 Like