# Jupiter Weekly Report | Jan 20th 2026

**URL:** <https://discuss.jup.ag/t/jupiter-weekly-report-jan-20th-2026/39887>\
**Category:** Risk\
**Tags:** risk, chaos-labs\
**Created:** [January 21, 2026, 7:26am UTC](https://discuss.jup.ag/t/jupiter-weekly-report-jan-20th-2026/39887 "2026-01-21T07:26:46Z")\
**Posts on this page:** 1\
**Page:** 1

<div class="post-metadata">

**Author:** ![chaoslabs](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/chaoslabs/32/4510_2.png) [@chaoslabs](https://discuss.jup.ag/u/chaoslabs)\
**Post date:** [January 21, 2026, 7:26am UTC](https://discuss.jup.ag/t/jupiter-weekly-report-jan-20th-2026/39887/1 "2026-01-21T07:26:46Z")

</div>

## Summary

- Over the past week, the protocol’s volume increased by 1.81%, averaging $290.8M per day, compared to $285.6M on average in the three weeks prior.

- In the same span, SOL’s price decreased by 8.35%, ETH’s price decreased by 4.13%, and BTC’s price decreased by 2.92%. JLP decreased by 5.84%, representing an impermanent loss of 5.93% for LPs relative to the JLP pool’s underlying assets.

- Jupiter traders’ aggregate realized PnL decreased by $223.4K in gross terms and decreased by $2.5M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $3.7M this week.

## Protocol level

### JLP pool

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/4/4ea06f172adfbc9d2693e1acf8388bfdb5f88c3d.png)

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

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/1/11c04710c5be86f6c78c60efe361265dbed8655e.png)

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

### JLP Market Comparison

JLP’s market price decreased by 5.84% over the last week. In the same period, BTC decreased by 2.92%, ETH decreased by 4.13%, and SOL decreased by 8.35%.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/e/efeb6c68e03f16aeb340994d5bd0cfd515f1935b.png)

Given the JLP pool’s weights:

- SOL - 44.08%

- WBTC - 17.04%

- WETH - 7.69%

- USDC - 31.16%

JLP’s basket price reflects an impermanent loss of 5.93% for LPs due to the long-skewed imbalance of open interest.

### Volume

Volume increased by 1.81% on Jupiter in the past week compared to previous weeks, averaging $290.8M per day, compared to $285.6M on average in the three weeks prior. BTC’s average daily volume decreased by 11.57% over the last week compared to the three weeks prior.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/2/21810d5d86ddc13ca06c93ae74fe277001691a63.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/3/3e890990f827762ad87d14e10fb718e77c0d44c4.png)

SOL continues to be the most dominant market on Jupiter, consisting of 68.84% 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 $223.4K in gross terms and decreased by $2.5M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, decreased by $3.7M this week.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/6/67b7448c971fa67b365f62d0836aceb92f6795aa.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/9/937c0633a2a09f448235464ce9080a985ca3fd96.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/8/80b5d03ac2990648b78987fef97205765ded4d7b.png)

### Fees

Over the past week, Jupiter’s cumulative fees were ~$1.6M, with a daily average of $233.9K, a decrease of 20.39% from $293.8K the previous three weeks.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/f/f1f948497ce2167f7f9ef887355b2200013ded69.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/e/e4d9a56ca36ac2f7416bac4ac806b7cb4eb01e2b.png)

## 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](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/6/620b13f017694e66a7686516886c4994e8d9fab0.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/8/81b48facfd33624d22b0a23b9ef2900a93e8514c.png)

BTC:

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/9/992a67e1ed4ea8ab8159b510680549d64b1bcc53.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/3/31a04a097bbf5d7cdb02c9d691766d5260dfb291.png)

ETH:

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/e/e707f325ebd537d5d35f9d63b6a6e5237c14ffa5.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/e/e2b4fc50ebb6f56f5c63d44ae39115c6ebe59f3a.png)