# Jupiter Weekly Report | Nov. 12 2025

**URL:** <https://discuss.jup.ag/t/jupiter-weekly-report-nov-12-2025/39722>\
**Category:** Risk\
**Tags:** risk, chaos-labs\
**Created:** [November 13, 2025, 8:48am UTC](https://discuss.jup.ag/t/jupiter-weekly-report-nov-12-2025/39722 "2025-11-13T08:48:30Z")\
**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:** [November 13, 2025, 8:48am UTC](https://discuss.jup.ag/t/jupiter-weekly-report-nov-12-2025/39722/1 "2025-11-13T08:48:30Z")

</div>

## Summary

- Over the past week, the protocol’s volume decreased by 21.40%, averaging $475.9M per day, compared to $605.5M on average in the three weeks prior.

- In the same span, SOL’s price decreased by 4.66%, ETH’s price decreased by 0.24%, and BTC’s price decreased by 0.91%. JLP decreased by 2.17% vs. the JLP basket’s 0.00% decrease, representing an impermanent loss of 2.17% for LPs relative to the JLP pool’s underlying assets.

- Jupiter traders’ aggregate realized PnL decreased by $79.0K in gross terms and decreased by $3.6M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $4.9M this week.

## Protocol level

### JLP pool

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/0/0d7d106be8d60d044d08e6adad045755f0d94c04.png)

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

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/3/34e044b5d899d89cbe3e2185c50de39b16c4e35d.png)

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

### JLP Market Comparison

JLP’s market price decreased by 2.17% over the last week. In the same period, BTC decreased by 0.91%, ETH decreased by 0.24%, and SOL decreased by 4.66%.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/b/bc5255b063c1d1ccda362c3a7ef9dab85a98ac30.png)

Given the JLP pool’s weights:

- SOL - 46.8%

- WBTC - 13.6%

- WETH - 8%

- USDC - 31.6%

JLP’s basket price decreased by 0.00%, reflecting an impermanent loss of 2.17% for LPs due to the long-skewed imbalance of open interest.

### Volume

Volume decreased by 21.40% on Jupiter in the past week compared to previous weeks, averaging $475.9M per day, compared to $605.5M on average in the three weeks prior. BTC’s average daily volume decreased by 5.94% over the last week compared to the three weeks prior.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/8/87377aa3d1baed7e6f7ea7871de0cf3e33c7b71d.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/b/b5d5083f09a5c7b3722975d1f15b9fc37ace585f.png)

SOL continues to be the most dominant market on Jupiter, consisting of 68.46% 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 $79.0K in gross terms and decreased by $3.6M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $4.9M this week.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/c/ccc60cebe53f87711b05d2be57fdf14f24a498cf.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/3/3609586d47e6f1f10181cdf7b69e94a29f08af0d.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/e/ed0525071a9e3de4924379909c015f76243c05bf.png)

### Fees

Over the past week, Jupiter’s cumulative fees were ~$2.6M, with a daily average of $368.5K, a decrease of 55.65% from $830.8K the previous three weeks.

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/1/1a015acb3f23ab6aa81560c846185cdb7c4fc5e6.png)

 ![](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/8/8e2281aa81e6a60e0540875af856b840375b6f78.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/f/f0941846324f40637a4b0c41286000849c0e552c.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/6/615ec3ba94d7196599d91848535619d8a75f50e8.png)

BTC:

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/a/a833b66ed060254b7fffdb245d58e89300536d54.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/8/8ef3d1832406411b4021b65f397c870ef0106df0.png)

ETH:

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/5/511dc60834e18cb33ce7a3e180d8cebffa579a37.png)

 ![image](https://canada1.discourse-cdn.com/flex003/uploads/jupresear/original/2X/a/aaeeaf920b0091b60589de5e845ab179ed4903d6.png)