Summary
- Over the past week, SOL’s price increased by 0.71%, ETH’s price increased by 1.09%, and BTC’s price decreased by 0.05%. JLP increased by 1.00% vs. the JLP basket’s 0.43%, representing an outperformance of 0.57% for LPs relative to the JLP pool’s underlying assets — thanks both to fees and to JLP trading at a slight premium with the pool at capacity.
- In the same span, the protocol’s volume decreased slightly, averaging $374.1M per day, compared to $456.3M on average in the three weeks prior.
- Jupiter traders’ aggregate realized PnL increased by $1.8M in gross terms and decreased by $2.1M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $2.7M this week.
Protocol level
JLP pool
The JLP pool was stable nominally this week, with USDC deposits rising and all other assets holding steady.
The pool’s composition also hemmed close to target, with USDC and WETH nominally below target and SOL marginally above. Utilization rates remained steady.
JLP Market Comparison
JLP’s market price increased by 1.00% over the last week. In the same period, BTC decreased by 0.05%, ETH increased by 1.09%, and SOL increased by 0.71%.
Given the JLP pool’s weights:
- SOL - 46.65%
- WBTC - 10.99%
- WETH - 9.13%
- USDC - 24.59%
- USDT - 8.64%
JLP’s basket price increased by 0.43%, reflecting an outperformance of 0.57% for JLP LPs due to the long-skewed imbalance of open interest.
Volume
Volume decreased by 18.00% on Jupiter in the past week compared to previous weeks, averaging $374.1M per day, compared to $456.3M on average in the three weeks prior. BTC’s average daily volume decreased by 28.75% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 74.26% of the protocol volume in the last week.
Unique daily addresses
Looking at unique daily addresses, it suggests a maximum of ~6,500 on the most active days. Recently, it was between 3K and 6K.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $1.8M in gross terms and decreased by $2.1M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $2.7M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$2.8M, with a daily average of $403.7K, a decrease of 35.23% from $623.3K the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions, with the exception of ETH — the ETH market has come close to short-long balance. There’s currently no expectation or reason for that to change.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 7.9 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.79 and 6.48 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
.