Jupiter Perps LP USDC falls 19% as the pool adds more SOL

Jupiter Perps LP USDC holdings fell 19% in a week to $79.8 million, while the pool kept adding Solana. The pool behind Jupiter Perps LP ($JLP) held 4,460,494 Solana ($SOL) at 18:26 UTC on Nov. 11, according to DefiLlama. A week earlier, at 00:00 UTC on Nov. 4, it held 4,139,320 $SOL, so the count rose 7.8%.

What happened

The pool’s dollar cash shrank over the same stretch. Its $USDC fell from $98.9 million on Nov. 4 to $79.8 million. The pool also holds $16.5 million of JupUSD and about $99,000 of $USDT.

$JLP is Jupiter’s perps liquidity pool token. Traders on Jupiter Exchange’s perpetuals market trade against this pool. Each $JLP is a share of what the pool holds.

The rest of the pool barely changed. It held 1,458 wrapped $BTC worth $108.5 million, down from 1,497. Its wrapped $ETH rose to 27,972 from 26,760 and was worth $58.5 million.

Why it moved

The data shows the tokens in the pool, not who added or removed them. The cause of the shift is not confirmed.

The change came in two steps, based on DefiLlama’s daily readings at 00:00 UTC. From Nov. 6 to Nov. 7, $SOL rose from about 4.14 million to 4.28 million. Over the same day, $USDC fell from $100.3 million to $86.9 million.

From Nov. 10 to Nov. 11, $SOL climbed again, from 4.34 million to 4.46 million. $USDC dropped from $86.4 million to $79.1 million that day.

The timing stands out. $SOL fell 11.2% over seven days, per CoinGecko. It traded at $84.73 as of 2:41 p.m. ET, up 2.7% in 24 hours. So the pool held more $SOL while each token was worth less.

The pool in dollars

Because $SOL lost value, the extra tokens barely moved the dollar total. The pool’s $SOL was worth $380.0 million at 18:26 UTC, against $382.1 million on Nov. 4. That is now about 59% of the pool, up from about 57%.

A larger $SOL share changes the math for holders. With all else equal, a 1% move in $SOL now shifts the pool’s dollar value by about 0.59%. A week ago, the same move shifted it by about 0.57%.

DefiLlama put the whole pool at $643.3 million, down 4.6% from $674.5 million on Nov. 4. It was up 1.8% from $631.9 million at 00:00 UTC on Wednesday.

Jupiter’s own token data gives a larger figure. It listed 185.9 million $JLP at $4.07 each at 19:43 UTC, a market value of about $756.5 million. Neither source explains the gap, so we show both.

Who’s buying and selling

Jupiter’s token data counted 89,468 $JLP holders at 19:43 UTC. Over the past 24 hours it logged about $2.0 million of $JLP buys and $2.4 million of sells.

$JLP rose 1.5% over 24 hours, per CoinGecko. It is still down 7.0% over seven days.

The wider market was firmer. Bitcoin ($BTC) traded near $74,425, up 1.4%, and Ether ($ETH) near $2,081, up 2.0%, per LiveCoinWatch at 19:41 UTC.

What to watch next

• Whether $USDC keeps leaving the pool in DefiLlama’s daily readings.
• The price of $SOL, now the largest single driver of the pool’s dollar value.
• The gap between DefiLlama’s pool value and Jupiter’s supply-times-price figure.
• Any update from Jupiter on changes to the pool.

Bottom line: The Jupiter Perps LP pool leans harder on $SOL than a week ago, with more tokens and less cash.

Price data: CoinGecko.

Sources

1. DefiLlama — Jupiter Perpetual Exchange: TVL and token breakdown (read Nov. 11, 19:44 UTC)
2. Jupiter token data — JLP supply, price and holders (updated 19:43 UTC)
3. CoinGecko — Jupiter Perps LP (JLP) (19:41 UTC)
4. CoinGecko — Solana (SOL) (19:41 UTC)
5. LiveCoinWatch — market context (19:41 UTC)

Not financial advice.