Jupiter Perps LP rebound lifts its pool back to $688 million

A Jupiter Perps LP rebound lifted the pool behind Jupiter’s perpetual futures exchange back to $687.5 million by 3:07 p.m. ET on Wednesday, according to DefiLlama. That is $13.0 million more than at the start of the day, after a week of small losses. The pool’s token, Jupiter Perps LP ($JLP), tracks its value.

The quick take

Price: $JLP trades at $4.36, up 1.3% in 24 hours and down 3.4% over seven days (CoinGecko, 4:41 p.m. ET).
Trigger: the coins inside the pool gained value, while the number of tokens it holds barely moved.
Watch: the pool’s $USDC, which has fallen about 10% since Oct. 30 to $96.7 million.

What happened

DefiLlama shows the pool at $674.5 million at midnight UTC and $687.5 million at its latest reading, 20:07 UTC. That is a gain of 1.9% in one day. Over seven days the pool is still lower: it held $717.5 million on Oct. 28, so it is down 4.2%.

At the latest reading the pool held 4.14 million Solana ($SOL), worth $390.3 million. It also held 1,489 wrapped bitcoin ($WBTC) worth $119.0 million and 26,940 wrapped ether ($WETH) worth $64.8 million. Stablecoins made up the rest: $96.7 million in $USDC, $16.5 million in $JUPUSD and $0.1 million in $USDT.

That mix leaves $SOL at about 57% of the pool. Dollar stablecoins are about 16%.

Why it moved

The gain came from prices, not new deposits. The pool’s $SOL count was 4.14 million at midnight UTC and the same at the latest reading. Its $WBTC count even slipped a little, from 1,497 to 1,489.

The value of those holdings rose anyway. The $WETH stake gained about $4.2 million through the day, and the $SOL stake about $8.2 million. LiveCoinWatch showed $ETH up 5.3% and $BTC up 2.8% over 24 hours at 21:42 UTC. CoinGecko had $SOL at $94.58, up 1.0%.

The stablecoin side moved the other way. $USDC in the pool fell from $107.5 million at midnight UTC on Oct. 30 to $96.7 million now. $JUPUSD slid from $17.6 million to $16.5 million over the same stretch. A smaller dollar share means the pool’s value now leans even more on the price of its crypto holdings.

Who’s buying and selling

On the largest $JLP trading pool, a $JLP and $SOL pair on Orca, buy orders far outnumbered sells. DexScreener counted 19,679 buys and 8,090 sells in 24 hours, on $2.1 million of volume. That pool holds $2.0 million in liquidity, so it is a small window on demand.

The trading activity the pool serves was steady. DefiLlama’s latest 24-hour reading puts open interest on Jupiter Perps at $44.1 million, almost unchanged from the reading before. Fees were lower: $238,628 in the latest 24-hour reading, down 31% from $346,048 in the one before. Seven-day fees stand at $2.43 million.

The two trackers also size $JLP differently. CoinGecko puts its market value at $814.1 million, while DefiLlama counts $687.5 million of assets in the pool. The gap comes from how each tracker counts, and neither number is a price for the token.

What to watch next

The pool’s daily swings now follow $SOL most of all, since it makes up more than half of the holdings. A turn in $SOL would show up in the pool’s value within hours.

The second thing to watch is the $USDC line. If it keeps shrinking, the pool will hold fewer dollars against its trading book. If it refills, the stablecoin share would climb back toward where it stood last week.

Fees are the third. The latest 24-hour reading is about a third below the one before it.

Bottom line: the Jupiter Perps LP rebound added $13.0 million on Wednesday thanks to rising crypto prices, while its $USDC reserve kept thinning.

Price data: CoinGecko (cross-checked with Jupiter).