SCCP-2053: Update Perps V2 Parameters

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Simple Summary

This SCCP proposes to update the perps v2 parameters as per the below:

Skew Scale Current Proposed SNX Price Impact* Cex Price Impact*
FTM 225,000,000 75,000,000 24 10
WLD 26,000,000 13,000,000 26 12
INJ 2,850,000 1,425,000 36 12
MKR 36,000 18,000 18 8
OP 45,000,000 22,500,000 16 6
Max Market Value Current Proposed Proposed in $M Cex OI in $M
LDO 400,000 800,000 1.41 26.21
WLD 650,000 1,300,000 2.14 46.53
XRP 4,250,000 3,250,000 1.48 27.81
OP 4,100,000 2,050,000 2.72 38.58
  • price impact in bp per 100k$ trade


Below is a description of the parameter changes propopsed in the SCCP:

  • MaxMarketValue is the maximum possible open interest on any given side of a perp market.
  • skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates.


The proposed parameter changes on skew scale aim at increasing the incentive on arbitrageurs to arbitrage the skew by targeting an effective liquidity comfortably below liquidity available on centralized exchanges. While the motivation behind the changes on max market value levels are done in order to align the oi caps with historical utilization (after incorporating a buffer).


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