SCCP-2055: Update Perps V2 Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2023-10-24 |
Simple Summary
This SCCP proposes to update the perps v2 parameters as per the below:
Skew Scale
| Market | Current Scale | Proposed Scale | Current Slippage | Proposed Slippage | Cex Slippage |
|---|---|---|---|---|---|
| XRP | 375,000,000 | 187,500,000 | 2 | 4 | 2 |
| APE | 25,000,000 | 20,000,000 | 15 | 19 | 9 |
| BCH | 375,000 | 225,000 | 6 | 10 | 5 |
| XLM | 249,750,000 | 166,500,000 | 16 | 24 | 12 |
| AAVE | 337,500 | 180,000 | 18 | 34 | 16 |
| TRX | 750,000,000 | 430,000,000 | 7 | 12 | 6 |
| DYDX | 22,500,000 | 12,000,000 | 10 | 19 | 12 |
| GMX | 60,000 | 120,000 | 179 | 89.5 | 20 |
| BLUR | 25,500,000 | 50,000,000 | 82 | 41 | 10 |
Slippage in bp per 100k$ trade
Max Market Value
| Market | Current MMV | Proposed MMV | Proposed MMV$ | CEX OI |
|---|---|---|---|---|
| XRP | 3,250,000 | 1,625,000 | 984,068 | 315,352,434 |
| RNDR | 200,000 | 400,000 | 942,883 | 9,612,744 |
Abstract
Below is a description of the parameter changes propopsed in the SCCP:
MaxMarketValueis the maximum possible open interest on any given side of a perp market.skewScaleis the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates.
Motivation
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).
Copyright
Copyright and related rights waived via CC0.