SCCP-2082: Enable Perps V2 Markets / Update Parameters

ProposalLoading status...

Simple Summary

This SCCP proposes to unpause the below perp markets once deployed::

The below parameters would be applied on the new markets:

Market MaxMarketValue Max MarketValueUSD SkewScale Slippage/100K$
CVX 40,000 $181,000 750,000 147
JUP 2,000,000 $949,600 22,500,000 47
PENDLE 250,000 $695,750 2,500,000 72
STRK 500,000 $1,023,300 5,400,000 45

Aside from the changes above, the perps markets will have the following configurations as well:

  • offchain Maker/Taker fees: 2 bp / 10 bp
  • offchainDelayedOrderMinAge: 2 seconds
  • offchainDelayedOrderMaxAge: 60 seconds
  • maxFundingVelocity: 36
  • liquidationBufferRatio: 150 bp
  • liquidationPremiumMultiplier: 3
  • maxLeverage: 27.5
  • offchainPriceDivergence: 10%
  • maxLiquidationDelta: maker+taker offchain fees
  • maxPD: maxLiquidationDelta * 2
  • dynamicFeeRounds: 1
  • maxDynamicFeeRate: 10%
  • All the markets being covered by the risk module

The parameters for deprecated trading paths (atomic and delayed) are as follows:

  • nextPriceConfirmWindow: 2
  • delayedOrderConfirmWindow: 120 seconds
  • minDelayTimeDelta: 60 seconds
  • maxDelayTimeDelta: 6000 seconds
  • taker & maker fees on delayed orders (not-offchain) and atomic orders: 30%


The parameters configurations description is as follows:

  • maker/taker offchain delayed orders pertain to fees charged with the pyth offchain route
  • maxMarketValue is the max market value of the relevant market in the underlying currency
  • skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates
  • liquidationBufferRatio and liquidationPremiumMultiplier are parameters that determine the safety buffer required for liquidations
  • minDelayTimeDelta is the minimum period after which delayed orders can be executed
  • maxDelayTimeDelta is the maximum period before which delayed orders can be executed
  • offchainDelayedOrderMinAge is the minimum delay before which offchain orders can be executed
  • offchainDelayedOrderMaxAge is the maximum delay after which offchain orders cannot be executed
  • maxFundingVelocity is the main parameter that allows to nudge funding rates
  • offchainPriceDivergence is the maximum allowable delta between chainlink and pyth prices
  • dynamicFeeRounds and maxDynamicFeeRate are set to the above specified parameters, via DirectIntegrationManager, effectively disabling dynamic fees on perp markets (due to legacy code base)
  • Markets being covered under the risk control module is explained under SIP-2048

Parameters for trading paths (atomic and delayed orders) which are set for deprecation but need to be specified:

  • makerFee/takerFee fees pertain to fees for atomic trades at chainlink price, which have been deprecated via high fees
  • maker/taker delayed fees pertain to fees for trades at the next chainlink price, which have been deprecated via high fees
  • nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered, a deprecated path for trading
  • delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available, a deprecated path for trading


The main motivation is to launch the markets specified above.


Copyright and related rights waived via CC0.