SCCP-2092: 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

Market Current Scale Proposed Scale Current Slippage Proposed Slippage Cex Slippage
PYTH 28,875,000 14,437,500 10 20 7
ALGO 103,875,000 51,937,500 8 16 7
BCH 168,750 84,375 13 26 11

Max Market Value

Market Current MV Proposed MV Proposed MV$ CexOI
PEPE 850 billion 275 billion 2.5 million 32,000 billion
SHIB 212 billion 72 billion 2.5 million 4,700 billion
RUNE 614,800 350,000 3 million 5 million
MKR 2,000 1,250 3 million 20,000


Below is a description of the parameter changes proposed 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.


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