SCCP-2154: Update V2x Perp Parameters
| Author | |
|---|---|
| Status | Vote_Pending |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Created | 2024-01-20 |
Simple Summary
This SCCP proposes update the parameters of v2x Markets as per the below:
MaxMarketValue
| currency | Current $M | Proposed $M | Cex $M | Proposed in Market Currency |
|---|---|---|---|---|
| BTC | 138.91 | 75 | 8,848 | 756 |
| STETH | 4.94 | 0 | 0 | 0.00 |
| SOL | 130.37 | 75 | 1,382 | 385,449 |
| DOGE | 18.33 | 10 | 732 | 27,000 |
| BNB | 14 | 10 | 385 | 14,000 |
| XRP | 8.58 | 10 | 943 | 3,500,000 |
| USDT | 5 | 5 | 5 | 5,000,000 |
| PEPE | 9.03 | 5 | 236 | 270,000,000,000 |
| ADA | 7.87 | 5 | 227 | 4,750,000 |
| SUI | 5.7 | 5 | 294 | 1,000,000 |
| LINK | 5.13 | 5 | 145 | 230,000 |
| LTC | 3.35 | 5 | 122 | 570,000 |
| TRX | 2.29 | 3 | 65 | 130,000,000 |
| AVAX | 7.27 | 3 | 140 | 75,000 |
| XLM | 2.13 | 5 | 83 | 10,000,000 |
| SHIB | 1.58 | 3 | 74 | 130,000,000,000 |
| WLD | 0.77 | 3 | 119 | 1,500,000 |
| ARB | 2.08 | 5 | 68 | 6,500,000 |
| BONK | 3.38 | 5 | 45 | 180,000,000,000 |
| ORDI | 0.52 | 5 | 54 | 200,000 |
| CRV | 1.68 | 3 | 60 | 3,300,000 |
| OP | 2.71 | 3 | 45 | 1,600,000 |
| SEI | 0.58 | 3 | 48 | 7,600,000 |
| INJ | 1.77 | 3 | 42 | 130,000 |
| UNI | 1.37 | 3 | 98 | 220,000 |
| RUNE | 1.17 | 3 | 26 | 900,000 |
| DYDX | 0.42 | 3 | 32 | 2,300,000 |
| TIA | 1.01 | 3 | 66 | 600,000 |
| PYTH | 0.66 | 1.5 | 15 | 5,000,000 |
| MKR | 1.76 | 3 | 42 | 2,130 |
Funding Rates
Increase maxFundingRateVelocity on ETH and BTC back to 9 from 4
Fees
Raise SOL, PEPE and DOGE Maker fees to 2 bp from 0.01 bp
Skew Scale
| currency | Current | Proposed | Cex Slippage | Proposed Slippage |
|---|---|---|---|---|
| XRP | 187,500,000 | 58,593,750 | 4 | 16 |
| LTC | 1,687,500 | 590,630 | 10 | 40 |
| LINK | 7,500,000 | 3,000,000 | 10 | 40 |
| BNB | 637,500 | 318,750 | 3 | 12 |
| ADA | 150,000,000 | 75,000,000 | 8 | 32 |
| SUI | 25,300,000 | 14,758,330 | 9 | 36 |
| SOL | 2,800,000 | 1,750,000 | 2 | 8 |
| SUSHI | 7,875,000 | 5,088,070 | 77 | 308 |
| XLM | 166,500,000 | 111,000,000 | 12 | 48 |
| ETC | 2,250,000 | 1,511,720 | 16 | 64 |
| EOS | 48,000,000 | 34,363,640 | 22 | 88 |
| ARB | 34,000,000 | 51,000,000 | 16 | 64 |
| FIL | 6,375,000 | 9,562,500 | 12 | 48 |
| INJ | 712,500 | 1,125,750 | 25 | 100 |
| ORDI | 750,000 | 1,273,030 | 19 | 76 |
| DYDX | 9,000,000 | 15,387,100 | 31 | 124 |
| ICP | 1,000,000 | 1,713,240 | 34 | 136 |
| WLD | 9,750,000 | 19,662,500 | 15 | 60 |
| SEI | 35,500,000 | 72,210,230 | 22 | 88 |
| TIA | 1,500,000 | 3,820,310 | 32 | 128 |
Abstract
The parameter descriptions are as follows:
- The
maxMarketValueis the parameter in the markets' native currency that sets the acceptable oi beyound which orders are not allowed to be opened. - The
maxFundingRateVelocitydetermines the speed at which market's funding rate change for a given level of skew. - The
makerFeeis the fee paid when balancing out the skew in a given market - The
skewScaleis the parameter that determines the slippage that is imposed on a market for a given skew.
Motivation
The main motivation is to be better align outstanding markets offered on synthetix with the data available available on centralized exchanges.
Copyright
Copyright and related rights waived via CC0.