SCCP-221: Update Futures & Spot Price Parameters

NetworkEthereum & Optimism
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Simple Summary

This SCCP proposes to implement the following changes:

Ticker Parameter Proposed Value Previous Value Change Network
Dydx makerFee 65 bp 55 bp +10 bp Optimism
Dydx takerFee 75 bp 65 bp +10 bp Optimism
Dydx makerFeeNextPrice 55 bp 45 bp +10 bp Optimism
Dydx takerFeeNextPrice 60 bp 45 bp +15 bp Optimism
Dydx maxMarketValueUSD 100k$ 2m$ -1.9m$ Optimism
Uni makerFee 65 bp 35 bp + 30 bp Optimism
Uni takerFee 75 bp 40 bp + 35 bp Optimism
Uni makerFeeNextPrice 55 bp 30 bp + 20 bp Optimism
Uni takerFeeNextPrice 60 bp 30 bp + 30 bp Optimism
Uni maxMarketValueUSD 100k$ 1m$ -0.9m$ Optimism
Uni feeRateForExchange 100 bp 55 bp +45 bp Optimism
Aave makerFee 65 bp 40 bp +25 bp Optimism
Aave takerFee 75 bp 45 bp +30 bp Optimism
Aave makerFeeNextPrice 55 bp 35 bp + 20 bp Optimism
Aave takerFeeNextPrice 60 bp 35 bp + 25 bp Optimism
Aave maxMarketValueUSD 300k$ 1m$ -0.7m$ Optimism
Aave feeRateForExchange 100 bp 55 bp +45 bp Optimism
Aave feeRateForExchange 100 bp 70 bp +30 bp Ethereum
Btc maxMarketValueUSD 5m$ 3m$ +2m$ Optimism
Sol maxMarketValueUSD 3m$ 1m$ +2m$ Optimism
Avax maxMarketValueUSD 3m$ 1m$ +2m$ Optimism
Matic maxMarketValueUSD 3m$ 1m$ +2m$ Optimism


  • The makerFeeNextPrice and takerFeeNextPrice are the fees paid by traders when filled for next price futures orders.
  • The makerFee and takerFee are the fees paid by traders when filled for immediate orders.
  • The maxMarketValueUSD is the maximum amount of open interest allowed on each side of a market.
  • The feeRateForExchange is the fee paid on trades into a particular synths.


The deteriorating situation on the liquidity on the Dydx, Uni and Aave tokens, which can be visualized here has increased the risk of actors manipulating the spot token prices, in order to profit from the infinite liquidity and no slippage trades, with some suspicious activies seen on chain. Hence increasing fees and lowering the open interest leans against these risks. It is important to mention, that Futures V2, which includes a slippage parameter, helps better manage these risks without resorting to baseFee and open interest adjustment.

As for the BTC, SOL, AVAX and MATIC markets, liquidity is sufficient and utilization is high enough that an increase in open interest is deemed acceptable.

Copyright and related rights waived via CC0.