# SCCP-222: Unpause Futures Markets - DebtRatio ,DOGE & BNB

## Simple Summary

This SCCP proposes to unpause the DebtRatio, DOGE and BNB markets. The DOGE and BNB markets would take on the following parameters, while the DebtRatio parameters would be the ones specified in SIP-257.

Ticker Parameter Proposed Value
BNB makerFee 30 bp
BNB takerFee 35 bp
BNB makerFeeNextPrice 20 bp
BNB takerFeeNextPrice 25 bp
BNB maxMarketValueUSD 1m$BNB nextPriceConfirmWindow 2 BNB maxLeverage 25 BNB maxFundingRate 10% BNB skewScaleUSD 50m$
DOGE makerFee 35 bp
DOGE takerFee 40 bp
DOGE makerFeeNextPrice 25 bp
DOGE takerFeeNextPrice 30 bp
DOGE maxMarketValueUSD 1m$DOGE nextPriceConfirmWindow 2 DOGE maxLeverage 10 DOGE maxFundingRate 10% DOGE skewScaleUSD 50m$

## Abstract

• 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 maxFundingRate is the maximum funding rate per day a position can take on.
• The skewScaleUSD determines the funding rate, a lower skewScaleUSD means that funding will be more pronounced to changes in the skew, while a larger leads to buffered reaction.
• The nextPriceConfirmationWindow is the number of chainlink rounds, by which a next price order needs to be confirmed.
• The maxLeverage is the maximum leverage that can be assumed by a position.

## Motivation

### maxMarketValueUSD

The oi parameters were set based on the slippage one would inccur by trading these tokens on centralized exchanges. This can be seen in this chart under the 1%_slip column, which represents the \$ million volume required to push a price by 1%.

### makerFee and takerFee

The fees are calibrated by looking at the spread between centralized exchanges prices and those seen on chain for BNB and DOGE. A wider delta requires more significant fees to lean against latency bots, for now but not for long.

Copyright and related rights waived via CC0.