SCCP-277: Enable Perps V2 Markets / Update Parameters

Author
StatusImplemented
TypeGovernance
NetworkOptimism
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2023-02-07

Simple Summary

This SCCP proposes unpause the new perp markets and specify/update their parameters as per the below configuration:

Ticker makerFeeBp takerFeeBp takerFeeDelayedOrderBp makerFeeDelayedOrderBp takerFeeOffchainDelayedOrderBp makerFeeOffchainDelayedOrderBp maxMarketValue skewScale
AAVE 100 100 20 20 12 8 3,000 300,000
APE 100 100 20 20 12 8 150,000 15,000,000
ATOM 100 100 50 50 12 8 75,000 7,500,000
AUD 50 50 20 20 2 1 3,000,000 25,000,000,000
AVAX 100 100 20 20 12 8 80,000 8,000,000
AXS 100 100 50 50 15 10 50,000 5,000,000
BNB 100 100 20 20 12 8 7,500 750,000
BTC 75 75 15 15 10 5 500 100,000
DOGE 100 100 20 20 15 10 5,000,000 500,000,000
DYDX 100 100 20 20 15 10 100,000 10,000,000
ETH 75 75 15 15 10 5 5,000 1,000,000
EUR 50 50 20 20 2 1 2,000,000 10,000,000,000
FLOW 100 100 50 50 12 8 50,000 5,000,000
FTM 100 100 50 50 15 10 1,500,000 150,000,000
GBP 50 50 20 20 2 1 1,600,000 10,000,000,000
LINK 100 100 20 20 12 8 200,000 20,000,000
MATIC 100 100 20 20 12 8 1,250,000 125,000,000
NEAR 100 100 50 50 15 10 250,000 25,000,000
OP 100 100 20 20 15 10 300,000 30,000,000
SOL 100 100 20 20 12 8 100,000 10,000,000
UNI 100 100 20 20 12 8 40,000 4,000,000
XAG 50 50 20 20 2 1 95,000 500,000,000
XAU 50 50 20 20 2 1 1,000 5,000,000

Aside from these changes, the perps markets will have the following configurations:

  • liquidationBufferRatio: 100 bp
  • liquidationRatioMultiplier: 1
  • nextPriceConfirmWindow: 2
  • delayedOrderConfirmWindow: 120 seconds
  • minDelayTimeDelta: 60 seconds
  • maxDelayTimeDelta: 6000 seconds
  • offchainDelayedOrderMinAge: 15 seconds
  • offchainDelayedOrderMaxAge: 120 seconds
  • maxFundingVelocity: 3%
  • offchainPriceDivergence: 2%
  • dynamicFeeRounds: 1
  • maxDynamicFeeRate: 10%

Abstract

The parameters configurations description is as follows:

  • makerFee/takerFee fees pertain to fees for atomic trades at chainlink price
  • maker/taker delayed fees pertain to fees for trades at the next chainlink price
  • 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 liquidationRatioMultiplier consists of the safety buffer on liquidations
  • nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered
  • delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available
  • 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
  • setting dynamicFeeRounds and maxDynamicFeeRate to the above specified parameters, via DirectIntegrationManager, effectively disables dynamic fees on perp markets

Motivation

The main motivation is to finalize the launch of the markets specified in SIP-295 and SIP-2000.

Copyright

Copyright and related rights waived via CC0.