SCCP-316: Enable Perps V3 Markets / Update Parameters

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Simple Summary

This SCCP specifies the parameters of the followings SIPS:

The below parameters would be applied on the new markets:

Market InitialMarginRatio minimumInitialMarginRatio maintenanceMarginScalar skewScale takerFeeRatio maxMarketSize maxMarketValue
SNX 2.82 0.05 0.39 3,400,000 0.001 127,000 500,000
SOL 24.39 0.02 0.33 1,406,250 0.0008 2,900 500,000
WIF 5.99 0.04 0.4 10,000,000 0.001 152,000 500,000
W 15.39 0.05 0.35 8,750,000 0.001 508,000 500,000

Aside from the changes above, the perps markets will have the following configurations as well:

  • MakerFeeRatio: 2 bp
  • maxFundingVelocity: 36
  • flagRewardRatio: 3 bp
  • minimumPositionMargin: 50 snxUSD
  • lockedOiRatio: 0.5
  • maxLiquidationLimitMultiplier: 1.5
  • maxLiquidationPD: 5 bp
  • endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f"


The parameters configurations description is as follows:

  • initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions
  • maintenanceMarginScalar is a scalar applied on the initialMarginRatio in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they head to the oubliette.
  • skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates
  • maxMarketSize is the max market value of the relevant market in the underlying currency
  • maxMarketValue is the max market value of the relevant market in USD
  • maker/taker fees pertain to fees charged when trading
  • maxFundingVelocity is the main parameter that allows to nudge funding rates
  • minimumPositionMargin is the minimum margin required
  • lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market
  • maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value
  • maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity
  • flagRewardRatio is the reward paid to the flagger, capped at 100 snxUSD per account liquidated
  • endorsedLiquidator is a liquidator address that can bypass the rate limit


The main motivation is to launch the markets specified above.


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