SCCP-323: Enable Perps V3 Markets / Update Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Base |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2024-04-16 |
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 | maxMarketSize |
|---|---|---|---|---|---|
| ENA | 3.46 | 5.00% | 0.38 | 25,500,000 | 676,000 |
| DOGE | 6.9 | 2.00% | 0.3 | 789,000,000 | 4,200,000 |
| AVAX | 9.08 | 2.00% | 0.36 | 1,250,000 | 19,000 |
| OP | 2.27 | 4.00% | 0.38 | 16,000,000 | 300,000 |
| ORDI | 3.02 | 2.00% | 0.38 | 870,000 | 15,000 |
| PEPE | 4.88 | 4.00% | 0.43 | 8,400,000,000,000 | 360,000,000,000 |
| RUNE | 5.39 | 5.00% | 0.36 | 2,000,000 | 94,300 |
| BONK | 2.55 | 5.00% | 0.37 | 800,000,000,000 | 45,000,000,000 |
| FTM | 5.58 | 3.33% | 0.38 | 59,000,000 | 965,000 |
| ARB | 4.16 | 3.33% | 0.38 | 41,000,000 | 565,000 |
| MATIC | 4.41 | 2.00% | 0.26 | 84,000,000 | 940,000 |
| BNB | 10.72 | 2.00% | 0.35 | 250,000 | 1,200 |
Aside from the changes above, the perps markets will have the following configurations as well:
- MakerFeeRatio: 2 bp
- TakerFeeRatio: 10 bp
- maxMarketValue: 500k$ for all, except PEPE 1.5m$
- maxFundingVelocity: 36
- flagRewardRatio: 3 bp
- minimumPositionMargin: 50 snxUSD
- lockedOiRatio: 0.5
- maxLiquidationLimitMultiplier: 1.5
- maxLiquidationPD: 5 bp
- endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f"
Abstract
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
Motivation
The main motivation is to launch the markets specified above.
Copyright
Copyright and related rights waived via CC0.