SCCP-326: Update Perps V3 Parameters

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Simple Summary

This SCCP proposes to updates the below parameters, pertaining to Perps V3:


ticker Existing Proposed
eth 0.5 0.25
btc 0.5 0.25

Max Market Value and Max Market Size

ticker Current MMV M$ Proposed MMV $M Current MMS New MMS
btc 5.0 10.00 149 230
eth 7.0 10.00 2,777 5,000
sol 0.5 3.00 5,000 30,000
snx 0.5 1.00 127,000 500,000

Skew Scale

Ticker Current Parameter New Parameter Current Slippage Proposed Slippage Cex
BTC 50,000 35,000 0.75 1.07 0.50
RUNE 2,000,000 3,000,000 215 145 35


The parameters configurations description is as follows:

  • skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates
  • The oi cap for a market is determined by the minimum between the maxMarketValue (in USD) and the value of maxMarketSize in USD.
  • The lockedOiRatio determines the minimum amount of requiredCredit available from LP's to back a given market for a given amount of open interest.


The update to the lockedOiRatio is to allow improved efficiency of usage of liquidity from USDC stakers. The skewScale update is to incentivize market makers' arbitrage of the skew and lastly the increase in oi caps on these markets is to provide higher levels of oi for traders to open positions given the more efficient of usage of provided liquidity from USDC stakers.


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