SCCP-327: Enable Perps V3 Markets / Update Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Base |
| Implementor | TBD |
| Release | TBD |
| Created | 2024-04-25 |
Simple Summary
This SCCP specifies the parameters of the followings SIPS:
The below parameters would be applied on the new markets:
| Market | InitialMarginRatio | minInitialMarginRatio | maintMarginScalar | skewScale | maxMarketSize | maxMarketValue |
|---|---|---|---|---|---|---|
| tao | 2.89 | 5% | 0.37 | 16,250 | 500 | 250,000 |
| link | 6.73 | 2% | 0.37 | 3,750,000 | 60,000 | 1,000,000 |
| gmx | 1.27 | 5% | 0.44 | 125,000 | 10,000 | 250,000 |
| inj | 1.31 | 5% | 0.46 | 750,000 | 10,000 | 250,000 |
| axl | 2.85 | 5% | 0.34 | 3,375,000 | 200,000 | 250,000 |
| sui | 1.96 | 5% | 0.34 | 27,500,000 | 180,000 | 250,000 |
| ethfi | 2.12 | 5% | 0.38 | 5,500,000 | 60,000 | 250,000 |
| tia | 2.24 | 5% | 0.38 | 3,000,000 | 20,000 | 250,000 |
| stx | 2.61 | 5% | 0.43 | 7,500,000 | 80,000 | 250,000 |
| arkm | 4.43 | 5% | 0.44 | 5,500,000 | 100,000 | 250,000 |
| ton | 2.89 | 5% | 0.37 | 4,000,000 | 40,000 | 250,000 |
| pendle | 2.45 | 5% | 0.37 | 3,000,000 | 35,000 | 250,000 |
| gala | 1.29 | 5% | 0.35 | 750,000,000 | 5,000,000 | 250,000 |
| bome | 1.44 | 5% | 0.38 | 1,875,000,000 | 20,000,000 | 500,000 |
Aside from the changes above, the perps markets will have the following configurations as well:
- MakerFeeRatio: 2 bp
- TakerFeeRatio: 10 bp
- 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.