Simple Summary

This SCCP specifies the parameters of SIP-386

The below parameters would be applied on the new markets:

Market	InitialMarginRatio	minInitialMarginRatio	maintMarginScalar	skewScale	maxMarketSize	maxMarketValue
yfi	1.49	0.05	0.39	2,125	15	50,000
xrp	2.57	0.05	0.33	400,000,000	208,249	50,000
xlm	1.4	0.05	0.37	166,500,000	1,090,425	50,000
uni	0.77	0.05	0.31	2,250,000	21,419	100,000
trx	1.88	0.05	0.28	322,500,000	796,481	50,000
sushi	1.37	0.05	0.4	8,000,000	117,960	50,000
strk	0.89	0.05	0.37	20,000,000	144,743	50,000
shib	2.2	0.05	0.32	1,875,000,000,000	5,813,953,488	50,000
sei	5.13	0.05	0.39	35,500,000	293,317	50,000
rndr	5.09	0.05	0.37	3,750,000	65,023	250,000
pyth	0.84	0.05	0.37	60,000,000	617,717	100,000
near	3.35	0.05	0.36	9,375,000	18,900	50,000
meme	1.32	0.05	0.37	325,000,000	5,336,179	50,000
ltc	0.005	0.02	0.4	1,687,500	1,330	50,000
ldo	1.25	0.05	0.34	14,000,000	200,340	200,000
jup	3.35	0.05	0.37	22,500,000	121,567	50,000
jto	1.49	0.05	0.38	4,000,000	41,441	50,000
imx	1.95	0.05	0.4	5,600,000	63,418	50,000
icp	1.86	0.05	0.44	2,000,000	12,122	50,000
grt	4.22	0.05	0.39	75,000,000	472,043	50,000
fxs	2.59	0.06666	0.34	1,403,125	33,029	50,000
flow	9.28	0.1	0.28	15,000,000	159,395	50,000
fil	1.81	0.05	0.26	6,375,000	22,379	50,000
ethbtc	1.39	0.02	0.26	1,700,000,000	72,226,506	2,000,000
etc	2.71	0.05	0.33	2,250,000	4,200	50,000
eos	2.47	0.05	0.33	48,000,000	172,851	50,000
dydx	1.45	0.05	0.34	18,000,000	72,860	50,000
dot	2.09	0.05	0.32	7,500,000	15,793	50,000
crv	4.56	0.05	0.39	60,000,000	3,000,000	500,000
comp	1.8	0.05	0.41	120,938	2,003	50,000
blur	1.49	0.05	0.37	50,000,000	496,684	50,000
bch	1.6	0.05	0.32	84,375	256	50,000
bal	3.94	0.05	0.35	1,125,000	33,624	50,000
axs	0.88	0.05	0.31	2,109,375	16,488	50,000
atom	2.49	0.05	0.31	5,625,000	14,718	50,000
apt	1	0.05	0.31	3,037,500	14,055	50,000
algo	5.19	0.05	0.36	51,937,500	1,360,068	100,000
ada	4.35	0.05	0.33	150,000,000	499,984	100,000
aave	3.38	0.05	0.38	180,000	2,022	100,000

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

• MakerFeeRatio: 2 bp / except ETHBTC 0.001 bp
• TakerFeeRatio: 10 bp / except ETHBTC 5 bp
• maxFundingVelocity: 36 / except ETHBTC 9
• flagRewardRatio: 3 bp
• minimumPositionMargin: 50 snxUSD
• lockedOiRatio: 0.5 / except ETHBTC 0.25
• 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.