SCCP-382: Update Perps V3 Parameters

Simple Summary

This SCCP proposes to update the perps v3 parameters as per the below:

Funding Rate Velocity

• Increase the funding rate velocity on ETH and BTC to 9 from 4
• Increase the velocity on other markets to 36, except for the ratio markets

Maker Fees

Increase the maker fees to 2 bp from 0 bp on eigen, io, mew, mkr, not, people, pol, popcat, render, sats, wld, zro, safe, goat, moodeng, pnut, cat, degen, slerf, morpho, chillguy, aero, soleth, pengu, virtual, kmno and fartcoin

Skew Scale

currency	Current	Proposed	Cex Slippage	Proposed Slippage
kmno	5,000,000	7,685,300	598	2,392
aero	500,000	1,429,300	357	1,428
popcat	20,250,000	31,084,200	44	176
w	59,062,500	31,523,600	80	321
bal	1,125,000	137,300	1,615	6,459
fxs	2,104,687	426,800	467	1,870
yfi	2,125	600	130	512
gmx	250,000	78,700	333	1,331
pyth	60,000,000	19,044,900	97	388
comp	241,876	78,300	93	374
snx	10,200,000	3,627,800	101	404
blur	100,000,000	36,652,500	81	326
pendle	6,000,000	2,475,800	62	247
ldo	21,000,000	9,370,600	38	150
grt	112,500,000	57,799,000	51	203
algo	103,875,000	54,100,700	25	99
jto	8,000,000	4,172,900	50	198
axs	4,218,750	2,218,700	46	182
ethfi	16,500,000	9,022,000	35	141
sushi	16,000,000	9,058,200	47	187
axl	10,125,000	6,019,400	163	651
imx	8,400,000	5,304,800	95	382
jup	33,750,000	21,400,800	28	113
icp	3,000,000	1,918,600	32	127
strk	40,000,000	29,585,200	52	209
slerf	5,000,000	23,843,900	160	642
chillguy	8,000,000	24,005,300	308	1,230
virtual	2,000,000	4,931,300	46	184
mew	2,500,000,000	911,660,400	120	479
eigen	4,000,000	2,846,600	75	299
crv	240,000,000	36,240,800	19	76
xlm	333,000,000	103,981,000	13	51
io	6,000,000	2,324,500	83	334
ena	102,000,000	39,767,500	17	69
atom	11,250,000	4,402,900	22	89
dydx	45,000,000	18,601,500	27	109
etc	3,375,000	1,492,400	15	62
eos	72,000,000	35,750,100	20	81
inj	2,250,000	1,128,300	24	95
uni	4,500,000	2,725,500	16	64
zro	4,250,000	2,632,900	53	211
stx	22,500,000	15,022,400	28	110
morpho	2,000,000	1,380,100	130	521
arb	82,000,000	60,186,800	14	56
tia	6,000,000	4,501,100	28	112
render	2,250,000	3,244,500	27	107
degen	100,000,000	228,283,200	329	1,314
pepe	12,600,000,000,000	4,152,595,936,800	9	35
pnut	10,000,000	54,128,800	27	109
xrp	400,000,000	32,263,500	6	24
doge	1,578,000,000	408,170,800	4	16
trx	806,250,000	220,979,900	12	47
sui	55,000,000	15,109,000	9	34
ada	300,000,000	82,468,000	7	28
ltc	1,687,500	469,000	11	44
aave	360,000	103,900	17	69
dot	15,000,000	7,268,400	13	51
bonk	1,600,000,000,000	802,983,764,800	23	91
bch	168,750	84,900	16	64
link	5,625,000	3,054,000	8	32
ton	12,000,000	6,586,100	19	74
apt	6,075,000	3,475,200	20	80
near	11,718,750	6,973,600	16	66
bnb	375,000	233,000	4	15
avax	2,500,000	1,580,100	10	41
fil	12,750,000	8,723,100	13	54
shib	3,750,000,000,000	2,572,944,297,100	11	45
fartcoin	7,000,000	5,094,000	58	230
cat	100,000,000,000	307,372,493,500	92	367
goat	20,000,000	41,245,100	56	222
moodeng	50,000,000	28,071,600	138	550
pol	75,000,000	44,472,400	30	119
pengu	300,000,000	684,462,100	36	142
sol	2,812,500	817,500	3	12

Leverage Parameters

ticker	Existing IMS	Existing minIMR	Existing MMS	Proposed minIMR	Proposed minIMR	Proposed MMS
bnb	10.72	0.02	0.35	4.933	0.02	0.401
flow	9.28	0.1	0.28	1.669	0.1	0.265
avax	9.08	0.02	0.36	2.88	0.02	0.4
link	6.73	0.02	0.37	3.921	0.02	0.415
rune	5.39	0.05	0.36	1.325	0.05	0.333
algo	5.19	0.05	0.36	2.173	0.05	0.343
sei	5.13	0.05	0.39	0.405	0.05	0.365
sol	4.9	0.02	0.33	3.592	0.02	0.391
pepe	4.88	0.04	0.43	1.874	0.04	0.345
pnut	4.688	0.05	0.317	0.443	0.0333	0.38
arkm	4.43	0.05	0.44	0.89	0.05	0.334
ada	4.35	0.05	0.33	2.632	0.0333	0.355
arb	4.16	0.033333	0.38	1.537	0.033333	0.388
w	3.87	0.05	0.35	1.41	0.05	0.35
ena	3.46	0.05	0.38	1.08	0.05	0.344
near	3.35	0.05	0.36	0.6	0.05	0.337
jup	3.35	0.05	0.37	0.977	0.05	0.346

Abstract

The parameter descriptions are as follows:

• The maxFundingRateVelocity determines the speed at which market's funding rate change for a given level of skew.
• The makerFee is the fee paid when balancing out the skew in a given market
• The skewScale is the parameter that determines the slippage that is imposed on a market for a given skew.
• IMS is the initialMarginRatio the proportion of the size of the position that is held as the initial margin.
• minIMR is the minimum initial margin ratio, the minimum proportion of one's position that is held as margin.
• MMS is the maintenanceMarginScalar, the scalar multiplied by the initial margin in order to obtain the maintenance margin.

Motivation

The main motivation is to be better align outstanding markets offered on synthetix with the data available available on centralized exchanges.

Copyright

Copyright and related rights waived via CC0.