SCCP-404: Update Perps V3 Parameters

Author	Kaleb
Status	Vote_Pending
Type	Governance
Network	Base
Implementor	TBD
Release	TBD
Proposal	Loading status...
Created	2025-04-14

Simple Summary

This sccp proposes update the perps v3 parameters as per the below:

Max Market Value

ticker	Current MMV	Proposed MMV	CEX OI	Current SNX OI
mew	1.00	0.50	5.78	0.30
not	1.00	0.70	7.07	0.21
people	1.00	0.50	5.89	0.13
axl	0.50	0.25	2.62	0.31
goat	3.00	0.50	6.15	0.50
pol	3.00	1.50	14.24	1.37
om	3.00	1.00	17.14	0.39

All amounts above are in dollar millions.

Skew Scale

ticker	Current SkewScale	Proposed Skew Scale	Current Slippage	Proposed Slippage	Cex Slippage
virtual	11,285,000	22,570,000	403	202	54
trump	3,138,300	6,276,600	95	48	11
avax	1,580,100	3,160,200	79	40	9
arb	60,186,800	120,373,600	138	69	16
sol	817,500	1,635,000	23	12	2

Slippage above in bp, on 500k$ worth of volume

Initial Margin Ratio

Lower the Initial Margin Ratio on the TRUMP market to 6.85 from 14.387.

Abstract

The parameters being updated are described below;

The maxMarketValue is the oi cap in dollar terms and the maxMarketSize represents the cap denominated by the market's underlying currency.
skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates
initialMarginRatio is a scalar applied on the position size to determine the margin set aside to support the users' exposure

Motivation

The motivation behind the Max Market Value update is related to the price pull back on these markets. These changes do not affect the current oi configured, given that the size parameter (maxMarketSize) plays the role to restrict the OI from a decrease in price. However, the change proposes in this sccp updates the max market value parameter as per the current oi offering in the most liquid centralized exchanges.

The skew scale and initial margin ratio parameters aligns the slippage and margin requirement parameters with what is observed on centralized markets.