SIP-2009: Adding ETH/BTC ratio to Synthetix Perps V2

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Simple Summary

Create Synthetix Perps V2 markets for ETH/BTC ratio. Price 1 unit of delta at $1sUSD*(ETH/BTC).


This is a proposal to offer ETH/BTC as a tradeable market, denominated in USD. For example, an ETH/BTC ratio of 0.0700 would correspond to ETH/BTC perp priced at $0.0700.


ETH/BTC is an often requested trading pair which tracks the ratio of the two highest liquidity cryptocurrencies, and is commonly used as an analog for traders attempting to gain exposure to events in the ETH ecosystem with minimal exposure to movements in the overall market, or as an analog for Bitcoin strength against smaller cap coins.

The ETH/BTC market is a unique offering that has been requested by existing traders, and is currently unavailable on competing decentralized exchanges.


While there may be ways to build a similar position through rebalancing or under a future v3 system, requesting a feed for the ETH/BTC ratio directly from Chainlink and Pyth would be the fastest way to deliver the requested exposure to traders with a similar UX to other v2 perps. Similar markets exist on Binance and other centralized exchanges, but Synthetix and associated frontends would be the first major DEX to offer leveraged exposure to the ratio, demonstrating the unique value proposition Synthetix perps can offer.

Since those looking to manipulate the ratio must manipulate the price of either ETH or BTC, or directly compromise the oracles, ETH/BTC ratio can be offered with higher open interest limits than many other alternatives to the major assets without high risk to stakers. Since ETH/BTC also trades on some centralized exchanges and exposure can be recreated by other means, there should be some opportunity for arbitrage trading to balance the skew on this market.


Upon approval, market will be paused, and SCCPs must be created to unpause the market and set configurable variables after feeds have been properly tested.

Technical Specification

Implementation requires implementing an off-chain oracle feed from Pyth Network and a backup on-chain oracle from Chainlink.

Configurable values (read below) will be set in a subsequent SCCP.

Test Cases


Configurable Values (Via SCCP)

All Perps V2 configurable values will be set in subsequent SCCPS for each market.

"makerFee": "",
"takerFee": "",
"takerFeeDelayedOrder": "",
"makerFeeDelayedOrder": "",
"takerFeeOffchainDelayedOrder": "",
"makerFeeOffchainDelayedOrder": "",
"maxLeverage": "",
"maxMarketValue": "",
"maxFundingVelocity": "",
"skewScale": "",

"nextPriceConfirmWindow": "",
"delayedOrderConfirmWindow": "",
"minDelayTimeDelta": "",
"maxDelayTimeDelta": "",
"offchainDelayedOrderMinAge": "",
"offchainDelayedOrderMaxAge": "",
"offchainPriceDivergence": "",

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