SIP-2010: Create ARB-PERP

Author	Burt Rock
Status	Implemented
Type	Governance
Network	Optimism
Implementor	Leo Massazza (@leomassazza)
Release	TBD
Proposal	Loading status...
Created	2023-03-24

Simple Summary

Create ARB-PERP market on Optimism.

Abstract

This is a proposal to offer ARB-PERP futures which track the price of $ARB token.

Motivation

ARB is a highly anticipated token launch which has drawn considerable attention, and will be attractive for traders. As of the creation of this proposal, ARB is not listed on any other perps DEX, and could help motivate new users to try Synthetix Perps and demonstrate the value of the Synthetix system.

Rational

Of existing tokens on Synthetix, $ARB is most comparable to $OP. OP-Perp is one of the most traded markets on Synthetix frontends, which demonstrates the market's appetite for newer, especially volatile tokens. $ARB token has seen considerable attention from speculators, and a swift listing of the $ARB token as a Synthetix perps market allows the protocol to take advantage of the attention and narrative surrounding the token's launch.

Specification

Exchange	Pair	Price	Spread	+2% Depth	-2% Depth	24h Volume	Volume %
Binance	ARB/USDT	$1.27	0.06%	$565,764	$704,354	$757,294,367	34.99%
Bitget	ARB/USDT	$1.26	0.02%	$430,783	$407,939	$199,989,761	9.24%
Huobi	ARB/USDT	$1.27	0.06%	$58,036	$43,239	$273,937,741	12.66%
OKX	ARB/USDT	$1.27	0.07%	$389,172	$397,912	$184,481,652	8.52%
Gate.io	ARB/USDT	$1.27	0.07%	$68,797	$148,393	$86,631,858	4.00%
Uniswap (Arbitrum One)	ARB/USDC Live Chart	$1.28	0.6%	$197,306	$196,713	$95,453,955	4.41%
BitMart	ARB/USDT	$1.27	0.22%	$292,223	$222,409	$45,048,361	2.08%
Coinbase Exchange	ARB/USD	$1.26	0.35%	$148,403	$646,576	$23,856,595	1.10%
Bybit	ARB/USDT	$1.27	0.08%	$133,972	$149,150	$50,612,781	2.34%
Trader Joe v2 (Arbitr)	ARB/WETH Live Chart	$1.28	0.6%	$114,621	$114,277	$55,706,906	2.57%
KuCoin	ARB/USDT	$1.27	0.4%	$9,189	$109,076	$55,894,750	2.58%
Uniswap (Arbitrum One)	ARB/USDC Live Chart	$1.28	0.6%	$276,502	$275,671	$20,711,336	0.96%
Binance	ARB/BTC	$1.27	0.07%	$57,068	$122,779	$18,882,037	0.87%
Phemex	ARB/USDT	$1.26	0.21%	$167,670	$164,775	$7,134,580	0.33%

Data collected from Coingecko 2023/03/24

Test Cases

n/a

Configurable Values (Via SCCP)

Market Parameters

{
		"marketKey": "sARBPERP",
		"asset": "ARB",
		"makerFee": "0.05",
		"takerFee": "0.05",
		"overrideCommitFee": "0",
		"takerFeeDelayedOrder": "0.05",
		"makerFeeDelayedOrder": "0.05",
		"takerFeeOffchainDelayedOrder": "0.0012",
		"makerFeeOffchainDelayedOrder": "0.0004",
		"nextPriceConfirmWindow": "2",
		"delayedOrderConfirmWindow": "120",
		"minDelayTimeDelta": "60",
		"maxDelayTimeDelta": "6000",
		"offchainDelayedOrderMinAge": "15",
		"offchainDelayedOrderMaxAge": "120",
		"maxLeverage": "100",
		"maxMarketValue": "1500000",
		"maxFundingVelocity": "9",
		"skewScale": "150000000",
		"offchainPriceDivergence": "0.03",
		"liquidationPremiumMultiplier": "1",
		"offchainMarketKey": "ocARBPERP",
		"paused": false,
		"offchainPaused": false
}