SIP-2031: Add stETH/ETH on Synthetix Perps

Author	Seraphim, GUNBOATs
Status	Implemented
Type	Governance
Network	Optimism
Implementor	TBD
Release	TBD
Proposal	Loading status...
Created	2023-08-07

Simple Summary

Add stETH/ETH market on Synthetix Perps

Abstract

This is a proposal to offer stETH/ETH futures which track the price ratio of their respective cryptocurrency. The ratio will be denominated in USD.

Motivation

While Synthetix Perps already offered stETH/USD futures, stETH/ETH ratio can simplify hedging strategy for stETH traders.This market has been requested by Lido core contributors.

Specification

Rationale

Offering stETH/ETH ratio allows traders to hedge stETH more efficiently than splitting trade into long (or short) stETH/USD and do the opposite on ETH/USD. With success from ETH/BTC futures, this market should open more use case in Synthetix Perps.

Technical Specification

Implementation requires implementing off-chain oracle price feeds from Pyth Network and backup on-chain oracles from Chainlink.

Test Cases

N/A

Configurable Values (Via SCCP)

All Perps V2 configurable values for the stETH/ETH market will be set in subsequent SCCPs.

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

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