Create SNX Futures market on Optimism
This is a proposal to offer SNX futures which tracks the price of the $SNX token
- SNX perps and spot are widely traded. E.g. shorting SNX is available and on both centralized (Binance, FTX) and decentralized (dYdX) platforms. But the protocol and stakers are not capturing any of the fees or funding paid in those markets.
- Trading SNX perps on Synthetix may be especially suitable and attractive for Synthetix ecosystem participants.
- Existing and new stakers may benefit from the ability to hedge or limit their price exposure.
- Debt pool risk and exposure may be limited via OI caps and funding rate parameters, and can start with conservative values and gradually adjusted.
- Frontrunning risk can be mitigated by adequately setting exchange fees (as with other price feeds).
|Exchange||Symbol||Price||24h||Index Price||Basis||Spread||Funding Rate||Open Interest||24h Volume||Last Traded|
|dYdX Perpetual dYdX Perpetual||SNX-USD||$7.40||3.8%||7.38 USD||-0.135%||0.14%||0.002%||$20,036,981||$14,007,494.10||Recently|
|Binance (Futures) Binance (Futures)||SNXUSDT||$7.37||3.7%||7.38 USDT||-0.024%||0.01%||0.010%||$14,452,068||$83,291,836.21||Recently|
|FTX (Derivatives) FTX (Derivatives)||SNX-PERP||$7.37||3.4%||7.37 USD||-0.103%||0.05%||0.005%||$13,573,399||$15,170,213.04||Recently|
|KuCoin Futures KuCoin Futures||SNXUSDTM||$7.36||3.6%||7.37 USDT||+0.041%||0.03%||0.008%||$2,946,541||$3,913,255.63||Recently|
|Huobi Futures Huobi Futures||SNX-USDT||$7.36||3.4%||7.36 USDT||-0.010%||0.27%||0.010%||$1,614,129||$1,170,985.64||Recently|
|Perpetual Protocol Perpetual Protocol||SNX_USDC||$7.37||3.5%||7.37 USDC||0.000%||-||0.008%||$1,436,921||$1,686,194.95||Recently|
|MEXC Global (Futures) MEXC Global (Futures)||SNX_USDT||$7.39||4.2%||7.38 USDT||-0.068%||0.8%||0.020%||$820,986||$674,430.51||Recently|
Price feed already exists and backs many parts of the system.
Open interest caps would be low and fees would be set high initially. Exact parameters TBD.
Copyright and related rights waived via CC0.