SCCP-2082: Enable Perps V2 Markets / Update Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2024-02-26 |
Simple Summary
This SCCP proposes to unpause the below perp markets once deployed::
The below parameters would be applied on the new markets:
| Market | MaxMarketValue | Max MarketValueUSD | SkewScale | Slippage/100K$ |
|---|---|---|---|---|
| CVX | 40,000 | $181,000 | 750,000 | 147 |
| JUP | 2,000,000 | $949,600 | 22,500,000 | 47 |
| PENDLE | 250,000 | $695,750 | 2,500,000 | 72 |
| STRK | 500,000 | $1,023,300 | 5,400,000 | 45 |
Aside from the changes above, the perps markets will have the following configurations as well:
- offchain Maker/Taker fees: 2 bp / 10 bp
- offchainDelayedOrderMinAge: 2 seconds
- offchainDelayedOrderMaxAge: 60 seconds
- maxFundingVelocity: 36
- liquidationBufferRatio: 150 bp
- liquidationPremiumMultiplier: 3
- maxLeverage: 27.5
- offchainPriceDivergence: 10%
- maxLiquidationDelta: maker+taker offchain fees
- maxPD: maxLiquidationDelta * 2
- dynamicFeeRounds: 1
- maxDynamicFeeRate: 10%
- All the markets being covered by the risk module
The parameters for deprecated trading paths (atomic and delayed) are as follows:
- nextPriceConfirmWindow: 2
- delayedOrderConfirmWindow: 120 seconds
- minDelayTimeDelta: 60 seconds
- maxDelayTimeDelta: 6000 seconds
- taker & maker fees on delayed orders (not-offchain) and atomic orders: 30%
Abstract
The parameters configurations description is as follows:
- maker/taker offchain delayed orders pertain to fees charged with the pyth offchain route
- maxMarketValue is the max market value of the relevant market in the underlying currency
- skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates
- liquidationBufferRatio and liquidationPremiumMultiplier are parameters that determine the safety buffer required for liquidations
- minDelayTimeDelta is the minimum period after which delayed orders can be executed
- maxDelayTimeDelta is the maximum period before which delayed orders can be executed
- offchainDelayedOrderMinAge is the minimum delay before which offchain orders can be executed
- offchainDelayedOrderMaxAge is the maximum delay after which offchain orders cannot be executed
- maxFundingVelocity is the main parameter that allows to nudge funding rates
- offchainPriceDivergence is the maximum allowable delta between chainlink and pyth prices
- dynamicFeeRounds and maxDynamicFeeRate are set to the above specified parameters, via DirectIntegrationManager, effectively disabling dynamic fees on perp markets (due to legacy code base)
- Markets being covered under the risk control module is explained under SIP-2048
Parameters for trading paths (atomic and delayed orders) which are set for deprecation but need to be specified:
- makerFee/takerFee fees pertain to fees for atomic trades at chainlink price, which have been deprecated via high fees
- maker/taker delayed fees pertain to fees for trades at the next chainlink price, which have been deprecated via high fees
- nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered, a deprecated path for trading
- delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available, a deprecated path for trading
Motivation
The main motivation is to launch the markets specified above.
Copyright
Copyright and related rights waived via CC0.