Simple Summary

This SCCP proposes unpause the new perp markets and specify/update their parameters as per the below configuration:

Ticker	makerFeeBp	takerFeeBp	takerFeeDelayedOrderBp	makerFeeDelayedOrderBp	takerFeeOffchainDelayedOrderBp	makerFeeOffchainDelayedOrderBp	maxMarketValue	skewScale
AAVE	100	100	20	20	12	8	3,000	300,000
APE	100	100	20	20	12	8	150,000	15,000,000
ATOM	100	100	50	50	12	8	75,000	7,500,000
AUD	50	50	20	20	2	1	3,000,000	25,000,000,000
AVAX	100	100	20	20	12	8	80,000	8,000,000
AXS	100	100	50	50	15	10	50,000	5,000,000
BNB	100	100	20	20	12	8	7,500	750,000
BTC	75	75	15	15	10	5	500	100,000
DOGE	100	100	20	20	15	10	5,000,000	500,000,000
DYDX	100	100	20	20	15	10	100,000	10,000,000
ETH	75	75	15	15	10	5	5,000	1,000,000
EUR	50	50	20	20	2	1	2,000,000	10,000,000,000
FLOW	100	100	50	50	12	8	50,000	5,000,000
FTM	100	100	50	50	15	10	1,500,000	150,000,000
GBP	50	50	20	20	2	1	1,600,000	10,000,000,000
LINK	100	100	20	20	12	8	200,000	20,000,000
MATIC	100	100	20	20	12	8	1,250,000	125,000,000
NEAR	100	100	50	50	15	10	250,000	25,000,000
OP	100	100	20	20	15	10	300,000	30,000,000
SOL	100	100	20	20	12	8	100,000	10,000,000
UNI	100	100	20	20	12	8	40,000	4,000,000
XAG	50	50	20	20	2	1	95,000	500,000,000
XAU	50	50	20	20	2	1	1,000	5,000,000

Aside from these changes, the perps markets will have the following configurations:

• liquidationBufferRatio: 100 bp
• liquidationRatioMultiplier: 1
• nextPriceConfirmWindow: 2
• delayedOrderConfirmWindow: 120 seconds
• minDelayTimeDelta: 60 seconds
• maxDelayTimeDelta: 6000 seconds
• offchainDelayedOrderMinAge: 15 seconds
• offchainDelayedOrderMaxAge: 120 seconds
• maxFundingVelocity: 3%
• offchainPriceDivergence: 2%
• dynamicFeeRounds: 1
• maxDynamicFeeRate: 10%

Abstract

The parameters configurations description is as follows:

• makerFee/takerFee fees pertain to fees for atomic trades at chainlink price
• maker/taker delayed fees pertain to fees for trades at the next chainlink price
• 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 liquidationRatioMultiplier consists of the safety buffer on liquidations
• nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered
• delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available
• 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
• setting dynamicFeeRounds and maxDynamicFeeRate to the above specified parameters, via DirectIntegrationManager, effectively disables dynamic fees on perp markets

Motivation

The main motivation is to finalize the launch of the markets specified in SIP-295 and SIP-2000.

Copyright

Copyright and related rights waived via CC0.