SIP-226: SNX Futures Market
| Author | |
|---|---|
| Status | Rejected |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Created | 2022-04-04 |
Simple Summary
Create SNX Futures market on Optimism
Abstract
This is a proposal to offer SNX futures which tracks the price of the $SNX token
Motivation
- 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).
Perps OI and volume on other platforms
| 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 |
| ... | ||||||||||
| ... |
Technical Specification
Price feed already exists and backs many parts of the system.
Configurable Values (Via SCCP)
Open interest caps would be low and fees would be set high initially. Exact parameters TBD.
Copyright
Copyright and related rights waived via CC0.