SCCP-358: Deploy More Markets on Perps V3 Base and Arbitrum

Author
Robin, Kaleb
StatusDraft
TypeGovernance
NetworkArbitrum & Base
ImplementorTBD
ReleaseTBD
Created2024-10-11

Simple Summary

This SCCP proposes to deploy the below markets on Perps V3 on Base and Arbitrum.

Base Markets:

Market minimumInitialMarginRatio InitialMarginRatio maintenanceMarginScalar skewScale maxMarketSize maxMarketValue
MKR 5.00% 0.522 0.334 9,000 730 1,000,000
POL 5.00% 0.438 0.346 40,250,000 2,665,960 1,000,000
MEW 5.00% 1.597 0.328 2,500,000,000 123,319,770 1,000,000
POPCAT 5.00% 2.808 0.328 20,250,000 711,490 1,000,000
EIGEN 5.00% 0.91 0.334 4,000,000 268,820 1,000,000
WLD 5.00% 1.168 0.335 20,000,000 428,600 1,000,000
PEOPLE 5.00% 2.403 0.334 500,000,000 11,341,730 1,000,000
ZRO 5.00% 1.037 0.334 4,250,000 237,850 1,000,000
RENDER 5.00% 1.467 0.325 2,250,000 179,630 1,000,000
NOT 5.00% 1.14 0.345 5,000,000,000 118,077,700 1,000,000
SATS 5.00% 0.907 0.345 100,000,000,000,000 3,332,222,592,470 1,000,000
IO 5.00% 0.694 0.334 6,000,000 477,550 1,000,000

Arbitrum Markets:

Market minimumInitialMarginRatio InitialMarginRatio maintenanceMarginScalar skewScale maxMarketSize maxMarketValue
ALGO 5.00% 5.19 0.36 103,875,000 5,953,850 500,000
APT 5.00% 1.00 0.31 6,075,000 352,300 2,000,000
ARKM 5.00% 4.43 0.44 11,000,000 400,000 500,000
ATOM 5.00% 2.49 0.31 11,250,000 329,300 1,000,000
AXL 5.00% 2.85 0.34 10,125,000 1,000,000 500,000
AXS 5.00% 0.88 0.31 4,218,750 162,000 500,000
BAL 5.00% 3.94 0.35 1,125,000 377,600 500,000
BCH 5.00% 1.60 0.32 168,750 9,350 2,000,000
BLUR 5.00% 1.49 0.37 100,000,000 3,329,150 500,000
BOME 5.00% 1.44 0.38 3,750,000,000 229,513,950 1,000,000
BONK 5.00% 2.55 0.37 1,600,000,000,000 135,525,228,000 2,000,000
COMP 5.00% 1.80 0.41 241,876 17,000 500,000
DOT 5.00% 2.09 0.32 15,000,000 724,950 2,000,000
ENA 5.00% 3.46 0.38 102,000,000 3,000,000 1,000,000
EOS 5.00% 2.47 0.33 72,000,000 3,182,150 1,000,000
ETC 5.00% 2.71 0.33 3,375,000 80,750 1,000,000
ETHBTC 2.00% 1.39 0.26 3,400,000,000 72,226,506 2,000,000
ETHFI 5.00% 2.12 0.38 16,500,000 300,000 500,000
FIL 5.00% 1.81 0.26 12,750,000 812,100 2,000,000
FLOW 10.00% 9.28 0.28 15,000,000 1,380,350 500,000
FTM 3.33% 5.58 0.38 118,000,000 4,655,350 2,000,000
FXS 6.67% 2.59 0.34 2,104,687 371,700 500,000
GALA 5.00% 1.29 0.35 1,125,000,000 36,165,750 500,000
GRT 5.00% 4.22 0.39 112,500,000 4,516,800 500,000
ICP 5.00% 1.86 0.44 3,000,000 91,100 500,000
IMX 5.00% 1.95 0.40 8,400,000 508,750 500,000
INJ 5.00% 1.31 0.46 2,250,000 73,500 1,000,000
JTO 5.00% 1.49 0.38 8,000,000 369,800 500,000
JUP 5.00% 3.35 0.37 33,750,000 967,850 500,000
LDO 5.00% 1.25 0.34 21,000,000 695,300 500,000
MEME 5.00% 1.32 0.37 1,300,000,000 73,846,350 500,000
PENDLE 5.00% 2.45 0.37 6,000,000 200,000 500,000
SEI 5.00% 5.13 0.39 71,000,000 3,496,500 1,000,000
SNX 5.00% 2.82 0.39 10,200,000 500,000 500,000
STRK 5.00% 0.89 0.37 40,000,000 1,904,850 500,000
SUI 5.00% 1.96 0.34 55,000,000 1,559,950 2,000,000
SUSHI 5.00% 1.37 0.40 16,000,000 1,018,050 500,000
TAO 5.00% 2.89 0.37 32,500 2,450 1,000,000
TON 5.00% 2.89 0.37 12,000,000 576,800 2,000,000
TRX 5.00% 1.88 0.28 806,250,000 19,348,600 2,000,000
W 5.00% 3.87 0.35 59,062,500 2,000,000 500,000
YFI 5.00% 1.49 0.39 2,125 150 500,000
MEW 5.00% 1.597 0.328 2,500,000,000 123,319,770 1,000,000
POPCAT 5.00% 2.808 0.328 20,250,000 711,490 1,000,000
EIGEN 5.00% 0.91 0.334 4,000,000 268,820 1,000,000
WLD 5.00% 1.168 0.335 20,000,000 428,600 1,000,000
PEOPLE 5.00% 2.403 0.334 500,000,000 11,341,730 1,000,000
ZRO 5.00% 1.037 0.334 4,250,000 237,850 1,000,000
RENDER 5.00% 1.467 0.325 2,250,000 179,630 1,000,000
NOT 5.00% 1.14 0.345 5,000,000,000 118,077,700 1,000,000
SATS 5.00% 0.907 0.345 100,000,000,000,000 3,332,222,592,470 1,000,000
IO 5.00% 0.694 0.334 6,000,000 477,550 1,000,000

Aside from the above parameters , the perps markets will have the following configurations as well:

  • TakerFeeRatio: 10 bp
  • MakerFeeRatio: 0 bp
  • maxFundingVelocity: 9
  • flagRewardRatio: 3 bp
  • minimumPositionMargin: 50
  • lockedOiRatio: 0.5
  • maxLiquidationLimitMultiplier: 1.5
  • maxLiquidationPD: 5 bp
  • endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f"

Abstract

The parameters configurations description is as follows:

  • initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions
  • maintenanceMarginScalar is a scalar applied on the initialMargin in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they are liquidated.
  • skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates
  • maxMarketSize is the max market value of the relevant market in the underlying currency
  • maxMarketValue is the max market value of the relevant market in USD
  • maker/taker fees pertain to fees charged when trading
  • maxFundingVelocity is the main parameter that allows to nudge funding rates
  • minimumPositionMargin is the minimum margin required
  • lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market
  • maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value
  • maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity
  • endorsedLiquidator is a liquidator address that can bypass the rate limit
  • the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation

Motivation

The main motivation is to bring the deployed markets on Base and Arbitrum to parity, while also launching additional markets with high caps to both, in order to fully showcase the feature set available with the V3 deploy.

Copyright

Copyright and related rights waived via CC0.