SCCP-356: Update Perps V3 Parameters - Base

Author
Kaleb
StatusImplemented
TypeGovernance
NetworkBase
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2024-10-08

Simple Summary

This SCCP proposes to perform the following changes to Perps V3 Parameters:

Max Market Value and Max Market Size

ticker Previous MMV New MMV Previous MMS New MMS
btc 15,000,000 50,000,000 400 1,200
eth 15,000,000 50,000,000 10,000 30,700
sol 5,000,000 20,000,000 60,000 205,550
xrp 50,000 2,000,000 208,249 5,646,550
ada 100,000 2,000,000 499,984 8,476,200
trx 50,000 2,000,000 796,481 19,348,600
shib 50,000 2,000,000 5,813,953,488 168,208,578,650
sui 1,000,000 2,000,000 2,000,000 1,559,950
ltc 50,000 2,000,000 1,330 45,400
link 1,000,000 2,000,000 120,000 265,650
ftm 1,000,000 2,000,000 2,000,000 4,655,350
dot 50,000 2,000,000 15,793 724,950
bonk 1,000,000 2,000,000 75,000,000,000 135,525,228,000
near 50,000 2,000,000 18,900 596,400
ton 250,000 2,000,000 200,000 576,800
aave 1,000,000 2,000,000 15,000 20,600
ordi 1,000,000 2,000,000 50,000 82,100
apt 50,000 2,000,000 14,055 352,300
fil 50,000 2,000,000 22,379 812,100
bch 50,000 2,000,000 256 9,350
crv 500,000 1,000,000 3,000,000 5,814,100
sei 50,000 1,000,000 293,317 3,496,500
tia 500,000 1,000,000 120,000 279,500
uni 100,000 1,000,000 21,419 209,100
etc 50,000 1,000,000 4,200 80,750
inj 500,000 1,000,000 40,000 73,500
tao 500,000 1,000,000 3,000 2,450
stx 500,000 1,000,000 500,000 849,150
dydx 50,000 1,000,000 72,860 1,703,200
atom 50,000 1,000,000 14,718 329,300
eos 50,000 1,000,000 172,851 3,182,150
bome 500,000 1,000,000 90,000,000 229,513,950
xlm 50,000 1,000,000 1,090,425 16,384,500
gala 250,000 500,000 20,000,000 36,165,750
jup 50,000 500,000 121,567 967,850
blur 50,000 500,000 496,684 3,329,150
ldo 200,000 500,000 200,340 695,300
axs 50,000 500,000 16,488 162,000
icp 50,000 500,000 12,122 91,100
algo 100,000 500,000 1,360,068 5,953,850
grt 50,000 500,000 472,043 4,516,800
jto 50,000 500,000 41,441 369,800
strk 50,000 500,000 144,743 1,904,850
imx 50,000 500,000 63,418 508,750
meme 50,000 500,000 5,336,179 73,846,350
sushi 50,000 500,000 117,960 1,018,050
yfi 50,000 500,000 15 150
comp 50,000 500,000 2,003 17,000
fxs 50,000 500,000 33,029 371,700
pyth 100,000 500,000 617,717 2,277,900
flow 50,000 500,000 159,395 1,380,350
bal 50,000 500,000 33,624 377,600

Max Funding Rate Velocity

  • Decrease the max funding rate velocity to 4 from 9 on the ETH, BTC and ETH/BTC
  • Decrease the max funding rate velocity on all other markets to 9 from 36

Skew Scale

ticker Current Scale Proposed Scale Cex Slippage Current Slippage Proposed Slippage
snx 3,400,000 10,200,000 76 505 168
sol 1,406,250 2,812,500 2 12 6
wif 15,000,000 30,000,000 15 64 32
w 26,250,000 59,062,500 43 291 129
ena 25,500,000 102,000,000 35 344 86
doge 789,000,000 1,578,000,000 7 29 14
avax 1,250,000 2,500,000 12 75 37
op 16,000,000 24,000,000 33 95 63
ordi 870,000 1,305,000 20 79 52
pepe 8,400,000,000,000 12,600,000,000,000 9 29 20
rune 3,000,000 6,000,000 37 165 83
bonk 800,000,000,000 1,600,000,000,000 19 141 71
ftm 59,000,000 118,000,000 17 66 33
arb 41,000,000 82,000,000 20 111 55
bnb 250,000 375,000 5 18 12
link 3,750,000 5,625,000 13 59 39
pendle 3,000,000 6,000,000 56 217 109
inj 750,000 2,250,000 24 163 54
gmx 125,000 250,000 132 913 457
tia 3,000,000 6,000,000 24 155 78
sui 27,500,000 55,000,000 13 47 24
ton 4,000,000 12,000,000 17 120 40
arkm 5,500,000 11,000,000 72 303 151
gala 750,000,000 1,125,000,000 50 161 107
tao 16,250 32,500 33 251 126
bome 1,875,000,000 3,750,000,000 36 204 102
ethfi 5,500,000 16,500,000 48 312 104
stx 7,500,000 22,500,000 27 189 63
axl 3,375,000 10,125,000 119 1,171 390
aave 180,000 360,000 17 95 48
ada 150,000,000 300,000,000 7 47 24
algo 51,937,500 103,875,000 52 382 191
apt 3,037,500 6,075,000 20 97 48
atom 5,625,000 11,250,000 28 98 49
axs 2,109,375 4,218,750 56 256 128
bch 84,375 168,750 19 92 46
blur 50,000,000 100,000,000 53 222 111
comp 120,938 241,876 83 469 234
crv 120,000,000 240,000,000 19 81 40
dot 7,500,000 15,000,000 12 81 40
dydx 18,000,000 45,000,000 27 158 63
eos 48,000,000 72,000,000 31 110 74
etc 2,250,000 3,375,000 21 60 40
ethbtc 1,700,000,000 3,400,000,000 10 38 19
fil 6,375,000 12,750,000 15 106 53
fxs 1,403,125 2,104,688 310 883 589
grt 75,000,000 112,500,000 58 201 134
icp 2,000,000 3,000,000 52 152 101
imx 5,600,000 8,400,000 85 303 202
jto 4,000,000 8,000,000 83 308 154
jup 22,500,000 33,750,000 48 143 96
ldo 14,000,000 21,000,000 60 166 110
meme 325,000,000 1,300,000,000 72 757 189
near 9,375,000 11,718,750 16 53 42
pyth 30,000,000 60,000,000 63 253 127
sei 35,500,000 71,000,000 21 164 82
shib 1,875,000,000,000 3,750,000,000,000 13 75 37
strk 20,000,000 40,000,000 56 317 159
sushi 8,000,000 16,000,000 95 424 212
trx 322,500,000 806,250,000 9 50 20
uni 2,250,000 4,500,000 24 155 77
xlm 166,500,000 333,000,000 43 164 82

Keeper Gas Parameters

Parameter Name Current Value New Value
L1 Gas – Settle 30,000 23,000
L2 Gas – Settle 2,450,000 5,500,000
L1 Size – Settle 5,000 5,000
L1 Gas – Flag 31,000 4,500
L2 Gas – Flag 1,160,000 450,000
L1 Size – Flag 5,000 3,000
L1 Gas – Liquidate 5,500 26,600
L2 Gas – Liquidate 600,000 2,300,000
L1 Size – Liquidate 1,100 5,050

Motivation

The changes related to skew scale and max funding rate velocity aim at aligning the parameters of Perps V3 markets on Base with the current state of market liquidity. Furthermore, the remaining parameters are updated to take advantage of the new features provided by the recent Perps V3 Multicollateral deployment.

Copyright

Copyright and related rights waived via CC0.