SCCP-356: Update Perps V3 Parameters - Base
| Author | Kaleb |
|---|---|
| Status | Draft |
| Type | Governance |
| Network | Base |
| Implementor | TBD |
| Release | TBD |
| Created | 2024-10-08 |
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.