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| sccp: 346 | ||
| title: Deploy Multicollateral Perps Abitrum | ||
| network: Arbitrum | ||
| status: Draft | ||
| type: Governance | ||
| author: Kaleb | ||
| --- | ||
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| # Simple Summary | ||
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| This SCCP proposes to deploy multi-collateral [Perps V3](https://sips.synthetix.io/sips/sip-383/), on Abitrum with following configurations: | ||
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| ## Markets: | ||
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| | **Market** | **InitialMarginRatio** | **minimumInitialMarginRatio** | **maintenanceMarginScalar** | **skewScale** | **maxMarketSize** | **maxMarketValue** | | ||
| |:----------:|:----------------------:|:-----------------------------:|:---------------------------:|:-------------:|:-----------------:|:------------------:| | ||
| | ETH | 2.00% | 0.744 | 0.333 | 350,000 | 15,000 | 40,000,000 | | ||
| | BTC | 2.00% | 1.07 | 0.333 | 35,000 | 1,200 | 50,000,000 | | ||
| | SOL | 2.00% | 5.503 | 0.333 | 1,406,250 | 270,000 | 40,000,000 | | ||
| | WIF | 4.00% | 1.00 | 0.5 | 15,000,000 | 2,500,000 | 3,000,000 | | ||
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| Aside from the above parameters , the perps markets will have the following configurations as well: | ||
| - MakerFeeRatio: 0 bp | ||
| - TakerFeeRatio: 5 bp (10 bp for WIF) | ||
| - maxFundingVelocity: 9 (36 for WIF) | ||
| - flagRewardRatio: 3 bp | ||
| - minimumPositionMargin: 50 | ||
| - lockedOiRatio: 0.25 (0.5 for WIF) | ||
| - maxLiquidationLimitMultiplier: 1.5 | ||
| - maxLiquidationPD: 5 bp | ||
| - endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f" | ||
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| ## Margins: | ||
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| | **Margin** | **Discount Upper** | **Discount Lower** | **Max Collateral Amount** | | ||
| |:----------:|:------------------:|:------------------:|:-------------------------:| | ||
| | ETH | 1.00% | 10.00% | 1,000 | | ||
| | BTC | 1.00% | 7.50% | 75 | | ||
| | USD | 0 | 0 | NA | | ||
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| Aside from the above parameters, the `discountScalar` would be set to 1 for all margins and the collateral liquidation penalty is 3 bp. | ||
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| ## Keeper Parameters: | ||
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| It is important to mention that markets would be launched with 0 caps on the sizes and would be raised once a integrator gives the green light on their readiness to provide an interface for traders. | ||
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| Also worth pointing out that initially the assymetric funding rate would be disabled in the initial phase of the deployment by setting | ||
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| # Abstract | ||
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| 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 | ||
| - flagRewardRatio is the reward paid to the flagger, capped at 100 snxUSD per account liquidated | ||
| - endorsedLiquidator is a liquidator address that can bypass the rate limit | ||
| - A discount rate is applied on the margin posted which scales based on it's size and is clamped between the lower and upper limit | ||
| - Max Collateral Amount is the maximum possible amount of margin that can be posted | ||
| - discountScalar helps increase or decrease the price impact on an account's margin holding | ||
| - the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation | ||
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| # Motivation | ||
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| The main motivation is to launch perps v3 on arbitrum as specified in [SIP-367](https://sips.synthetix.io/sips/sip-367/). | ||
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| # Copyright | ||
| Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). |