Create sip-2030.md

Synthetixio · Aug 5, 2023 · aeb0822 · aeb0822
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+---
+sip: 2030
+title: Add USDT to Perps V2
+network: Optimism
+status: Draft
+type: Governance
+author: Your GitHub Username (@yourgithubusername)
+created: 2023-08-05
+---
+
+## Simple Summary
+
+Add USDT token as a market under Perps V2.
+
+## Abstract
+
+This proposal aims to introduce USDT futures, allowing users to trade the price of USDT against USD or hedge their USDT exposure against USD.
+
+## Motivation
+
+Historically, trader demand has focused on stablecoins in specific cases of volatility and descrete events. During these times, demand to trade the tokens or demand from those with exposure to hedge may be an attractive market for Synthetix perps to offer. Since both Chainlink and Pyth already offer a feed for USDT, there are few barriers to listing.
+
+## Specification
+
+### Exchange Data
+
+The following exchange data shows the market details for USDT trading pairs:
+
+| #   | Exchange               | Pair         | Price    | Spread | +2% Depth   | -2% Depth   | 24h Volume     | Volume % |
+|-----|------------------------|--------------|----------|--------|-------------|-------------|----------------|----------|
+| 1   | Binance                | USDC/USDT    | $0.998928 | 0.02%  | $9,836,192  | $69,922,744  | $183,094,315   | 1.18%    |
+| 2   | Binance                | BTC/USDT     | $0.998928 | 0.01%  | $18,052,093 | $12,368,439  | $526,710,617   | 3.40%    |
+| 3   | Binance                | ETH/USDT     | $0.998639 | 0.01%  | $9,439,909  | $18,515,885  | $243,221,771   | 1.57%    |
+| 4   | Kraken                 | USDT/USD     | $0.998720 | 0.01%  | $20,696,667 | $3,054,989   | $48,992,252    | 0.32%    |
+| 5   | Tidex                  | BTC/USDT     | $0.998639 | 0.04%  | $10,216,763 | $9,796,456   | $43,783,137    | 0.28%    |
+| 6   | Binance                | TUSD/USDT    | $0.998928 | 0.02%  | $3,034,494  | $13,552,822  | $136,287,462   | 0.88%    |
+| 7   | P2B                    | BTC/USDT     | $0.998639 | 0.01%  | $6,884,215  | $5,235,843   | $133,496,042   | 0.86%    |
+| 8   | Gate.io                | BTC/USDT     | $0.998639 | 0.01%  | $5,840,093  | $6,333,680   | $55,203,518    | 0.36%    |
+| 9   | Pionex                 | BTC/USDT     | $0.998639 | 0.01%  | $3,589,352  | $5,756,366   | $258,971,987   | 1.67%    |
+| 10  | Coinsbit               | BTC/USDT     | $0.998639 | 0.02%  | $5,125,960  | $5,007,220   | $47,619,996    | 0.31%    |
+| 11  | OKX                    | USDC/USDT    | $0.998639 | 0.02%  | $1,046,743  | $9,416,925   | $5,588,158     | 0.04%    |
+| 12  | Pionex                 | ETH/USDT     | $0.998639 | 0.01%  | $4,854,866  | $4,105,417   | $146,473,997   | 0.95%    |
+| 13  | WOO X WOO X            | USDC/USDT    | $0.998928 | 0.03%  | $1,029,118  | $9,439,708   | $3,003,186     | 0.02%    |
+| 14  | Gate.io                | ETH/USDT     | $0.998639 | 0.01%  | $4,229,620  | $5,216,106   | $32,048,672    | 0.21%    |
+| 15  | WhiteBIT               | MATIC/USDT   | $0.998610 | 0.02%  | $5,575,906  | $4,045,685   | $5,594,943     | 0.04%    |
+| 16  | Crypto.com Exchange    | USDT/USD     | $0.998880 | 0.01%  | $4,691,432  | $4,714,225   | $4,105,087     | 0.03%    |
+| 17  | CoinTiger              | BUSD/USDT    | $0.998639 | 0.02%  | $2,647,336  | $6,335,241   | $31,901,430    | 0.21%    |
+| 18  | WhiteBIT               | BTC/USDT     | $0.998610 | 0.01%  | $26,889,400 | $16,222,734  | $65,206,973    | 0.42%    |
+| 19  | DigiFinex              | BTC/USDT     | $0.998639 | 0.01%  | $23,018,792 | $18,453,213  | $204,232,516   | 1.32%    |
+| 20  | MEXC                   | XRP/USDT     | $0.998610 | 0.02%  | $4,342,330  | $4,132,973   | $23,018,515    | -        |
+| 21  | Binance                | XRP/USDT     | $0.998928 | 0.02%  | $2,614,830  | $3,437,175   | $260,899,893   | 1.68%    |
+| 22  | XT.COM                 | BTC/USDT     | $0.998610 | 0.01%  | $3,255,617  | $3,236,361   | $207,744,898   | 1.34%    |
+| 23  | Binance                | FDUSD/USDT   | $0.998639 | 0.02%  | $2,588,505  | $5,734,552   | $17,695,917    | 0.11%    |
+| 24  | Toobit                 | BTC/USDT     | $0.998639 | 0.01%  | $2,953,710  | $3,188,673   | $203,772,659   | 1.32%    |
+| 25  | OKX                    | ETH/USDT     | $0.998639 | 0.01%  | $3,146,718  | $4,359,803   | $63,736,907    | 0.41%    |
+
+### Rationale
+
+USDT is one of the most widely used stablecoins in the cryptocurrency space, and its addition as a trading pair in Perps V2 will attract more traders and increase the platform's trading volume.
+
+### Technical Specification
+
+Implementation requires adding the USDT trading pair to Perps V2. The off-chain oracle price feed from Pyth will provide real-time price data for accurate trading.
+
+### Test Cases
+
+N/A
+
+### Configurable Values (Via SCCP)
+
+All Perps V2 configurable values for the USDT market will be set in subsequent SCCPs.
+
+```json
+{
+    "makerFee": "",
+    "takerFee": "",
+    "takerFeeDelayedOrder": "",
+    "makerFeeDelayedOrder": "",
+    "takerFeeOffchainDelayedOrder": "",
+    "makerFeeOffchainDelayedOrder": "",
+    "maxLeverage": "",
+    "maxMarketValue": "",
+    "maxFundingVelocity": "",
+    "skewScale": "",
+
+    "nextPriceConfirmWindow": "",
+    "delayedOrderConfirmWindow": "",
+    "minDelayTimeDelta": "",
+    "maxDelayTimeDelta": "",
+    "offchainDelayedOrderMinAge": "",
+    "offchainDelayedOrderMaxAge": "",
+    "offchainPriceDivergence": ""
+}
+
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).