{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-404/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-404.md","frontmatter":{"sip":null,"sccp":404,"title":"Update Perps V3 Parameters","network":"Base","author":"Kaleb","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x5472a83f6d88b24391c403b9ffb69d2d1c208964b39a2f1b66907771c51b7f75","implementor":null,"release":null,"created":"2025-04-14T00:00:00.000Z","updated":null,"status":"Implemented"},"html":"<h2 id=\"simple-summary\" style=\"position:relative;\"><a href=\"#simple-summary\" aria-label=\"simple summary permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Simple Summary</h2>\n<p>This sccp proposes update the perps v3 parameters as per the below:</p>\n<h3 id=\"max-market-value\" style=\"position:relative;\"><a href=\"#max-market-value\" aria-label=\"max market value permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Max Market Value</h3>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>ticker</strong></th>\n<th align=\"center\"><strong>Current MMV</strong></th>\n<th align=\"center\"><strong>Proposed MMV</strong></th>\n<th align=\"center\"><strong>CEX OI</strong></th>\n<th align=\"center\"><strong>Current SNX OI</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">mew</td>\n<td align=\"center\">1.00</td>\n<td align=\"center\">0.50</td>\n<td align=\"center\">5.78</td>\n<td align=\"center\">0.30</td>\n</tr>\n<tr>\n<td align=\"center\">not</td>\n<td align=\"center\">1.00</td>\n<td align=\"center\">0.70</td>\n<td align=\"center\">7.07</td>\n<td align=\"center\">0.21</td>\n</tr>\n<tr>\n<td align=\"center\">people</td>\n<td align=\"center\">1.00</td>\n<td align=\"center\">0.50</td>\n<td align=\"center\">5.89</td>\n<td align=\"center\">0.13</td>\n</tr>\n<tr>\n<td align=\"center\">axl</td>\n<td align=\"center\">0.50</td>\n<td align=\"center\">0.25</td>\n<td align=\"center\">2.62</td>\n<td align=\"center\">0.31</td>\n</tr>\n<tr>\n<td align=\"center\">goat</td>\n<td align=\"center\">3.00</td>\n<td align=\"center\">0.50</td>\n<td align=\"center\">6.15</td>\n<td align=\"center\">0.50</td>\n</tr>\n<tr>\n<td align=\"center\">pol</td>\n<td align=\"center\">3.00</td>\n<td align=\"center\">1.50</td>\n<td align=\"center\">14.24</td>\n<td align=\"center\">1.37</td>\n</tr>\n<tr>\n<td align=\"center\">om</td>\n<td align=\"center\">3.00</td>\n<td align=\"center\">1.00</td>\n<td align=\"center\">17.14</td>\n<td align=\"center\">0.39</td>\n</tr>\n</tbody>\n</table>\n<p><em>All amounts above are in dollar millions.</em></p>\n<h3 id=\"skew-scale\" style=\"position:relative;\"><a href=\"#skew-scale\" aria-label=\"skew scale permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Skew Scale</h3>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>ticker</strong></th>\n<th align=\"center\"><strong>Current SkewScale</strong></th>\n<th align=\"center\"><strong>Proposed Skew Scale</strong></th>\n<th align=\"center\"><strong>Current Slippage</strong></th>\n<th align=\"center\"><strong>Proposed Slippage</strong></th>\n<th align=\"center\"><strong>Cex Slippage</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">virtual</td>\n<td align=\"center\">11,285,000</td>\n<td align=\"center\">22,570,000</td>\n<td align=\"center\">403</td>\n<td align=\"center\">202</td>\n<td align=\"center\">54</td>\n</tr>\n<tr>\n<td align=\"center\">trump</td>\n<td align=\"center\">3,138,300</td>\n<td align=\"center\">6,276,600</td>\n<td align=\"center\">95</td>\n<td align=\"center\">48</td>\n<td align=\"center\">11</td>\n</tr>\n<tr>\n<td align=\"center\">avax</td>\n<td align=\"center\">1,580,100</td>\n<td align=\"center\">3,160,200</td>\n<td align=\"center\">79</td>\n<td align=\"center\">40</td>\n<td align=\"center\">9</td>\n</tr>\n<tr>\n<td align=\"center\">arb</td>\n<td align=\"center\">60,186,800</td>\n<td align=\"center\">120,373,600</td>\n<td align=\"center\">138</td>\n<td align=\"center\">69</td>\n<td align=\"center\">16</td>\n</tr>\n<tr>\n<td align=\"center\">sol</td>\n<td align=\"center\">817,500</td>\n<td align=\"center\">1,635,000</td>\n<td align=\"center\">23</td>\n<td align=\"center\">12</td>\n<td align=\"center\">2</td>\n</tr>\n</tbody>\n</table>\n<p><em>Slippage above in bp, on 500k$ worth of volume</em></p>\n<h3 id=\"initial-margin-ratio\" style=\"position:relative;\"><a href=\"#initial-margin-ratio\" aria-label=\"initial margin ratio permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Initial Margin Ratio</h3>\n<p>Lower the Initial Margin Ratio on the TRUMP market to 6.85 from 14.387.</p>\n<h2 id=\"abstract\" style=\"position:relative;\"><a href=\"#abstract\" aria-label=\"abstract permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Abstract</h2>\n<p>The parameters being updated are described below;</p>\n<ul>\n<li>The <code>maxMarketValue</code> is the oi cap in dollar terms and the maxMarketSize represents the cap denominated by the market's underlying currency.</li>\n<li><code>skewScale</code> is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates</li>\n<li><code>initialMarginRatio</code> is a scalar applied on the position size to determine the margin set aside to support the users' exposure</li>\n</ul>\n<h2 id=\"motivation\" style=\"position:relative;\"><a href=\"#motivation\" aria-label=\"motivation permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Motivation</h2>\n<p>The motivation behind the Max Market Value update is related to the price pull back on these markets. These changes do not affect the current oi configured, given that the size parameter (maxMarketSize) plays the role to restrict the OI from a decrease in price. However, the change proposes in this sccp updates the max market value parameter as per the current oi offering in the most liquid centralized exchanges.</p>\n<p>The skew scale and initial margin ratio parameters aligns the slippage and margin requirement parameters with what is observed on centralized markets.</p>\n<h2 id=\"copyright\" style=\"position:relative;\"><a href=\"#copyright\" aria-label=\"copyright permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Copyright</h2>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"b40a1b84-7d61-59e9-9896-139b710bff70","frontmatter__sccp":404,"__params":{"frontmatter__sccp":"404"}}},"staticQueryHashes":[]}