{"componentChunkName":"component---src-pages-sips-sip-markdown-remark-frontmatter-sip-tsx","path":"/sips/sip-2030/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sips/sip-2030.md","frontmatter":{"sip":2030,"sccp":null,"title":"Add USDT to Perps V2","network":"Optimism","author":"Burt Rock (@BurtRock)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x811c114927f331e1941344582bda90ea6d7efed844d96d354075de7002fcce9e","implementor":null,"release":null,"created":"2023-08-05T00:00:00.000Z","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>Add USDT token as a market under Perps V2.</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>This proposal aims to introduce USDT futures, allowing users to trade the price of USDT against USD or hedge their USDT exposure against USD.</p>\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>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.</p>\n<h2 id=\"specification\" style=\"position:relative;\"><a href=\"#specification\" aria-label=\"specification 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>Specification</h2>\n<h3 id=\"exchange-data\" style=\"position:relative;\"><a href=\"#exchange-data\" aria-label=\"exchange data 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>Exchange Data</h3>\n<p>The following exchange data shows the market details for USDT trading pairs:</p>\n<table>\n<thead>\n<tr>\n<th>#</th>\n<th>Exchange</th>\n<th>Pair</th>\n<th>Price</th>\n<th>Spread</th>\n<th>+2% Depth</th>\n<th>-2% Depth</th>\n<th>24h Volume</th>\n<th>Volume %</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>1</td>\n<td>Binance</td>\n<td>USDC/USDT</td>\n<td>$0.998928</td>\n<td>0.02%</td>\n<td>$9,836,192</td>\n<td>$69,922,744</td>\n<td>$183,094,315</td>\n<td>1.18%</td>\n</tr>\n<tr>\n<td>2</td>\n<td>Binance</td>\n<td>BTC/USDT</td>\n<td>$0.998928</td>\n<td>0.01%</td>\n<td>$18,052,093</td>\n<td>$12,368,439</td>\n<td>$526,710,617</td>\n<td>3.40%</td>\n</tr>\n<tr>\n<td>3</td>\n<td>Binance</td>\n<td>ETH/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$9,439,909</td>\n<td>$18,515,885</td>\n<td>$243,221,771</td>\n<td>1.57%</td>\n</tr>\n<tr>\n<td>4</td>\n<td>Kraken</td>\n<td>USDT/USD</td>\n<td>$0.998720</td>\n<td>0.01%</td>\n<td>$20,696,667</td>\n<td>$3,054,989</td>\n<td>$48,992,252</td>\n<td>0.32%</td>\n</tr>\n<tr>\n<td>5</td>\n<td>Tidex</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.04%</td>\n<td>$10,216,763</td>\n<td>$9,796,456</td>\n<td>$43,783,137</td>\n<td>0.28%</td>\n</tr>\n<tr>\n<td>6</td>\n<td>Binance</td>\n<td>TUSD/USDT</td>\n<td>$0.998928</td>\n<td>0.02%</td>\n<td>$3,034,494</td>\n<td>$13,552,822</td>\n<td>$136,287,462</td>\n<td>0.88%</td>\n</tr>\n<tr>\n<td>7</td>\n<td>P2B</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$6,884,215</td>\n<td>$5,235,843</td>\n<td>$133,496,042</td>\n<td>0.86%</td>\n</tr>\n<tr>\n<td>8</td>\n<td>Gate.io</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$5,840,093</td>\n<td>$6,333,680</td>\n<td>$55,203,518</td>\n<td>0.36%</td>\n</tr>\n<tr>\n<td>9</td>\n<td>Pionex</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$3,589,352</td>\n<td>$5,756,366</td>\n<td>$258,971,987</td>\n<td>1.67%</td>\n</tr>\n<tr>\n<td>10</td>\n<td>Coinsbit</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.02%</td>\n<td>$5,125,960</td>\n<td>$5,007,220</td>\n<td>$47,619,996</td>\n<td>0.31%</td>\n</tr>\n<tr>\n<td>11</td>\n<td>OKX</td>\n<td>USDC/USDT</td>\n<td>$0.998639</td>\n<td>0.02%</td>\n<td>$1,046,743</td>\n<td>$9,416,925</td>\n<td>$5,588,158</td>\n<td>0.04%</td>\n</tr>\n<tr>\n<td>12</td>\n<td>Pionex</td>\n<td>ETH/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$4,854,866</td>\n<td>$4,105,417</td>\n<td>$146,473,997</td>\n<td>0.95%</td>\n</tr>\n<tr>\n<td>13</td>\n<td>WOO X WOO X</td>\n<td>USDC/USDT</td>\n<td>$0.998928</td>\n<td>0.03%</td>\n<td>$1,029,118</td>\n<td>$9,439,708</td>\n<td>$3,003,186</td>\n<td>0.02%</td>\n</tr>\n<tr>\n<td>14</td>\n<td>Gate.io</td>\n<td>ETH/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$4,229,620</td>\n<td>$5,216,106</td>\n<td>$32,048,672</td>\n<td>0.21%</td>\n</tr>\n<tr>\n<td>15</td>\n<td>WhiteBIT</td>\n<td>MATIC/USDT</td>\n<td>$0.998610</td>\n<td>0.02%</td>\n<td>$5,575,906</td>\n<td>$4,045,685</td>\n<td>$5,594,943</td>\n<td>0.04%</td>\n</tr>\n<tr>\n<td>16</td>\n<td>Crypto.com Exchange</td>\n<td>USDT/USD</td>\n<td>$0.998880</td>\n<td>0.01%</td>\n<td>$4,691,432</td>\n<td>$4,714,225</td>\n<td>$4,105,087</td>\n<td>0.03%</td>\n</tr>\n<tr>\n<td>17</td>\n<td>CoinTiger</td>\n<td>BUSD/USDT</td>\n<td>$0.998639</td>\n<td>0.02%</td>\n<td>$2,647,336</td>\n<td>$6,335,241</td>\n<td>$31,901,430</td>\n<td>0.21%</td>\n</tr>\n<tr>\n<td>18</td>\n<td>WhiteBIT</td>\n<td>BTC/USDT</td>\n<td>$0.998610</td>\n<td>0.01%</td>\n<td>$26,889,400</td>\n<td>$16,222,734</td>\n<td>$65,206,973</td>\n<td>0.42%</td>\n</tr>\n<tr>\n<td>19</td>\n<td>DigiFinex</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$23,018,792</td>\n<td>$18,453,213</td>\n<td>$204,232,516</td>\n<td>1.32%</td>\n</tr>\n<tr>\n<td>20</td>\n<td>MEXC</td>\n<td>XRP/USDT</td>\n<td>$0.998610</td>\n<td>0.02%</td>\n<td>$4,342,330</td>\n<td>$4,132,973</td>\n<td>$23,018,515</td>\n<td>-</td>\n</tr>\n<tr>\n<td>21</td>\n<td>Binance</td>\n<td>XRP/USDT</td>\n<td>$0.998928</td>\n<td>0.02%</td>\n<td>$2,614,830</td>\n<td>$3,437,175</td>\n<td>$260,899,893</td>\n<td>1.68%</td>\n</tr>\n<tr>\n<td>22</td>\n<td>XT.COM</td>\n<td>BTC/USDT</td>\n<td>$0.998610</td>\n<td>0.01%</td>\n<td>$3,255,617</td>\n<td>$3,236,361</td>\n<td>$207,744,898</td>\n<td>1.34%</td>\n</tr>\n<tr>\n<td>23</td>\n<td>Binance</td>\n<td>FDUSD/USDT</td>\n<td>$0.998639</td>\n<td>0.02%</td>\n<td>$2,588,505</td>\n<td>$5,734,552</td>\n<td>$17,695,917</td>\n<td>0.11%</td>\n</tr>\n<tr>\n<td>24</td>\n<td>Toobit</td>\n<td>BTC/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$2,953,710</td>\n<td>$3,188,673</td>\n<td>$203,772,659</td>\n<td>1.32%</td>\n</tr>\n<tr>\n<td>25</td>\n<td>OKX</td>\n<td>ETH/USDT</td>\n<td>$0.998639</td>\n<td>0.01%</td>\n<td>$3,146,718</td>\n<td>$4,359,803</td>\n<td>$63,736,907</td>\n<td>0.41%</td>\n</tr>\n</tbody>\n</table>\n<h3 id=\"rationale\" style=\"position:relative;\"><a href=\"#rationale\" aria-label=\"rationale 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>Rationale</h3>\n<p>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, especially in cases of depegging or expected depegging.</p>\n<h3 id=\"technical-specification\" style=\"position:relative;\"><a href=\"#technical-specification\" aria-label=\"technical specification 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>Technical Specification</h3>\n<p>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.</p>\n<h3 id=\"test-cases\" style=\"position:relative;\"><a href=\"#test-cases\" aria-label=\"test cases 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>Test Cases</h3>\n<p>N/A</p>\n<h3 id=\"configurable-values\" style=\"position:relative;\"><a href=\"#configurable-values\" aria-label=\"configurable values 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>Configurable Values</h3>\n<p>The USDT market will launch unpaused with the following configuration:</p>\n<pre><code class=\"language-json\">{\n    \"makerFee\": \"0.3\",\n    \"takerFee\": \"0.3\",\n    \"takerFeeDelayedOrder\": \"0.3\",\n    \"makerFeeDelayedOrder\": \"0.3\",\n    \"takerFeeOffchainDelayedOrder\": \"0.00015\",\n    \"makerFeeOffchainDelayedOrder\": \"0\",\n    \"nextPriceConfirmWindow\": \"2\",\n    \"delayedOrderConfirmWindow\": \"120\",\n    \"minDelayTimeDelta\": \"60\",\n    \"maxDelayTimeDelta\": \"6000\",\n    \"offchainDelayedOrderMinAge\": \"2\",\n    \"offchainDelayedOrderMaxAge\": \"60\",\n    \"maxLeverage\": \"55\",\n    \"maxMarketValue\": \"5000000\",\n    \"maxFundingVelocity\": \"3\",\n    \"skewScale\": \"10000000000\",\n    \"offchainPriceDivergence\": \"0.025\",\n    \"liquidationPremiumMultiplier\": \"1\",\n    \"liquidationBufferRatio\": \"0.0075\",\n    \"maxPD\": \"0.00015\",\n    \"maxLiquidationDelta\": \"0.0003\",\n}\n</code></pre>\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":"644327c8-0270-5d40-a750-019435692964","frontmatter__sip":2030,"__params":{"frontmatter__sip":"2030"}}},"staticQueryHashes":[]}