{"componentChunkName":"component---src-pages-sips-sip-markdown-remark-frontmatter-sip-tsx","path":"/sips/sip-226/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sips/sip-226.md","frontmatter":{"sip":226,"sccp":null,"title":"SNX Futures Market","network":"Optimism","author":"Arthur (@artdgn)","type":"Governance","proposal":null,"implementor":null,"release":null,"created":"2022/04/04","updated":null,"status":"Rejected"},"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<!--\"If you can't explain it simply, you don't understand it well enough.\" Simply describe the outcome the proposed changes intends to achieve. This should be non-technical and accessible to a casual community member.-->\n<p>Create SNX Futures market on Optimism</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<!--A short (~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what *will* be done if the SIP is implemented, not *why* it should be done or *how* it will be done. If the SIP proposes deploying a new contract, write, \"We propose to deploy a new contract that will do x\".-->\n<p>This is a proposal to offer SNX futures which tracks the price of the $SNX token</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<!--This is where you explain the reasoning behind how you propose to solve the problem. Why did you propose to implement the change in this way, what were the considerations and trade-offs? The rationale fleshes out what motivated the design and why particular design decisions were made. It should describe alternate designs that were considered and related work. The rationale may also provide evidence of consensus within the community, and should discuss important objections or concerns raised during discussion.-->\n<ol>\n<li>SNX perps and spot are widely traded. E.g. shorting SNX is available and on both centralized (Binance, FTX) and decentralized (dYdX) platforms. But the protocol and stakers are not capturing any of the fees or funding paid in those markets.</li>\n<li>Trading SNX perps on Synthetix may be especially suitable and attractive for Synthetix ecosystem participants.</li>\n<li>Existing and new stakers may benefit from the ability to hedge or limit their price exposure.</li>\n<li>Debt pool risk and exposure may be limited via OI caps and funding rate parameters, and can start with conservative values and gradually adjusted.</li>\n<li>Frontrunning risk can be mitigated by adequately setting exchange fees (as with other price feeds).</li>\n</ol>\n<h4 id=\"perps-oi-and-volume-on-other-platforms\" style=\"position:relative;\"><a href=\"#perps-oi-and-volume-on-other-platforms\" aria-label=\"perps oi and volume on other platforms 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>Perps OI and volume on other platforms</h4>\n<table>\n<thead>\n<tr>\n<th>Exchange</th>\n<th>Symbol</th>\n<th>Price</th>\n<th>24h</th>\n<th>Index Price</th>\n<th>Basis</th>\n<th>Spread</th>\n<th>Funding Rate</th>\n<th>Open Interest</th>\n<th>24h Volume</th>\n<th>Last Traded</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>dYdX Perpetual dYdX Perpetual</td>\n<td>SNX-USD</td>\n<td>$7.40</td>\n<td>3.8%</td>\n<td>7.38 USD</td>\n<td>-0.135%</td>\n<td>0.14%</td>\n<td>0.002%</td>\n<td>$20,036,981</td>\n<td>$14,007,494.10</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>Binance (Futures) Binance (Futures)</td>\n<td>SNXUSDT</td>\n<td>$7.37</td>\n<td>3.7%</td>\n<td>7.38 USDT</td>\n<td>-0.024%</td>\n<td>0.01%</td>\n<td>0.010%</td>\n<td>$14,452,068</td>\n<td>$83,291,836.21</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>FTX (Derivatives) FTX (Derivatives)</td>\n<td>SNX-PERP</td>\n<td>$7.37</td>\n<td>3.4%</td>\n<td>7.37 USD</td>\n<td>-0.103%</td>\n<td>0.05%</td>\n<td>0.005%</td>\n<td>$13,573,399</td>\n<td>$15,170,213.04</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>KuCoin Futures KuCoin Futures</td>\n<td>SNXUSDTM</td>\n<td>$7.36</td>\n<td>3.6%</td>\n<td>7.37 USDT</td>\n<td>+0.041%</td>\n<td>0.03%</td>\n<td>0.008%</td>\n<td>$2,946,541</td>\n<td>$3,913,255.63</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>Huobi Futures Huobi Futures</td>\n<td>SNX-USDT</td>\n<td>$7.36</td>\n<td>3.4%</td>\n<td>7.36 USDT</td>\n<td>-0.010%</td>\n<td>0.27%</td>\n<td>0.010%</td>\n<td>$1,614,129</td>\n<td>$1,170,985.64</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>Perpetual Protocol Perpetual Protocol</td>\n<td>SNX_USDC</td>\n<td>$7.37</td>\n<td>3.5%</td>\n<td>7.37 USDC</td>\n<td>0.000%</td>\n<td>-</td>\n<td>0.008%</td>\n<td>$1,436,921</td>\n<td>$1,686,194.95</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>MEXC Global (Futures) MEXC Global (Futures)</td>\n<td>SNX_USDT</td>\n<td>$7.39</td>\n<td>4.2%</td>\n<td>7.38 USDT</td>\n<td>-0.068%</td>\n<td>0.8%</td>\n<td>0.020%</td>\n<td>$820,986</td>\n<td>$674,430.51</td>\n<td>Recently</td>\n</tr>\n<tr>\n<td>...</td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n</tr>\n<tr>\n<td>...</td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n<td></td>\n</tr>\n</tbody>\n</table>\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>Price feed already exists and backs many parts of the system.</p>\n<h3 id=\"configurable-values-via-sccp\" style=\"position:relative;\"><a href=\"#configurable-values-via-sccp\" aria-label=\"configurable values via sccp 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 (Via SCCP)</h3>\n<p>Open interest caps would be low and fees would be set high initially. Exact parameters TBD.</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":"468dee2b-dd07-5904-897f-d47f2f34f076","frontmatter__sip":226,"__params":{"frontmatter__sip":"226"}}},"staticQueryHashes":[]}