SIP-2030: Add USDT to Perps V2
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| 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, especially in cases of depegging or expected depegging.
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
The USDT market will launch unpaused with the following configuration:
{
"makerFee": "0.3",
"takerFee": "0.3",
"takerFeeDelayedOrder": "0.3",
"makerFeeDelayedOrder": "0.3",
"takerFeeOffchainDelayedOrder": "0.00015",
"makerFeeOffchainDelayedOrder": "0",
"nextPriceConfirmWindow": "2",
"delayedOrderConfirmWindow": "120",
"minDelayTimeDelta": "60",
"maxDelayTimeDelta": "6000",
"offchainDelayedOrderMinAge": "2",
"offchainDelayedOrderMaxAge": "60",
"maxLeverage": "55",
"maxMarketValue": "5000000",
"maxFundingVelocity": "3",
"skewScale": "10000000000",
"offchainPriceDivergence": "0.025",
"liquidationPremiumMultiplier": "1",
"liquidationBufferRatio": "0.0075",
"maxPD": "0.00015",
"maxLiquidationDelta": "0.0003",
}
Copyright
Copyright and related rights waived via CC0.