SIP-387: Create a new perps markets listing framework for automated listing across all networks

Author	Danny Sacks
Status	Implemented
Type	Meta-Governance
Network	Ethereum, Optimism, Base & Arbitrum
Implementor	TBD
Release	TBD
Proposal	Loading status...
Created	2024-05-28

Simple Summary

This proposal outlines a framework for automatic perps market listings which bypass the slew of simple new market listing proposals, based on a strict set of guidelines.

Abstract

Given risk associated with individual markets is navigated through SCCPs which determine market parameters, we can provide a framework for which all assets that meet certain requirements can automatically be listed. These requirements include a Binance Perps listing and a Pyth Low Latency oracle price feed. Assets which meet these requirements will automatically be approved for perps market listings. SCCPs will still be required to set market parameters. Assets which do not meet these requirements can still go through the traditional SIP approval process for listings.

Motivation

The motivation behind this proposal is to increase perps market listing velocity for new markets which have both listed on Binance Perps and have a Pyth oracle price feed. There have been no less than 10 SIPs raised to add new markets, each of which needed to wait to be presented to the Spartan Council on the following Wednesday, and the discussion following is always the same. Questions which must get answered include “Is there a Tier 1 CEX perps listing so the market can be arbed across exchanges?” and “Is there a Pyth price feed?”. Yes to both questions leads to an approval, while a no for either question leads to a denial.

Given this pattern, we can bypass the process assuming the asset in question meets the requirements.

Specification

New perps market listings will no longer require a SIP specific to adding the market if the asset is already listed on Binance Perps and has a Pyth oracle price feed.

Potential Risks: Given market parameters are configured by SCCP, I consider this proposal to be low risk.

Rationale

In light of the FTX fallout, arb bots typically only use Binance or Bybit. Other centralized or decentralized exchanges may pass the “Tier 1” test in the future. This proposal requires that the asset has a Binance Perps listing, specifically.

Technical Specification

The current set of price feeds made available by Pyth can be found here: https://pyth.network/price-feeds.