VMP-021 update funding interval on ETH perps to 8 hours

VMP-021 update funding interval on ETH perps to 8 hours

The funding interval on ETH perps needs to be updated to 8 hours for the reasons set out in this post: VMP-013 Create market - BTCUSDT Perpetual - #8 by davidbrent101

Full Proposal JSON:

{
  "rationale": {
    "title": "VMP-21 Update ETH Perp funding interval to 8 hours.",
    "description": "A proposal to update the existing market ETH/USD-PERP with a funding interval of 8 hours as discussed in the forum: https://community.vega.xyz/t/vmp-021-update-funding-interval-on-eth-perps-to-8-hours/4390"
  },
  "terms": {
    "updateMarket": {
      "marketId": "e63a37edae8b74599d976f5dedbf3316af82579447f7a08ae0495a021fd44d13",
      "changes": {
        "linearSlippageFactor": "0.001",
        "quadraticSlippageFactor": "0",
        "instrument": {
          "code": "ETH/USD-PERP",
          "perpetual": {
            "quoteName": "USD",
            "marginFundingFactor": "0.95",
            "interestRate": "0.1095",
            "clampLowerBound": "-0.0005",
            "clampUpperBound": "0.0005",
            "dataSourceSpecForSettlementSchedule": {
              "internal": {
                "timeTrigger": {
                  "conditions": [
                    {
                      "operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
                      "value": "0"
                    }
                  ],
                  "triggers": [
                    {
                      "initial": "1700359200",
                      "every": "28800"
                    }
                  ]
                }
              }
            },
            "dataSourceSpecForSettlementData": {
              "external": {
                "ethOracle": {
                  "address": "0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419",
                  "abi": "[{\"inputs\":[],\"name\":\"latestAnswer\",\"outputs\":[{\"internalType\":\"int256\",\"name\":\"\",\"type\":\"int256\"}],\"stateMutability\":\"view\",\"type\":\"function\"}]",
                  "method": "latestAnswer",
                  "args": [],
                  "trigger": {
                    "timeTrigger": {
                      "initial": "1700359200",
                      "every": "300"
                    }
                  },
                  "requiredConfirmations": "3",
                  "filters": [
                    {
                      "key": {
                        "name": "eth.price",
                        "type": "TYPE_INTEGER",
                        "numberDecimalPlaces": "8"
                      },
                      "conditions": [
                        {
                          "operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
                          "value": "0"
                        }
                      ]
                    }
                  ],
                  "normalisers": [
                    {
                      "name": "eth.price",
                      "expression": "$[0]"
                    }
                  ]
                }
              }
            },
            "dataSourceSpecBinding": {
              "settlementDataProperty": "eth.price",
              "settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
            }
          }
        },
        "metadata": [
          "enactment:2023-11-19T02:00:00Z",
          "base:ETH",
          "quote:USD",
          "class:fx/crypto",
          "perpetual",
          "sector:defi"
        ],
        "priceMonitoringParameters": {
          "triggers": [
            {
              "horizon": "43200",
              "probability": "0.9999999",
              "auctionExtension": "300"
            }
          ]
        },
        "liquidityMonitoringParameters": {
          "targetStakeParameters": {
            "timeWindow": "3600",
            "scalingFactor": 0.05
          },
          "triggeringRatio": "0.1",
          "auctionExtension": "1"
        },
        "logNormal": {
          "tau": 0.000009506426342,
          "riskAversionParameter": 0.000001,
          "params": {
            "mu": 0,
            "r": 0.016,
            "sigma": 1.5
          }
        },
        "liquiditySlaParameters": {
          "priceRange": "0.3",
          "commitmentMinTimeFraction": "0.85",
          "performanceHysteresisEpochs": "1",
          "slaCompetitionFactor": "0.5"
        }
      }
    },
    "closingTimestamp": 1701198000,
    "enactmentTimestamp": 1701198000
  }
}
2 Likes

@davidbrent101 is the change of SLA price range from 0.03 to 0.3 intentional?

Well spotted. I retracted our LP vote on the original proposal and submitted a replacement with the following JSON:

{
  "rationale": {
    "title": "VMP-21 Update ETH Perp funding interval to 8 hours.",
    "description": "A proposal to update the existing market ETH/USD-PERP with a funding interval of 8 hours as discussed in the forum: https://community.vega.xyz/t/vmp-021-update-funding-interval-on-eth-perps-to-8-hours/4390"
  },
  "terms": {
    "updateMarket": {
      "marketId": "e63a37edae8b74599d976f5dedbf3316af82579447f7a08ae0495a021fd44d13",
      "changes": {
        "linearSlippageFactor": "0.001",
        "quadraticSlippageFactor": "0",
        "instrument": {
          "code": "ETH/USD-PERP",
          "perpetual": {
            "quoteName": "USD",
            "marginFundingFactor": "0.95",
            "interestRate": "0.1095",
            "clampLowerBound": "-0.0005",
            "clampUpperBound": "0.0005",
            "dataSourceSpecForSettlementSchedule": {
              "internal": {
                "timeTrigger": {
                  "conditions": [
                    {
                      "operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
                      "value": "0"
                    }
                  ],
                  "triggers": [
                    {
                      "initial": "1700359200",
                      "every": "28800"
                    }
                  ]
                }
              }
            },
            "dataSourceSpecForSettlementData": {
              "external": {
                "ethOracle": {
                  "address": "0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419",
                  "abi": "[{\"inputs\":[],\"name\":\"latestAnswer\",\"outputs\":[{\"internalType\":\"int256\",\"name\":\"\",\"type\":\"int256\"}],\"stateMutability\":\"view\",\"type\":\"function\"}]",
                  "method": "latestAnswer",
                  "args": [],
                  "trigger": {
                    "timeTrigger": {
                      "initial": "1700359200",
                      "every": "300"
                    }
                  },
                  "requiredConfirmations": "3",
                  "filters": [
                    {
                      "key": {
                        "name": "eth.price",
                        "type": "TYPE_INTEGER",
                        "numberDecimalPlaces": "8"
                      },
                      "conditions": [
                        {
                          "operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
                          "value": "0"
                        }
                      ]
                    }
                  ],
                  "normalisers": [
                    {
                      "name": "eth.price",
                      "expression": "$[0]"
                    }
                  ]
                }
              }
            },
            "dataSourceSpecBinding": {
              "settlementDataProperty": "eth.price",
              "settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
            }
          }
        },
        "metadata": [
          "enactment:2023-11-19T02:00:00Z",
          "base:ETH",
          "quote:USD",
          "class:fx/crypto",
          "perpetual",
          "sector:defi"
        ],
        "priceMonitoringParameters": {
          "triggers": [
            {
              "horizon": "43200",
              "probability": "0.9999999",
              "auctionExtension": "300"
            }
          ]
        },
        "liquidityMonitoringParameters": {
          "targetStakeParameters": {
            "timeWindow": "3600",
            "scalingFactor": 0.05
          },
          "triggeringRatio": "0.1",
          "auctionExtension": "1"
        },
        "logNormal": {
          "tau": 0.000009506426342,
          "riskAversionParameter": 0.000001,
          "params": {
            "mu": 0,
            "r": 0.016,
            "sigma": 1.5
          }
        },
        "liquiditySlaParameters": {
          "priceRange": "0.03",
          "commitmentMinTimeFraction": "0.85",
          "performanceHysteresisEpochs": "1",
          "slaCompetitionFactor": "0.5"
        }
      }
    },
    "closingTimestamp": 1701349200,
    "enactmentTimestamp": 1701349200
  }
}