Skip to main content
Version: testnet (v0.73)

Propose new perpetuals market

Requirements​

You will need:

Templates and submitting​

In the tabs below you'll see:

  • Annotated example describing what each field is for
  • JSON example that can be submitted with the governance dApp ↗
  • Command line examples for different operating systems

Replace the example data with the relevant details before submitting.

 {
  rationale: {
   title: "Lorem Ipsum perpetual",
   description: "An orange perpetual market"
  },
  terms: {
   newMarket: {
    changes: {
     // Linear slippage factor is used to cap the slippage component of maintenance margin - it is applied to the slippage volume.
     linearSlippageFactor: 0.001,

     // Quadratic slippage factor is used to cap the slippage component of maintenance margin - it is applied to the square of the slippage volume.
     quadraticSlippageFactor: 0,

     // Decimal places used for the new futures market, sets the smallest price increment on the book. (uint64 as string)
     decimalPlaces: "5",

     // Decimal places for order sizes, sets what size the smallest order / position on the futures market can be. (int64 as string)
     positionDecimalPlaces: "5",

     // Instrument configuration
     instrument: {
      // Instrument name.
      name: "Oranges Perpetual",

      // Instrument code, human-readable shortcode used to describe the instrument.
      code: "ORANGES.PERP",

      // Perpetual product configuration
      dataSourceSpecForSettlementData: {
       // DataSourceDefinitionExternal is the top level object used for all external 
       // data sources. It contains one of any of the defined `SourceType` variants. 
       external: {
        // Contains the data specification that is received from Ethereum sources.
        ethOracle: {
         // Ethereum address of the contract to call.
         address: "0x1b44F3514812d835EB1BDB0acB33d3fA3351Ee43",

         // The ABI of that contract.
         abi: "[{" inputs ":[]," name ":" latestAnswer "," outputs ":[{" internalType ":" int256 "," name ":" "," type ":" int256 "}]," stateMutability ":" view "," type ":" function "}]",

         // Name of the method on the contract to call.
         method: "latestAnswer",


         /* Normalisers are used to convert the data returned from the contract method
         * into a standard format. The key of the map is the name of the property,
         * which identifies the specific piece of data to other parts of the data
         * sourcing framework, for example filters. The value is a JSONPath expression
         * for expressing where in the contract call result the required data is
         * located, for example $[0] indicates the first result. $[1].price would look
         * in the second result returned from the contract for a structure with a key
         * called 'price' and use that if it exists. */
         normalisers: [
          {
           name: "btc.price",
           expression: "$[0]"
          }
         ],

         // Number of confirmations required before the query is considered verified
         requiredConfirmations: 3,

         // Conditions for determining when to call the contract method.
         trigger: {
          /* Trigger for an Ethereum call based on the Ethereum block timestamp. Can be
          * one-off or repeating. */
          timeTrigger: {
           /* Repeat the call every n seconds after the initial call. If no time for
           * initial call was specified, begin repeating immediately. */
           every: 30
          }
         },

         // Filters the data returned from the contract method
         filters: [
          {
           key: {
            name: "btc.price",
            type: "TYPE_INTEGER",
            numberDecimalPlaces: 8
           },
           conditions: [
            {
             operator: "OPERATOR_GREATER_THAN_OR_EQUAL",
             value: "0"
            }
           ]
          }
         ]
        }
       }
      },


      /* Describes which property of the data source data is to be
      * used as settlement data and which to use as the trading terminated trigger */
      dataSourceSpecBinding: {
       /* Name of the property in the source data that should be used as settlement data.
       * If it is set to "prices.BTC.value", then the perpetual market will use the value of
       * this property as settlement data. */
       settlementDataProperty: "prices.ORANGES.value",
       settlementScheduleProperty: "vegaprotocol.builtin.timetrigger"
      }
     },

     // Optional new futures market metadata, tags.
     metadata: [
      "enactment:2023-10-19T20:45:39Z",
      "settlement:2023-10-18T20:45:39Z",
      "source:docs.vega.xyz"
     ],

     // PriceMonitoringParameters contains a collection of triggers to be used for a given market
     priceMonitoringParameters: {
      // PriceMonitoringTrigger holds together price projection horizon τ, probability level p, and auction extension duration
      triggers: [
       {
        // Price monitoring projection horizon τ in seconds. (int64 as string)
        horizon: "43200",

        // Price monitoring probability level p. (string)
        probability: "0.9999999",

        // Price monitoring auction extension duration in seconds should the price
        // breach its theoretical level over the specified horizon at the specified
        // probability level. (int64 as string)
        auctionExtension: "600",
       }
      ]
     },

     // LiquidityMonitoringParameters contains settings used for liquidity monitoring
     liquidityMonitoringParameters: {
      // TargetStakeParameters contains parameters used in target stake calculation
      targetStakeParameters: {
       // Specifies length of time window expressed in seconds for target stake calculation. (string)
       timeWindow: "3600",

       // Specifies scaling factors used in target stake calculation. (number)
       scalingFactor: 10
      },

      // Specifies the triggering ratio for entering liquidity auction. (string)
      triggeringRatio: "0.7",

      // Specifies by how many seconds an auction should be extended if leaving the auction were to trigger a liquidity auction. (int64 as string)
      auctionExtension: "1",
     }
    },

    // Risk model for log normal
    logNormal: {
     // Tau parameter of the risk model, projection horizon measured as a year fraction used in the expected shortfall
     calculation to obtain the maintenance margin,
     must be a strictly non - negative real number.(number) tau: 0.0001140771161,

     // Risk Aversion Parameter. (double as number)
     riskAversionParameter: "0.01",

     // Risk model parameters for log normal
     params: {
      // Mu parameter, annualised growth rate of the underlying asset. (double as number)
      mu: 0,

      // R parameter, annualised growth rate of the risk-free asset, used for discounting of future cash flows, can be any real number. (double as number)
      r: 0.016,

      // Sigma parameter, annualised volatility of the underlying asset, must be a strictly non-negative real number. (double as number)
      sigma: 0.15,
     }
    },

    // Liquidity SLA parameters
    liquiditySlaParameters: {
     // (string)
     priceRange: 0.1,

     // Specifies the minimum fraction of time LPs must spend "on the book" providing their committed liquidity. (string)
     commitmentMinTimeFraction: "0.1",

     // Specifies the number of liquidity epochs over which past performance will continue to affect rewards. (uint64 as string)
     performanceHysteresisEpochs: "10",

     // Specifies the maximum fraction of their accrued fees an LP that meets the SLA implied by market.liquidity.commitmentMinTimeFraction will lose to liquidity providers
     // that achieved a higher SLA performance than them. (string)
     slaCompetitionFactor: "0.2",
    },
   }
  },

  // Timestamp as Unix time in seconds when voting closes for this proposal,
  // constrained by `minClose` and `maxClose` network parameters. (int64 as string)
  closingTimestamp: 1697658339,

  // Timestamp as Unix time in seconds when proposal gets enacted if passed,
  // constrained by `minEnact` and `maxEnact` network parameters. (int64 as string)
  enactmentTimestamp: 1697744739,
 }
}

Voting​

All proposals are voted on by the community. To vote, community members need, at a minimum, the larger of 🔗1 token or 🔗1 token associated to their Vega key.

Your proposal will need participation of 🔗7% and a majority of 🔗66%, so having community support is essential.

Proposers who invite feedback, engage with comments, and make revisions to meet the needs of the community are more likely to be successful.

Enactment​

If successful, the proposal will be enacted at the time you specify in the enactmentTimestamp field.