Protocol Parameters

All of the below parameters can be updated using governance which initially would default to team multisig. These updates are timelocked to ensure time for market participants to react accordingly.

Collateral Settings

These parameters are changable by Governance.

1. Oracle: Oracle to be used to price the collateral
2. Twap Duration: Default value 15 mins
3. Allowed For Deposits: Can be used to enable/disable an existing collateral

Market Settings

These parameters are changable by Governance.

1. Initial Margin Ratio: Initial margin factor (Default: 20%)
2. Maintainance Margin Ratio: Maintainance Margin Factor (Default: 10%)
3. Max Spot Perp Deviation Ratio: Max allowed deviation between TWAP_SPOT and TWAP_PERP (Default: 5%)
4. Twap Duration: (Default: 15min)
5. Allowed For Trade: Can be used to enable/disable an existing market
6. Oracle: Oracle feed for TWAP_SPOT price

Liquidation Settings

These parameters are changable by Governance.

1. Range Liquidation Fee Fraction: Fraction of range token position notional to be given as fees (1.5%)
2. Token Liquidation Fee Fraction: Fraction of token position notional to be given as fees (3%)
3. Partial Liquidation Margin Threshold: Fraction of maintainance margin for partial liquidation eligibility (75%)
4. Partial Liquidation Close Factor: Fraction of position closed on partial liquidation (50%)
5. Insurance Fund Fee Share: Fraction of liquidation fees transferred to insurance fund (50%)
6. Liquidation Slippage Threshold: Maximum price slippage threshold on token liquidation (3%)
7. Max Range Liquidation Fee Threshold: Cap on the fees charged for range liquidation ($100)
8. Min Notional Liquidatable: Minimum position value to be eligible for partial liquidation ($100)

Order Settings

These parameters are changable by Governance.

1. Remove Limit Order Fee: Keeper Fee for limit order removal ($10)
2. Minimum Order Notional: Minimum threshold on notional value of an open position call ($10)
3. Minimum Required Margin: Minimum required margin threshold ($20)

Fee Settings

These parameters are changable by Governance.

1. Liquidity Fee: Fees to go to liquidity providers on each swap (0.1%)
2. Protocol Fee: Fees to go to protocol on each swap (0.05%)

Funding Rate Settings

These parameters are changable either by Governance or Team Multisig.

1. Funding Rate: Funding rate guidance/override