> For the complete documentation index, see [llms.txt](https://docs.jaawle.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jaawle.xyz/protocol/parameters.md). # Parameters The values below are what the local chain (`DeployLocal.s.sol`, `AddMarket.s.sol`) and the testnet (`DeployStaging.s.sol` with `deployments/markets.staging.json`) deploy. Production values go through the timelock and may differ. Basis points are out of 10 000. ## Per market | parameter | stock, ETF | crypto | meme | field | | ------------------------- | ------------------------------------------------------------ | ---------------------------------- | ---------------- | --------------------------------------------------- | | pool kind | share-backed | synthetic | synthetic | `stock` set or zero | | follows market hours | yes | no | no | `PriceFeed.AssetConfig.followsMarketHours` | | max leverage | 10x | 20x | 5x | `MarketConfig.maxLeverage` | | taker fee, open and close | 5 bps | 5 bps | 10 bps | `MarketConfig.takerFeeBps` | | off-hours fee multiplier | 2 | (always Regular) | (always Regular) | `MarketConfig.offHoursFeeMult` | | maintenance margin | 0.50 % of size | 0.50 % | 2.00 % | `MarketConfig.maintenanceBps` | | borrow rate | 27.78e-9 per second x utilisation (87.6 % per year at 100 %) | same | same | `MarketConfig.borrowRatePerSecond` = 27 777 777 777 | | long cap | shares on hand | 80 % of USDC, in tokens at the mid | 50 % of USDC | `reserveInventory` | | short cap | 80 % of USDC | 80 % of USDC | 50 % of USDC | `Config.shortCapBps` | | target stock weight | 60 % | 0 | 0 | `Config.targetInventoryBps` | | max deployed | 70 % | 0 | 0 | `Config.maxDeployRatioBps` | Local seed markets: AAPL, MSFT, NVDA, TSLA. Testnet listing: AAPL, MSFT, NVDA, TSLA, SPY, QQQ (share-backed, index weights 20 / 20 / 20 / 10 / 20 / 10 %), ETH, BTC, SOL (crypto), DOGE, PEPE, WIF (meme). ## Risk (same on every market) | parameter | value | field | | -------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | | funding | 3.17e-9 per second x skew (10 % per year at 100 % skew), paid by the heavy side to the pool | `RiskConfig.maxFundingPerSecond` = 3 170 979 198 | | off-hours maintenance multiplier | 1.5 | `RiskConfig.offHoursMaintenanceMult` = 1.5e18 | | liquidation penalty | 1.5 % of the closed notional, capped by the remaining collateral | `RiskConfig.liquidationPenaltyBps` = 150 | | liquidator reward | 30 % of the penalty; the rest to insurance | `RiskConfig.liquidatorRewardBps` = 3 000 | | partial liquidation | positions above $50 000, in 30 % chunks | `RiskConfig.partialLiquidationThresholdUsd`, `partialLiquidationBps` = 3 000 | | keeper priority for liquidations | 30 s after a flag | `RiskConfig.keeperPriorityWindow` | | insurance fee | 10 % of taker fees and of the borrow and funding leg | `RiskConfig.insuranceFeeBps` = 1 000 | | protocol fee (fee switch) | 10 % of taker fees and of the borrow and funding leg, to the treasury | `RiskConfig.protocolFeeBps` = 1 000 | | pool share of fees and borrow | 80 % | remainder | ## Pool | parameter | value | field | | ---------------------------- | -------------------------------------------------------- | ---------------------------------- | | LP fee, base | 30 bps | `Config.baseFeeBps` | | LP fee, tax or rebate | up to 50 bps by drift from the target split; integer bps | `Config.taxFeeBps` | | USDC reserve floor | 15 % of NAV | `Config.reserveBps` | | minimum deposit | $10 | `Config.minDepositUsd` | | request TTL | 3 days, then cancellable by the requester | `Config.requestTtl` | | issuer order, max size | $200 000 | `Config.maxOrderUsd` | | issuer order, fill deviation | 3 % from the mid | `Config.maxFillDeviationBps` = 300 | | issuer order, stale after | 3 days | `Config.maxPendingAge` | | dividend fee | 0 (the net dividend is pool NAV) | `Config.dividendFeeBps` | | virtual shares and assets | 1e18 each (share price starts at $1) | constants | ## Price feed | parameter | value | field | | --------------------- | ---------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------ | | stale after | 10 min (5 min on the fork) | `AssetConfig.maxAge` | | max confidence | 1 % of the mid | `AssetConfig.maxConfBps` = 100 | | max deviation | 5 % against the last accepted print | `AssetConfig.maxDeviationBps` = 500 | | deviation window | 10 min | `AssetConfig.deviationWindow` | | closing mark validity | 4 days | `maxMarkAge` (default) | | session expiry | 2 hours without a push, then Closed | `sessionMaxAge` | | sessions | Regular 09:30 to 16:00 ET; Extended 04:00 to 09:30 and 16:00 to 20:00 ET; Closed otherwise, weekends and NYSE holidays | pushed by the settler from the keeper's calendar | ## Index vault | parameter | value | field | | --------------------- | ------------------------------------------ | ---------------------- | | minimum deposit | $10 | `minDepositUsd` | | request TTL | 1 day | `requestTtl` | | shift cooldown | 1 hour | `minRebalanceInterval` | | max shift | 3 % of index NAV per shift | `maxShiftBps` = 300 | | child weights (local) | AAPL 30 %, MSFT 25 %, NVDA 25 %, TSLA 20 % | `setWeights` | ## Insurance vault | parameter | value | field | | ------------------------ | -------- | ---------------- | | cover per transaction | $50 000 | `maxCoverPerTx` | | cover per day | $200 000 | `maxCoverPerDay` | | seed (local and testnet) | $100 000 | minted at deploy | ## Triggers and one-click trading | parameter | value | field | | -------------------------- | ----------------------------------------------------------------------------- | ---------------------------- | | trigger execution priority | 60 s after a flag, keeper first | `TriggerBook.priorityWindow` | | trigger close share | 1 to 10 000 bps of the position | `closeBps` per trigger | | subaccount grant | `expiresAt`, `maxActions`, `maxNotionalUsd` per action, chosen by the account | `TradeRouter.Grant` | | relay fee | at most the `relayFeeUsdc` the subaccount signed | `Action.relayFeeUsdc` | ## Governance | parameter | local, testnet | production | field | | -------------- | ---------------------------- | ---------------------------- | ------------------------------------------------- | | timelock delay | 0 | 24 hours (`MIN_DELAY`) | `TimelockController.minDelay` | | proposers | the deployer | the multisig | timelock | | executors | anyone | anyone | timelock | | extra ADMIN | the deployer EOA | none | `devAdmin` | | treasury | the deployer (or `TREASURY`) | the multisig (or `TREASURY`) | `PositionManager.treasury`, `MarketPool.treasury` | --- # Agent Instructions This documentation is published with GitBook. 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