Contract Specifications

Specifications shared by every SportsPerp market. Per-market parameters (funding interval, max leverage, fees) can be tuned via the update_market_params admin instruction; the values below are the defaults that markets ship with.

Trading

Parameter	Value	Notes
Position types	Long / Short	Symmetric — no asymmetric funding
Collateral	USDC (SPL)	Devnet mint: `B5Etber6bZGm1H5VXcoerF6eWLkBd157heJS8pBtHrNo`
Min position size	10 USDC	`MIN_POSITION_SIZE = 10_000_000` at 10⁶ scale
Max position size	50% of `effective_oi` (tier-5 hard cap)	Single-position concentration cap. `effective_oi = max(market_total_oi, initial_capacity)`
`risk_floor`	Admin-set per-protocol gate on the global liquidity pool	Below it, `open_position` and `LimitOpen` revert with `RiskFloorBreached`. Closes / SL / TP / cancels / margin-passing collateral withdraws are not gated. Surfaced in the trader UI as “Opening paused: pool liquidity below risk floor”
`target_balance`	Off-chain monitoring threshold for the global liquidity pool	`[warning]` Telegram alert at `pool < 2× target_balance`, `[error]` at `< 1.25× target_balance`. Not enforced on-chain
`initial_capacity`	Admin-set per-market floor for the margin-tier denominator	Defaults: $50K teams, $10K players. Floors `effective_oi` so fresh markets don’t fall through to full leverage
Max leverage (base)	5x	Reduced per Margin Tiers as position grows
Taker fee	10 bps (0.1%)	Paid to protocol on position open/close
Maker fee	5 bps (0.05%)	For future limit-book orders
Trigger orders per user per market	10 max	`MAX_ORDERS_PER_MARKET = 10`

Funding

Parameter	Value
Funding interval	8 hours
Max funding rate per period	±0.1% (10 bps)
TWAP sample collection	Premium sample appended on every `update_oracle` (typically dozens per 8h window)
TWAP aggregation	Plain mean of accumulated samples since last `apply_funding`
Execution	Permissionless — anyone can crank `apply_funding`

Full detail: Funding Rate.

Liquidation

Parameter	Value	Constant
Maintenance margin	20%	`MAINTENANCE_MARGIN_BPS = 2000`
Layer 1 (partial) threshold	margin ≤ 20%, > 13.33%	—
Layer 2 (backstop) threshold	margin ≤ 13.33%	`BACKSTOP_THRESHOLD_BPS = 1333` (2/3 of maintenance)
Partial liquidation close size	20% of position	`PARTIAL_LIQUIDATION_FRACTION_BPS = 2000`
Cooldown between partials	30 seconds	`PARTIAL_LIQUIDATION_COOLDOWN = 30`
Layer 1 liquidator reward	5% of closed collateral	`LAYER1_REWARD_BPS = 500`
Layer 2 liquidator reward	3% of closed collateral	`LAYER2_REWARD_BPS = 300`
Insurance allocation	50% of remaining collateral	`INSURANCE_ALLOCATION_BPS = 5000`
Backstop unwind chunk	10% of absorbed position per call	`MAX_UNWIND_FRACTION_BPS = 1000`
Anti-manipulation threshold	Profitable positions protected unless lost ≥ 18.3% vs last margin transfer	`1830` bps hard-coded in partial_liquidate.rs:62

Full detail: Liquidations.

Mark price

Parameter	Value	Constant
Oracle weight (live match)	50%	`DEFAULT_ORACLE_WEIGHT_LIVE_BPS = 5000`
Oracle weight (between matches)	30%	`DEFAULT_ORACLE_WEIGHT_BETWEEN_BPS = 3000`
vAMM impact factor	0.1%	`DEFAULT_VAMM_IMPACT_FACTOR = 1000`
EMA half-life	150 seconds	`EMA_HALF_LIFE = 150`

Full detail: Mark Price.

Oracle

Parameter	Value
Feed count	68 (20 teams + 48 players)
Crank interval	5 minutes (tightened to 0.1% threshold during live matches)
Staleness limit	2 hours — trades rejected if oracle data older
Confidence interval — teams	300–800 bps
Confidence interval — players	400–1000 bps
Confidence-based leverage scaling	1.0x / 0.8x / 0.6x / 0.4x / 0 (blocked) across confidence bands
Sunset trigger	Oracle stale > 72 hours — permissionless `sunset_market` callable

Full detail: Oracle Design · Market Lifecycle.

Insurance Fund

Parameter	Value
Current balance	20,000 USDC
Target balance	10,000 USDC
Max backstop exposure	50,000 USDC
Replenishment	50% of each liquidation’s remaining collateral

Full detail: Insurance Fund.

Fixed-point scales

All on-chain arithmetic uses integer fixed-point — no floats, ever. The scales are:

Quantity	Scale	Example
Prices (oracle, mark, entry)	10⁶	Index value 500 → stored as `500_000_000`
Collateral / size (USDC)	10⁶	100 USDC → `100_000_000`
Leverage	10²	5x → `500`, 2x → `200`
Funding accumulators	10¹²	High precision for cumulative rate tracking
Basis points	10⁴	100% → `10000`

SDK math in sdk/src/math/ mirrors Rust math in programs/obv-perps/src/math/ bit-for-bit. A price or PnL computed in TypeScript will equal the one the program computes, to the last integer unit.

Instruction surface

The on-chain program exposes 30 instructions across trading, partial-close, triggers, oracle, funding, liquidation, market lifecycle, insurance administration, and liquidity-pool administration. See Program Instructions Reference for the full surface.