Protocol Parameters

All constants live in src/libraries/BazaarTypes.sol, src/libraries/RiskParamsLib.sol, and the contracts that use them. Values below are verified against the code.

Orders & matching

Parameter	Value
`MIN_ORDER_AMOUNT`	$5 notional (full closes exempt)
`MAX_SLIPPAGE_BP`	500 (5%) — market/stop-loss slippage cap
`MARKET_ORDER_LIFETIME_BLOCKS`	12 L2 blocks (~3 s)
`MIN_ORDER_LIFETIME_BLOCKS` / max	12 blocks (~3 s) / ~1 year
`MAX_ACTIVE_LIMIT_ORDERS_PER_USER`	100 (Limit + StopLimit)
Active market orders per user	1 · TP/SL: 1 each per position
`MAX_CANCELS_PER_CALL`	200
`MAX_OBSERVATION_BLOCK_AGE`	12 L2 blocks
`LIQ_MAX_SLIPPAGE_BP`	500 — cap on the Pass-A band; effective band is ±min(5%, current MMR)
Integrator fee	0.25 bp maker + 0.25 bp taker — only on orders naming an integrator

Sequencers

Parameter	Value
`MIN_BOND`	$1,000
`VOLUME_CAP_MULTIPLIER`	14× bond per rolling 30 min (`NUM_BUCKETS` × `BUCKET_DURATION`)
Challenge window	29 min (`SEQUENCER_WINDOW`), strictly inside the 30-min volume window
`OMISSION_PENALTY_BP`	700 (7%), min $20 — 1% challenger / 6% insurance
`STALE_PENALTY_BP`	100 (1%), min $20 — 50/50 challenger / insurance
Maker sequencer fee	0.25 bp
Taker sequencer fee	0.75 bp (≤ 50% util) → 3.75 bp (≥ 90%)
`SEQUENCER_FLAT_FEE_PER_SIDE`	$0.03 per side, on top of bps fees

Margin

Parameter	Value
`BASE_IMR_BP`	300 (3%)
Multipliers	volatility, liquidation-gap, insurance — each 1×→3×
Non-continuous multiplier	1.5×
IMR clamp	4% … 80% (25× … 1.25× leverage)
Warmup floor	20% IMR (30% for non-continuously traded pairs) for 5 days and 50,000 price updates
MMR	IMR / 2
MMR grace	24 h lag, 25 hourly samples
`STALE_MARGIN_MULTIPLIER`	2× on new fills under stale oracle
`MAX_STALE_DEVIATION_BP`	1000 (±10% stale-fill band)
`MIN_COLLATERAL_AMOUNT`	$5 minimum collateral deposit
Retained-collateral floor	a position-holding account must keep `max(0.5% of notional, $5)` in collateral (`MIN_RETAINED_COLLATERAL_BP` = 50). Proportional because fees are: it guarantees the fee that closes the position is always payable

Funding

Parameter	Value
`FUNDING_INTERVAL` / cap	1 h / ±0.5% per hour
Premium dampening	÷ 8
Mark EMA alpha	0 … 10% per batch, volume-scaled (no floor)
`MAX_MARK_DEVIATION_BP`	500 — fills clamped to ±5% of index before entering the mark EMA
`MARK_DECAY_PERIOD`	1 h to index with no trades
Oracle-gap guards	≤ 30 min accrual on old ticks; > 12 h gap skips the dark period

Liquidation, ADL & insurance

Parameter	Value
Liquidation keeper reward	max($0.10, 2 bp of notional)
ADL trigger / cancel	expected loss > 80% / < 60% of fund
ADL auction	25× score → ~0, quadratic, 10 min; ≤ 25 winners per call
ADL timeout	24 h → settlement window opens at the live price
ADL executor reward	0.1% of averted bad debt
Insurance target	2% … 10% of OI (vol-scaled, ≥ 3× gap EMA)
Insurance LP	min $5 deposit; 20-day cooldown + 3-day window; rate limits 0.5% OI / 6 h (below target), max(1% OI, 10% fund) (above)
Maker insurance fee	0.5 bp flat
Taker insurance fee	base 0.5 bp … 2 bp (scales with target ratio); below target × (1 + 49·deficit²), 45 bp hard cap; discounted toward 0 above target
`BUG_BOUNTY_TAX_BP`	100 (1% of all fee streams)

Oracle

Parameter	Value
`MAX_PRICE_STALENESS` / user tier	2 s / 10 s
`MAX_CONFIDENCE_BP`	200 (2% confidence cap)

Meta-transactions

Parameter	Value
`MAX_RELAYER_FEE`	$1 per meta-transaction
`MAX_DEADLINE_WINDOW`	30 s max signature deadline

Listing & termination

Parameter	Value
Listing	≥ $4,000 = $1,000 UMA bond + ≥ $3,000 seed (`MIN_INSURANCE_SEED`); 48 h liveness
UMA identifier upgrade	$5,000 bond, 2-day liveness, then a 14-day activation timelock (`IDENTIFIER_UPGRADE_TIMELOCK`) after approval
`DVM_DISPUTE_GRACE`	14 days on top of liveness before a disputed proposal may be discarded as unsettleable; shared by the deployment and identifier tracks (it bounds the DVM, not the claim)
Bond constants	floors, not fixed amounts — `requiredDeploymentBond()` / `requiredIdentifierUpgradeBond()` / `requiredTerminationBond()` each return `max(constant, UMA's live minimum)`
Proposer free text	listing `description` ≤ 200 bytes; termination `reason` ≤ 1,000 and `pairDescription` ≤ 100 (`MAX_REASON_LENGTH`, `MAX_PAIR_DESCRIPTION_LENGTH`); restricted ASCII, no square brackets
Scheduled termination	$1,000 bond, 12 h liveness, `lastTradingTs` ≥ 12 h out; 3 h precise-tick grace
Post-cessation termination	$1,000 bond, 72 h liveness; cessation timestamp ≤ 7 days old (`MAX_CESSATION_LOOKBACK`)
Stale-oracle termination	21 days
Terminal settlement window	48 h between `fixSettlementPrice` and `finalizeTermination` (deposits + all withdrawals frozen)
Terminal settlement bounty	`max($0.10, 2 bp of notional)` per position, debited from that position's own remaining collateral (insurance only when a position is wiped out by its own loss)
Insurer vote	$500 bond; 60% of shares; 7-day vote + 7-day execution window; 14-day cooldown; 7-day share maturity
Balance-check tolerance	0.1% (`USDC_BALANCE_TOLERANCE_BP`)
UMA proposer reward	0.1% of fund, cap $100, once per pair