Skip to main content
Risk parameters are the per-asset knobs that govern margin haircuts, exposure caps, funding, and borrow rates. They are set by governance, published onchain in the Registry, and mirrored by the services. This section lists the current production values and explains each field. Each listed asset has two layers:
  • Risk parameters — one set per fungible asset class (the margin, cap, funding, and rate knobs below).
  • Asset config — one entry per chain the asset lives on (token address, deposit caps, target weight).

​
Source and live values

The canonical published set is the tplus-risk-params repository; the production file is environments/prod/params.json. Ingestion tooling scales the human-readable values and writes them to the Registry, and the services read them back from the Registry — so the registry is always authoritative. Read values at runtime rather than hardcoding them:

​
How values are encoded

The published JSON uses integers with fixed denominators — no floats. Divide by the denominator to read a value: maxOpenInterest is a USD notional; maxCollateral and maxSpotOpenInterest are in the asset’s own token units. A cap of 0 is a hard zero, not “unlimited” — for total open interest it makes a market reduce-only (see the glossary).

​
Field names across surfaces

The Registry and JSON use camelCase; the Trading API returns snake_case. Three fields are also renamed: Other fields map by snake-casing the same name.

​
Shared parameters

Every asset in the current production set shares the values below, so the per-asset tables omit them.
  • Max utilization (maxUtilization): 80%. The share of a pool’s liquidity that can be borrowed; settlements that would draw the pool past it are gated. See settlement utilization caps.
  • Borrow-rate curve (interestKinks / kinkInterestRates, and the identical quote-side usdInterestKinks / usdKinkInterestRates): a piecewise-linear kink curve, annualized:
See borrow rates.
  • Funding constants: skew factor (skewModifier) 0.6%, skew deadzone (skewCliff) 0.05%, base funding rate (baseFundingRate) 0, premium clamp (premiumClamp) 0.05%. See funding rates.
  • Initial-margin breakpoints (initialMarginClamps): used-open-interest fractions 0% / 20% / 40% / 60% / 80% / 100%. The per-asset initialMarginFactors give the IM factor at each breakpoint.
  • Rebalancing buffer (bufferMultiple): 1.2x. See rebalancing.
  • Isolated-only (isolatedOnly): false for every current production asset.

​
Parameter glossary

All values are governance-set and change over time. Treat this section as a snapshot and read the registry endpoints for live values.