parameters

three kinds of numbers live here.

• constants. compiled into the program. only an upgrade changes them.
• bounds. the range an authority can move a value inside. never past it.
• listed values. what an instrument or the exchange is set to on devnet today. an authority can change them inside the bounds.

mainnet values that are not fixed yet say set at launch. the list is at the bottom.

units

name	value	meaning	defined in
USDC	1,000,000	micro USDC per USDC	math.rs
PX	1,000,000,000	price unit, 1e-9 USD	math.rs
DUST	1,000,000	ledger units per $DUST, 6 decimals	math.rs
FP	1,000,000,000,000	a fraction of 1. 1 bp is 100,000,000	math.rs
BPS	10,000	basis points in 1	math.rs
ACC	10^18	staking accumulator scale	math.rs

trading

name	value	unit	defined in
MAX_LEVERAGE_CORE	1000	× leverage	state.rs, DUST-SPEC §3.1
DUST_LEVERAGES	5000, 10000	× leverage	state.rs, DUST-SPEC §3.1
DUST_HORIZONS_MS	5000, 15000, 60000	ms	state.rs, DUST-SPEC §3.1
minimum margin, launch	5,000,000	micro USDC, $5	ix_admin.rs
minimum margin, bound	1,000,000 to 100,000,000	micro USDC	state.rs
max notional, launch	1,000,000,000,000	micro USDC, $1,000,000	ix_admin.rs
max notional, hard	10,000,000,000,000	micro USDC, $10,000,000	state.rs
max DUST MODE margin, launch	500,000,000	micro USDC, $500	ix_admin.rs
max DUST MODE margin, hard	10,000,000,000	micro USDC, $10,000	state.rs
MIN_ORDER_TTL_MS	5,000	ms	state.rs
MAX_ORDER_TTL_MS	86,400,000	ms, 24 h	state.rs
CANCEL_SOFT_MS	30,000	ms	state.rs, DUST-SPEC §3.2
OPEN_STALE_GATE_MS	10,000	ms	state.rs, DUST-SPEC §3.2
QUEUE_CAP	4096	entries	state.rs
HARVEST_MAX	32	entries per call	state.rs
session key life	2,592,000	seconds, 30 days	ix_user.rs
agent key life, AGENT_MAX_EXPIRY_S	2,592,000	seconds, 30 days	state.rs
MAX_AGENT_LEVERAGE	10,000	× leverage	state.rs

fees and shares

name	value	unit	defined in
win_fee_bps, launch	200	bps of the trimmed gain	ix_admin.rs, DUST-SPEC §3.1
MAX_WIN_FEE_BPS	500	bps	state.rs
loss_fee_bps, launch	200	bps of the loss, house side	ix_admin.rs, DUST-SPEC §3.1
MAX_LOSS_FEE_BPS	500	bps	state.rs
bounty_bps	10	bps of margin, 0.1%. no setter	ix_admin.rs, DUST-SPEC §3.1
bounty_min	10,000	micro USDC, $0.01. no setter	ix_admin.rs, DUST-SPEC §3.1
STAKER_SHARE_BPS	5000	bps of a fee, rounded down	math.rs, DUST-SPEC §3.1
REF_BPS	2000, 4000	bps of the dev cut, tier 0 and tier 1	math.rs, DUST-SPEC §3.1
REF_DUST_BPS	1000	bps of the referee's mint	math.rs, DUST-SPEC §3.1
ACTIVATION_FEE	1,000,000	micro USDC, on the first deposit	state.rs, DUST-SPEC §3.3
MIN_DEPOSIT	10,000,000	micro USDC, counted after the activation fee. a withdraw must also be at least this, or the whole balance	state.rs, DUST-SPEC §3.3

impact and bust

compiled bounds and the devnet listed values.

name	BTC	ETH	SOL	bound	unit	defined in
impact_b_bps	1000	1000	1000	up to 2000	bps	state.rs, DUST-SPEC §3.1
impact_r	15000	15000	15000	1000 to 1,000,000		state.rs, DUST-SPEC §3.1
impact_nref_uu	100,000,000,000	100,000,000,000	100,000,000,000	1,000,000,000 to 10,000,000,000,000	micro USDC	state.rs, DUST-SPEC §3.1
impact_p_milli	814,598	483,979	483,979, a placeholder	10,000 to 10,000,000	p × 1000	state.rs, DUST-SPEC §3.1
derived c_fp	189,426,606	273,287,203	placeholder	10^7 to 10^10	FP	math.rs
db_fp, Core deadband	20,000,000	20,000,000	20,000,000	up to 200,000,000	FP, 0.2 bp	state.rs, DUST-SPEC §3.1
beta_fp, bust buffer	500,000,000	500,000,000	500,000,000	100,000,000 to 900,000,000	FP, 5 bp	state.rs, DUST-SPEC §3.1

SOL impact_p_milli is ETH's value, a placeholder. no SOL calibration exists yet. mainnet impact values: set at launch.

DUST MODE bounds

per cell, for each of the six leverage and horizon pairs.

name	bound	unit	defined in
deadband db_fp	up to 100,000,000	FP, 1 bp	state.rs
haircut b_bps	up to 2000	bps	state.rs
curve c_fp	up to 50,000,000	FP, 0.5 bp	state.rs
dm_basis_bps	0 to 10,000 for each leverage, launch 10,000 and 10,000	bps	ix_admin.rs, DUST-SPEC §3.1

DUST MODE cells, devnet

which rounds are open on each coin. on means the cell's bit is set in the instrument's mask (BTC 52, ETH 54, SOL 62). the per cell pricing values are set on chain by the owner and can change inside the bounds above.

asset	5000×, 5 s	5000×, 15 s	5000×, 60 s	10000×, 5 s	10000×, 15 s	10000×, 60 s
BTC	off	off	on	off	on	on
ETH	off	on	on	off	on	on
SOL	off	on	on	on	on	on

oracle and timing

name	shipped default	devnet listed	bound	unit	defined in
cadence_ms, P	50	50	50, 100, 200, 400 or 1000	ms	state.rs, DUST-SPEC §3.2
channel_id	2	2	2, 3 or 4, equal to the cadence		state.rs
delay_ms, D	1000	1000	1000 to 5000	ms	state.rs, DUST-SPEC §3.2
guard_ms, G	1000	1000	0 to 3000	ms	state.rs, DUST-SPEC §3.2
G + D	2000	2000	at least 2000	ms	state.rs, DUST-SPEC §3.2
max_future_ms		5000	1000 to 10,000	ms	state.rs, DUST-SPEC §3.2
fallback_after_ms		2000	cadence to 10,000	ms	state.rs, DUST-SPEC §3.2
cancel_hard_ms		600,000	60,000 to 3,600,000	ms	state.rs, DUST-SPEC §3.2
max_hwm_slots	3	3	1 to 10	slots	state.rs, DUST-SPEC §3.2
exec_lookback_ms	500	1000	200 to 3000	ms	state.rs, DUST-SPEC §3.2
max_leverage		1000	1 to 1000	× leverage	ix_admin.rs
feed id		BTC 1, ETH 2, SOL 6	fixed at listing		ix_admin.rs

the listed values come from the devnet verify output. the mainnet G, D and exec_lookback_ms: set at launch, from measurements.

the oracle quality gate

name	shipped default	devnet listed	bound	unit	defined in
min_publishers		BTC 21, ETH 19, SOL 10	1 to 64	publishers	state.rs, DUST-SPEC §3.2
conf_k_x10		30, which is k = 3.0	15 to 100	tenths	state.rs, DUST-SPEC §3.2
max_conf_cbp		3000, which is 30 bp	500 to 5000	centi bp	state.rs, DUST-SPEC §3.2
CONF_FLOOR_CBP	300		fixed	centi bp, 3 bp	state.rs, DUST-SPEC §3.2
CONF_RING	16		fixed	samples	state.rs, DUST-SPEC §3.2
CONF_MIN_SAMPLES	5		fixed	samples	state.rs, DUST-SPEC §3.2

mainnet min_publishers: BTC 21 and ETH 19 are the launch rule ceil(0.75 × median). SOL: set at launch.

Pyth Pro accounts and limits

name	value	defined in
PYTH_LAZER_PROGRAM	pytd2yyk641x7ak7mkaasSJVXh6YYZnC7wTmtgAyxPt	oracle.rs
PYTH_LAZER_STORAGE	3rdJbqfnagQ4yx9HXJViD4zc4xpiSqmFsKpPuSCQVyQL	oracle.rs
ED25519_IX_INDEX	0	oracle.rs
MAX_UPDATE_LEN	512 bytes	oracle.rs
MAX_PRICE	10^15, which is $1,000,000 per unit	oracle.rs

genesis and emission

name	value	unit	defined in
GEN_WINDOW_S, production	3,600	seconds, the minimum deposit window	math.rs, DUST-SPEC §3.3
GEN_WINDOW_S, devnet build	600	seconds	math.rs
D0	time weighted average balance over the window	micro USDC	math.rs, DUST-SPEC §9.1
F	max(2% × D0, 100,000,000,000)	micro USDC	math.rs, DUST-SPEC §9.1
C	max(4% × D0, 250,000,000,000)	micro USDC	math.rs, DUST-SPEC §9.1
S	max(D0, 5,000,000,000,000)	micro USDC	math.rs, DUST-SPEC §9.1
R0	min(1000, 15,000,000,000 × 10^6 / (S + 8F))	$DUST per $1	math.rs, DUST-SPEC §9.1
SUPPLY_BUDGET_DUST	15,000,000,000	$DUST, a projection input	math.rs, DUST-SPEC §3.3
MIN_DISTRIBUTE_STAKE	1,000,000	ledger units, 1 $DUST	math.rs, DUST-SPEC §3.3
reward cap bound	250,000,000,000 to 100,000,000,000,000	micro USDC	ix_admin.rs
default OI cap	max(10 × D0, 100,000,000,000)	micro USDC	ix_admin.rs, DUST-SPEC §3.1
default DUST MODE exposure cap	D0 / 4	micro USDC	ix_admin.rs, DUST-SPEC §3.1
OI_CAP_D0_MULT, OI_CAP_FLOOR	20, 100,000,000,000	cap bound max(20 × D0, floor)	state.rs
DUST MODE cap bound	max(2 × D0, 1)	micro USDC	ix_admin.rs

devnet genesis: D0 = 360,054,794, so F = 100,000,000,000, C = 250,000,000,000, S = 5,000,000,000,000 and R0 = 1000. mainnet D0, F, C, S and R0: set at launch.

per wallet limits and DUST MODE rate

name	value	unit	defined in
DM_RATE_WINDOW_MS	60,000	ms, a fixed window	state.rs
DEFAULT_DM_ROUNDS_WINDOW	12	rounds per window	state.rs
rounds per window, bound	1 to 600	rounds	state.rs
DEFAULT_DM_LIVE_MARGIN_MULT	4, times the max DUST MODE margin. $2,000 at launch	×	state.rs
live DUST MODE margin, bound	the minimum margin to 100,000,000,000	micro USDC	state.rs
DEFAULT_WALLET_NOTIONAL_MULT	3, times the max notional. $3,000,000 at launch	×	state.rs
concurrent Core notional, bound	the max notional to 100,000,000,000,000	micro USDC	state.rs
DM_CELL_MASK_ALL	0b111111	six cells	state.rs
cell bit number	leverage index × 3 + horizon index	bit 0 to 5. leverage index 0 is 5000×, 1 is 10000×. horizon index 0, 1, 2 is 5 s, 15 s, 60 s	limits.rs

devnet exchange state

field	value	defined in
dm_basis_bps	10,000 and 10,000	devnet verify output
dust_mode_enabled	true	devnet verify output
transfers_enabled	false, and there is no setter	devnet verify output, state.rs
opens_enabled	true	devnet verify output
min_margin	5,000,000	devnet verify output
max_notional	1,000,000,000,000	devnet verify output
max_dm_margin	500,000,000	devnet verify output
max_dm_live_margin_wallet	2,000,000,000	devnet verify output
max_dm_rounds_window	12	devnet verify output
max_wallet_notional	3,000,000,000,000	devnet verify output
default_oi_cap	100,000,000,000	devnet verify output
DUST MODE cap, each side	720,109,588, which is 2 × D0	devnet verify output

from the devnet verify output.

event keys

name	values	defined in
ParamsChanged.key	1 fees, 2 reward cap, 3 roles, 4 impact, 5 timing, 6 DUST MODE basis, 7 DUST MODE parameter grid, 8 oracle gate	events.rs
RiskParamChanged.key	1 min margin, 2 DUST MODE switch, 3 limits, 4 open interest caps, 5 DUST MODE caps, 6 delay	events.rs
RiskParamChanged.inst	255 for an exchange level value	events.rs

set at launch

these mainnet values are not fixed yet:

• the program build hash and the mainnet addresses
• the mainnet keys: owner, pause guardian, risk keeper, dev recipient and the upgrade authority
• D0, F, C, S and R0, which come from the deposit window
• the mainnet G, D and exec_lookback_ms, which come from measurements
• min_publishers for SOL
• the impact values for SOL
• the DUST MODE cell values and the cell masks
• the referral tier thresholds. they are off chain. the owner sets each wallet's tier