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Version: mainnet (v0.72)

Propose new futures successor market

Propose a cash-settled futures market to succeed an existing market, taking along the equity-like share and a portion of the insurance pool.


You will need:

Anatomy of a new successor market proposal

The new successor market proposal requires the same fields as a new market proposal, with the addition of two fields described below.

See the new market proposal tutorial for what each field accepts and needs to contain.

  • Settlement asset must match that of the parent market.
  • Instrument name and code should be different to the parent market.

Successor market fields

The following successor parameters need to be used if you are proposing a market that will succeed an existing market. A successor market that passes governance and is enacted will take the LPs' equity-like share from the parent market, and whatever percentage of the insurance market you choose in the proposal.

  • Parent market ID: Required to define the proposal as for a successor market
  • Insurance pool fraction: Required percentage of the parent market's insurance pool, up to 100%, can be earmarked for transfer to the successor market. It is submitted as a number between and including 0 and 1, which represents the factor for the percentage.

Templates and submitting

In the tabs below you'll see:

  • Annotated example describing what each field is for
  • JSON example that can be shared with the community and submitted with the governance dApp ↗
  • Command line examples for different operating systems

Replace the example data with the relevant details before submitting.

rationale: {
title: "Lorem Ipsum market successor",
description: "A successor to nnnnn"
terms: {
newMarket: {
changes: {
// Successor configuration. If this proposal is meant to succeed a given market, then this should be set.
successor: {
// ID of the market that the successor should take over from.
parentMarketId: "nnnnnnnn",

// A decimal value between or equal to 0 and 1, specifying the fraction of the insurance pool balance that is carried over from the parent market to the successor.
insurancePoolFraction: "1"

// Percentage move up and down from the mid price which specifies the range of
// price levels over which automated liquidity provision orders will be deployed.
lpPriceRange: "10",

// Linear slippage factor is used to cap the slippage component of maintenance margin - it is applied to the slippage volume.
linearSlippageFactor: 0.001,

// Quadratic slippage factor is used to cap the slippage component of maintenance margin - it is applied to the square of the slippage volume.
quadraticSlippageFactor: 0,

// Decimal places used for the new futures market, sets the smallest price increment on the book. (uint64 as string)
decimalPlaces: "5",

// Decimal places for order sizes, sets what size the smallest order / position on the futures market can be. (int64 as string)
positionDecimalPlaces: "5",

// Instrument configuration
instrument: {
// Instrument name.
name: "Oranges Daily",

// Instrument code, human-readable shortcode used to describe the instrument.
code: "ORANGES.24h",

// Future product configuration
future: {
// Asset ID for the product's settlement asset. (string)
settlementAsset: "8b52d4a3a4b0ffe733cddbc2b67be273816cfeb6ca4c8b339bac03ffba08e4e4",

// Product quote name. (string)
quoteName: "tEuro",

// Data source spec describing the data source for settlement. (object)
dataSourceSpecForSettlementData: {
external: {
oracle: {
// Signers is the list of authorized signatures that signed the data for this
// source. All the signatures in the data source data should be contained in this (array of objects)
signers: [
ethAddress: {
address: "0xfCEAdAFab14d46e20144F48824d0C09B1a03F2BC"

// Filters describes which source data are considered of interest or not for
// the product (or the risk model).
filters: [
key: {
// Name of the property. (string)
name: "prices.ORANGES.value",

// Data type of the property. (string)

// Optional decimal place to be be applied on the provided value
// valid only for PropertyType of type DECIMAL and INTEGER
numberDecimalPlaces: "5",

// Conditions that should be matched by the data to be
// considered of interest.
conditions: [
// Type of comparison to make on the value. (string)

// Value to be compared with by the operator. (string)
value: "0",
key: {
name: "prices.ORANGES.timestamp",
conditions: [
value: "1648684800",

// The external data source spec describing the data source of trading termination. (object)
dataSourceSpecForTradingTermination: {
// The external data source spec describing the data source of trading termination.
internal {
// DataSourceSpecConfigurationTime is the internal data source used for emitting timestamps.
time: {
// Conditions that the timestamps should meet in order to be considered.
conditions: [
// Type of comparison to make on the value. (string)

// Value to be compared with by the operator. (string)
value: "1648684800",

// DataSourceSpecToFutureBinding describes which property of the data source data is to be
used as settlement data and which to use as the trading terminated trigger(object) dataSourceSpecBinding: {
// Name of the property in the source data that should be used as settlement data.
// If it is set to "prices.BTC.value", then the Future will use the value of
// this property as settlement data. (string)
settlementDataProperty: "prices.ORANGES.value",

// Name of the property in the data source data that signals termination of trading. (string)
tradingTerminationProperty: "vegaprotocol.builtin.timestamp"

// Optional new futures market metadata, tags.
metadata: [

// PriceMonitoringParameters contains a collection of triggers to be used for a given market
priceMonitoringParameters: {
// PriceMonitoringTrigger holds together price projection horizon τ, probability level p, and auction extension duration
triggers: [
// Price monitoring projection horizon τ in seconds. (int64 as string)
horizon: "43200",

// Price monitoring probability level p. (string)
probability: "0.9999999",

// Price monitoring auction extension duration in seconds should the price
// breach its theoretical level over the specified horizon at the specified
// probability level. (int64 as string)
auctionExtension: "600",

// LiquidityMonitoringParameters contains settings used for liquidity monitoring
liquidityMonitoringParameters: {
// TargetStakeParameters contains parameters used in target stake calculation
targetStakeParameters: {
// Specifies length of time window expressed in seconds for target stake calculation. (string)
timeWindow: "3600",

// Specifies scaling factors used in target stake calculation. (number)
scalingFactor: 10

// Specifies the triggering ratio for entering liquidity auction. (string)
triggeringRatio: "0.7",

// Specifies by how many seconds an auction should be extended if leaving the auction were to trigger a liquidity auction. (int64 as string)
auctionExtension: "1",

// Risk model for log normal
logNormal: {
// Tau parameter of the risk model, projection horizon measured as a year fraction used in the expected shortfall
calculation to obtain the maintenance margin,
must be a strictly non - negative real number.(number) tau: 0.0001140771161,

// Risk Aversion Parameter. (double as number)
riskAversionParameter: "0.01",

// Risk model parameters for log normal
params: {
// Mu parameter, annualised growth rate of the underlying asset. (double as number)
mu: 0,

// R parameter, annualised growth rate of the risk-free asset, used for discounting of future cash flows, can be any real number. (double as number)
r: 0.016,

// Sigma parameter, annualised volatility of the underlying asset, must be a strictly non-negative real number. (double as number)
sigma: 0.15,

// Timestamp as Unix time in seconds when voting closes for this proposal,
// constrained by `minClose` and `maxClose` network parameters. (int64 as string)
closingTimestamp: 1694527973,

// Timestamp as Unix time in seconds when proposal gets enacted if passed,
// constrained by `minEnact` and `maxEnact` network parameters. (int64 as string)
enactmentTimestamp: 1694614373,


All proposals are voted on by the community. To vote, community members need, at a minimum, the larger of 🔗1 token or 🔗1 token associated to their Vega key.

Building support is down to you. Share your proposal in the Market Proposals section ↗ on the community forum. You may also wish to share on Discord ↗.

Your proposal will need participation of 🔗1% and a majority of 🔗66%, so having community support is essential.

Proposers who invite feedback, engage with comments, and make revisions to meet the needs of the community are more likely to be successful.


If successful, the proposal will be enacted at the time you specify in the enactmentTimestamp field, depending on the status of other successor market proposals.