Quant review
How the Perps.fun quant team reviews ticker proposals before launch.
Every ticker proposal passes through quant review before Perps.fun approves it for launch. The review covers the same areas as the ticker form.
Outcomes
| Outcome | Effect |
|---|---|
| Approved | Cleared for launch. Funding and listing logistics begin. |
| Conditional | Approved subject to named conditions (e.g. a smaller OI cap, a confirmed market maker). |
| Needs revision | Reviewer leaves notes; the team revises and resubmits. |
| Rejected | Declined with reasons attached. The team can revise and resubmit. |
Each decision is attached to the proposal in the dashboard with reviewer notes.
What reviewers look for
The review is not a pass/fail on individual fields. Reviewers look for consistency across sections and for evidence that parameters hold up in adverse conditions:
- Oracle robustness. Source covers the asset's full trading hours. Smoothing and clamps are appropriate for the asset's volatility. Update cadence meets HIP-3's 3-second requirement with headroom. Off-hours behaviour is defined.
- Margin and funding. Leverage and margin parameters absorb normal volatility without forcing avoidable liquidations. Funding parameters align with how the underlying carries in spot.
- OI sizing. The cap is sized against the underlying's depth and venue concentration. A market on a single dominant venue gets a lower cap than one with diversified depth.
- Edge cases. Crisis behaviour, settlement-halt scenarios, and liquidation cascade risk are addressed.
- Go-to-market. Confirmed market-maker coverage, realistic liquidity bootstrap, and volume expectations grounded in comparable markets.
Working with reviewers
Reviewers leave inline notes on the proposal in the dashboard. Notifications go to the partnership Telegram group on every status change. The team can ask questions inline; replies are stored against the proposal.
After approval
Approved proposals move forward to ticker acquisition and listing. See Going live.