Sovryn Perpetual Futures

With Perpetual Futures, traders can get leveraged short or long exposure to an asset. For example, with a BTCUSD trading pair, you can take a leveraged long or short position on BTC relative to USD. You can take on the risks and rewards of the spot price movement without actually buying or selling spot. You cover the risk by supplying margin assets that cover any losses you experience if the price moves against your position. Perpetual futures use an incentive mechanism through an interest rate termed funding rate that causes the contract price to track the spot price closely. Perpetual futures are similar to traditional futures contracts but without any expiration date.

Sovryn is launching perpetual futures, beginning with a BTCUSD contract. Sovryn plans to add more contracts as this product matures. The system allows users to gain exposure to other assets without selling BTC or buying a different asset. This opens the possibility for trading on basically any asset that has a publicly trackable price using a perpetual futures contract.

Sovryn Perpetuals smart contracts allow perpetuals with different quote, base, and collateral currency (for example a BNB/USD perpetual collateralized in BTC). Different perpetuals that use the same collateral currency can share a liquidity pool. The unique pricing approach of Sovryn’s perpetual AMM allows for low slippage, spreads, and trading fees.

For more information about Sovryn Perpetual Futures, please visit https://www.sovryn.app/perp-futures.

Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.2. This is a simplified 5-level scale, with separate scales for websites/apps, smart contracts, and blockchains/DLTs, focusing on the impact of the vulnerability reported.

All web/app bug reports and all Critical/High/Medium severity smart contract bug reports must come with a PoC with an end-effect impacting an asset-in-scope in order to be considered for a reward. Explanations and statements are not accepted as PoC and code is required.

In addition, all Critical and High severity bug reports must come with a suggestion for a fix in order to be considered for a reward.

Rewards for critical smart contract vulnerabilities are further capped at 10% of economic damage, with the main consideration being the funds affected in addition to PR and brand considerations, at the discretion of the team. However, there is a minimum reward of USD 50 000 for Critical smart contract bug reports.

Previously known issues highlighted in the following report are considered as out of scope:

• https://github.com/DistributedCollective/sovryn-perpetual-futures/blob/main/docs/Hacken_Audit_Report_5.pdf

Payouts are handled by the Sovryn team directly and are denominated in USD. However, 50% of payouts will be done in BTC, and the other 50% will be done in SOV according to a 24 month vesting schedule (with monthly vesting).

Smart Contract

Websites and Applications

All smart contracts of Sovryn Perpetual Futures can be found at https://github.com/DistributedCollective/sovryn-perpetual-futures. However, only those in the Assets in Scope table are considered as in-scope of the bug bounty program.

The following vulnerabilities are excluded from the rewards for this bug bounty program:

• Attacks that the reporter has already exploited themselves, leading to damage
• Attacks requiring access to leaked keys/credentials
• Attacks requiring access to privileged addresses (governance, strategist)

Smart Contracts and Blockchain

• Incorrect data supplied by third party oracles
  • Not to exclude oracle manipulation/flash loan attacks
• Basic economic governance attacks (e.g. 51% attack)
• Lack of liquidity
• Best practice critiques
• Sybil attacks
• Centralization risks

Websites and Apps

• Theoretical vulnerabilities without any proof or demonstration
• Attacks requiring physical access to the victim device
• Attacks requiring access to the local network of the victim
• Reflected plain text injection ex: url parameters, path, etc.
  • This does not exclude reflected HTML injection with or without javascript
  • This does not exclude persistent plain text injection
• Self-XSS
• Captcha bypass using OCR without impact demonstration
• CSRF with no state modifying security impact (ex: logout CSRF)
• Missing HTTP Security Headers (such as X-FRAME-OPTIONS) or cookie security flags (such as “httponly”) without demonstration of impact
• Server-side non-confidential information disclosure such as IPs, server names, and most stack traces
• Vulnerabilities used only to enumerate or confirm the existence of users or tenants
• Vulnerabilities requiring un-prompted, in-app user actions that are not part of the normal app workflows
• Lack of SSL/TLS best practices
• DDoS vulnerabilities
• Feature requests
• Issues related to the frontend without concrete impact and PoC
• Best practices issues without concrete impact and PoC
• Vulnerabilities primarily caused by browser/plugin defects
• Leakage of non sensitive api keys ex: etherscan, Infura, Alchemy, etc.
• Any vulnerability exploit requiring browser bugs for exploitation. ex: CSP bypass

The following activities are prohibited by this bug bounty program:

• Any testing with mainnet or public testnet contracts; all testing should be done on private testnets
• Any testing with pricing oracles or third party smart contracts
• Attempting phishing or other social engineering attacks against our employees and/or customers
• Any testing with third party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks)
• Any denial of service attacks
• Automated testing of services that generates significant amounts of traffic
• Public disclosure of an unpatched vulnerability in an embargoed bounty