NATGAS-PERP Listing

#Principles

1. WTIOIL-PERP is the template — every deviation is a risk to justify#
   Same category, calendar, settlement window, and roll shape as WTIOIL, so the listing is mostly configuration; anything that isn't config is a finding to surface early.
2. No trading before the initial settlement price is set#
   The initial mark falls back to the last settlement price, so opening before ep3 update-settlement-price runs makes day-one margin and liquidation math garbage.
3. Routing key is chosen at listing — cheap now, a migration later#
   The A-3454 migrator doesn't exist yet, so a bad partition choice can only be fixed by manual surgery — place the instrument with the planner, not the category-wide ENERGY key.

#TODO 0 / 8 done

• 1
  Spec sign-off#

  Ben's thread covers the listing params; close the open gaps (funding caps, min trade qty, explicit confirm of 1 MMBtu contract size) with Ben before code.

• 2
  Code — instrument ID + spec YAML#

  Reserve the (id, symbol) pair in INSTRUMENT_IDS and write the instruments.yml entry (ax + ep3, cme_future_config, pyth_config) in a deployable version.

• 3
  Routing key — revive the rebalance planner#

  Revive the routing-key planner so the new instrument lands on a low-load partition instead of the concentrated ENERGY key.

  #2085 feat(admin-cli): add routing-key rebalance planner
• 4
  Settlement source + roll schedule#

  Confirm the Databento CME settlement downloader covers NG, generate/insert the cme_future_roll_schedule rows, and verify ax.benchmark_prices flow before listing day.

• 5
  Estimated funding price#

  Confirm a live estimated/index price source for NG and verify the settlement engine publishes estimated-funding-rate:NATGAS-PERP to Redis.

• 6
  Demo listing + initial settlement price + verification#

  Run the full listing runbook on demo, set the initial settlement price, then verify mark sanity, a test order through margining, estimated funding, and the first funding run.

• 7
  Business readiness#

  Parallel to engineering, gates prod: confirm MM/customer demand and limits, produce launch marketing, and add the contract spec to public docs and the changelog.

  awaiting sign-off ≥1 MM confirmed quoting NATGAS-PERP at launch

  awaiting sign-off launch announcement + public contract specs ready
• 8
  Prod listing + first funding cycle#

  Repeat the listing on prod, open the instrument, and watch the first funding cycle; sign-off requires funding transactions to reconcile against the published rate.

  awaiting sign-off NATGAS-PERP open on prod; first funding cycle verified sane

#Design Questions

1. Contract size — really 1 MMBtu (micro-style), not CME's 10,000 MMBtu?#
   OpenBen's spec says 1 MMBtu, matching the WTIOIL 1-bbl micro convention, but it's a 10,000x difference if misread. Needs an explicit confirm in the spec thread.
2. Funding rate caps — what are the upper/lower pct?#
   OpenNot in Ben's thread. WTIOIL's caps are the obvious default; confirm before the spec YAML is written.
3. Which MMs are committed to quoting at launch?#
   OpenNo demand thread found yet. Listing with an empty book is worse than listing a week later — this gates the prod date.
4. Listing date — when do we want NATGAS-PERP live?#
   OpenNot yet set by the business. Engineering critical path is short; the date should be driven by MM readiness and marketing.