> ## Documentation Index
> Fetch the complete documentation index at: https://docs.parquet.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Parquet

> A 24/7 decentralized perpetuals exchange on Solana for synthetic long/short exposure to US stocks and ETFs, with up to 200× leverage.

Parquet is a decentralized perpetuals exchange on Solana for synthetic long/short exposure to US stocks and ETFs, with USDC collateral and on-chain oracle price feeds. **Markets trade 24/7.** During regular US trading hours (RTH) prices track the live US equity market. During off-hours the prices come from an off-exchange reference feed. Parquet offers tiered leverage up to **200×** (smallest position tier), applied **24/7** — the same tier table in regular hours and off-hours. 200× is the maximum you can open; at that cap a fresh position sits near its liquidation point once the open fee is taken, so high leverage is high risk. Maintenance margin is 40 bps venue-wide. Off-hours keeps a tighter open-interest cap and off-exchange reference pricing.

Trading is powered by a shared USDC liquidity pool, and every position is opened against it at the oracle index price. Stakers earn a share of protocol fee distributions, and liquidity providers earn the LP share of trading and borrowing fees — and gain when traders realize losses — by depositing into the pool on the [LP farm](/liquidity/overview).

Prices come from external market-data feeds, are aggregated off-chain, validated for staleness and confidence, and kept continuously up to date on-chain. During US regular trading hours (RTH) prices track the live US equity market; off-hours the feed switches to an off-exchange reference, with a tighter open-interest cap (the leverage tiers are now the same in every session). Because the off-hours reference keeps updating, the on-chain feed stays current around the clock. This allows trading to stay live 24/7. Feeds are external and can still go stale; see the [risk disclosure](/reference/risks).

This documentation covers the product for traders, liquidity providers, stakers, and referrers — each role below links to the page that covers it in depth.

## Get started

Choose your role to find the right starting point.

* **Traders:** [Trading overview](/trading/overview) — Open leveraged long/short positions and place limit orders.
* **Liquidity providers:** [Providing liquidity](/liquidity/overview) — Earn yield by depositing USDC into the shared pool on the LP farm.
* **Stakers:** [Staking & Rewards](/staking/overview) — Stake PARQ to earn a share of protocol fee distributions.
* **Referrals:** [Referral program](/referrals) — Create a code, share it, earn affiliate rewards.
* **Risks:** [Risk disclosure](/reference/risks) — Read this first: real funds, off-hours pricing, and counterparty-pool/payout-queue risk.
* **Community + support:** [Telegram (@parquetexchange)](https://t.me/parquetexchange) — operator-staffed help channel.

## Markets

Parquet lists perpetuals across several asset classes — US equities and ETFs, crypto, commodities, forex, and trading cards — plus synthetics such as SPCX (a SpaceX synthetic priced from a third-party reference feed; not SpaceX stock). Trading-card markets are a higher-risk, speculative category (capped at 50× and excluded from the LP farm); see [Markets](/markets) for the per-category detail and the current, always-live listing (including any symbols recognized on-chain but not currently enabled for trading).