What is Parquet?
Parquet is a decentralized perpetuals exchange on Solana for synthetic long/short exposure across 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 for the current live list (including any symbols recognized on-chain but not currently enabled).
When can I trade?
24/7. During regular trading hours (Mon–Fri 09:30–16:00 ET) prices track the live US equity market. Off-hours, pricing comes from an off-exchange reference feed. A 10-minute weighted blend smooths each session boundary. US holidays and early-close days are detected automatically and degrade the RTH regime to off-hours. The app shows the current session — regular trading hours, the transition blend, or off-hours. See/trading/overview; the public indexer also exposes the session programmatically (developer docs by request — see Developer docs).
What happens to my position over the weekend?
It stays open and pricing keeps flowing — Parquet is 24/7 since the 2026-05-20 unlock. Funding and borrowing fees accrue continuously and the keeper continues stamping funding through the weekend. You can close, add margin, or remove margin at any time; the off-hours risk parameters (5M OI cap per market, plus an armed ADL tail-backstop — leverage tiers are the same in every session) still apply. See/reference/risks for off-hours-specific risk considerations.
How does Parquet protect against oracle manipulation, stale prices, and latency arbitrage?
Parquet is oracle-priced and pool-backed, so price integrity is defended in layers. Bad or stale data is filtered off-chain (multiple independent feeds, outlier rejection, an agreement gate, and a trusted-source guard) before it reaches the chain, and every on-chain price is checked again for staleness and confidence before any trade can execute. The system is fail-closed — if a trustworthy price can’t be established, the market freezes rather than trading on a suspect number. Hard open-interest caps, fees, the payout queue, and an off-hours ADL backstop bound the worst case. During earnings and big moves the same defenses apply, plus break-glass operator levers (deactivate a market, or move the venue to reduce-only). See Price integrity for the full explanation and Risks for the residual risks.Is this on mainnet?
Yes. Parquet trades on Solana mainnet — markets across US equities, crypto, commodities, forex, and trading cards, trading 24/7, keeper online. Devnet also remains live for SDK/developer testing. See/network/contracts for program IDs.
What wallets are supported?
Phantom and Solflare via the Solana wallet adapter. Anything that speaks the adapter should work, but those two are the supported path. See/getting-started/wallet-setup to connect.
What’s the maximum leverage?
Tiered up to 200× for the smallest positions (≤ 1M) — the same table in every session, set by the 50 bps initial margin. A fresh 200× position has only a 10 bps margin above maintenance (40 bps) that the 10 bps open fee fully consumes — so it opens essentially at its liquidation point, and even a small move against you can trigger liquidation. Use the highest tiers only with that in mind. See/getting-started/first-trade for the trade flow and the full tier table.
What fees do I pay?
Base open/close fee is 0.1% of notional, reduced to 0.05% when your trade reduces open-interest imbalance. Funding is capped at 300% APR (≈0.82%/day). Liquidations take a fee of 20% of your remaining equity at liquidation, capped at equity and split 50/50 between the liquidator and the insurance fund. See/trading/fees for the full breakdown.
What’s the open-interest cap?
500K per market off-hours. When a market hits the cap, no new positions can be opened until existing positions are closed. The lower off-hours cap reflects tighter risk discipline during low-liquidity windows. See/liquidity/overview.
Why didn’t my winning close pay out immediately?
When the pool is short on free liquidity, winning closes go into a FIFO payout queue and pay out as LPs absorb losses or new deposits arrive. Your position is closed and your USDC payout is reserved — the queue is just the order in which it lands in your balance. See/trade/payout-queue.
What happens if I get liquidated?
Once your health drops to or below the maintenance margin (0.4% venue-wide), anyone can trigger a liquidation. A fee of 20% of your remaining equity at liquidation is taken (capped at equity, split 50/50 between the liquidator and the insurance fund), and whatever equity is left is paid back to you. See/trade/liquidations.
Can I add or remove margin on an open position?
Yes — you can add or remove margin on an open position at any time, 24/7. Adds are always allowed; removes pass the same health check that a liquidation would — the post-remove position must stay above maintenance margin and within the leverage tiers (which are the same in every session). See/trade/margin-management.
How do LPs make money?
50% of every trading fee flows to LP balance, paid out through the deposit/withdrawal share price. LPs also absorb realized PnL — they win when traders lose net, and lose when traders win net. The public LP farm at/farm — where you deposit to become an LP — is live on mainnet. See /liquidity/overview and /earn/lp-payout-queue for how the LP payout queue works.
What is staking?
Stake PARQ (an SPL Token-2022 mint) for a claimable USDC share of fee distributions — protocol-token staking is live on mainnet, as is the separate LP farm (the LP cut of trading fees, at/farm). Emission-schedule rewards are not yet live. See /staking/overview for the basics and /earn/staking-emissions for the emission-curve mechanics.
Is there a referral program?
Yes — tier-based, configured by the operator. On today’s Standard (default) tier, referrers earn 25% of their referred traders’ trading fees (claimable USDC, uncapped); higher tiers go up to 40%. There is currently no trader-side fee discount — the full reward accrues to the referrer. Deeplinks auto-apply on the first trade. Tiers can change, so treat those as the current rate. As an affiliate you claim accrued rewards per market. See/referrals and /earn/referrals-lifecycle for the full lifecycle.
How do I get test funds on devnet?
Devnet uses a mock USDC mint atDA8DJqnj49QrNN6TSbZ13cMubdJ8agSeEohH5AGjkgYA. Watch the Parquet Telegram for the faucet workflow.
What’s not in the launch v1 release?
A few features are scoped out of the initial mainnet release and tracked for follow-up:- Trading-key delegation — letting a bot sign trades on your behalf is not yet wired end-to-end in the SDK. For now, bot operators should sign trades with the wallet directly.
- Hot-standby failover host — Your funds and open positions live on-chain and are unaffected by an off-chain outage. Parquet’s off-chain services (price-pushing and indexing) run with a manual recovery procedure today; if that host fails, recovery is currently a manual operator step. A hot-standby failover host is planned.
- Expanded on-call alerting — Service uptime is monitored, and the on-call alerting tiers are still being expanded.