> ## 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. # FAQ > Common questions about Parquet — what it is, how to trade, fees, trading hours, mainnet status, where to file bugs. Quick answers to the questions traders ask most. Each answer links out to the page that covers it in full. ### 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`](/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`](/trading/overview); the public indexer also exposes the session programmatically (developer docs by request — see [Developer docs](/developer/access)). ### 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 ($500K vs $5M OI cap per market, plus an armed ADL tail-backstop — leverage tiers are the same in every session) still apply. See [`/reference/risks`](/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](/reference/price-integrity) for the full explanation and [Risks](/reference/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`](/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`](/getting-started/wallet-setup) to connect. ### What's the maximum leverage? **Tiered up to 200×** for the smallest positions (≤ $100K wallet-market notional), falling to 10× for the largest (> $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`](/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`](/trading/fees) for the full breakdown. ### What's the open-interest cap? **$5M per market during RTH** and **$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`](/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`](/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`](/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`](/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`](/liquidity/overview) and [`/earn/lp-payout-queue`](/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`](/staking/overview) for the basics and [`/earn/staking-emissions`](/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`](/referrals) and [`/earn/referrals-lifecycle`](/earn/referrals-lifecycle) for the full lifecycle. ### How do I get test funds on devnet? Devnet uses a mock USDC mint at `DA8DJqnj49QrNN6TSbZ13cMubdJ8agSeEohH5AGjkgYA`. Watch the Parquet [Telegram](https://t.me/parquetexchange) 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. ### Is delegation supported for bots? Partially. The on-chain delegation building blocks exist, but order types (limit, stop, stop-loss, take-profit) and the SDK do not yet support delegate-signed trades end-to-end. For now, bot operators should sign with the wallet directly. See [Known limitations](#whats-not-in-the-launch-v1-release) above. ### Where do I report bugs or suggest features? For non-security bugs and feature requests, open an issue on [the Parquet GitHub](https://github.com/parqxchange/parq-sdk/issues) or reach out via [Telegram](https://t.me/parquetexchange). **Found a security vulnerability?** Do not open a public issue or post in the public channel — report it privately. See [Security](/reference/security) for the responsible-disclosure process.