Trading overview

Parquet is a decentralized exchange. You trade without creating an account. Connect a Solana wallet, deposit USDC collateral, and open leveraged long or short positions on listed US stock and ETF markets. Prices are sourced from live external market-data feeds and kept continuously up to date on-chain. Parquet trades 24/7. During regular US market hours (Mon–Fri 9:30am–4:00pm ET, adjusted for US holidays) Parquet uses live exchange data. Outside those hours the venue stays open with the same leverage tiers but tighter limits — a lower per-market open-interest cap and an armed ADL tail-backstop — and pricing from an off-exchange reference feed. See Markets for details.

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Connecting a wallet

Parquet works with Phantom and Solflare through the standard Solana wallet adapter. To start trading, you need:

• SOL for Solana transaction fees.
• USDC as collateral for positions and liquidity deposits.

Connect your wallet using the button in the top right of the interface at parquet.exchange.

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How positions work

All positions are USDC-margined with linear PnL. You deposit USDC collateral and select a leverage multiplier to determine your total position size.

• Long: You profit when the market price increases above your entry price.
• Short: You profit when the market price decreases below your entry price.
• Leverage amplifies both gains and losses. A 10× long on AAPL with $100 collateral creates a$1,000 position — and a roughly 10% move against you would wipe out your $100 collateral.

Every position is opened against the market’s USDC liquidity pool at the current oracle price. The pool is the counterparty to all trades. Positions require a minimum of $10 USDC collateral. Each market has a$5M open interest cap during regular market hours and $500K off-hours (or$100K off-hours for ASML, COST, RIVN, IBM, DELL).

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Trading key delegation

Trading-key delegation — authorizing a locally stored keypair to sign trades for you so you skip the wallet confirmation popup on every action — is planned but not yet available. The on-chain building blocks exist, but the end-to-end flow isn’t wired into the app yet, so for now every trade is signed directly by your connected wallet. See what’s not in the launch v1 release. When it ships, a trading key will be scoped to trading only — it will be able to open and close positions and manage orders, but never withdraw or transfer funds, so even a compromised key could not move assets out of your wallet.

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Liquidations

A position is liquidated when its effective equity falls below the maintenance margin requirement (40 bps venue-wide). Effective equity accounts for unrealized PnL, accrued funding charges, and accrued borrowing fees — not just the deposited collateral. Your position’s health depends on your effective equity relative to its size. As your equity — after PnL, funding, and borrowing fees — shrinks toward the maintenance requirement, your liquidation risk rises. When your effective equity drops below the maintenance margin requirement, the position becomes eligible for liquidation. Liquidations are executed automatically by the protocol when these conditions are met. A liquidation fee of 20% of your remaining equity at liquidation is taken — capped at equity and split 50/50 between the liquidator and the insurance fund. For details on the fees that affect effective equity, see Fees & Costs.