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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.

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Pricing on Parquet

All orders execute at the on-chain oracle price rather than against an order book or AMM curve. Prices are pushed to the per-market PriceFeed PDA by the price-pusher every second during US Regular Trading Hours and validated by the oracle_adapter program for staleness before they are used for trade execution. Parquet’s on-chain maxDeviationBps circuit breaker is disabled (set to 0). Bad-data rejection happens upstream, in the off-chain aggregator — this is intentional so Monday-morning gap opens process cleanly without tripping a deviation halt on the first valid tick of the week. Outside RTH, the oracle is stale and every order placement that requires a fresh price reverts. Pending limit and stop orders sit on-chain across the halt and are only eligible to fire once the next session opens.

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Market orders

Market orders execute immediately at the current oracle price. You submit a transaction and the position is opened or closed in the same slot. Set an acceptable price to bound the maximum slippage between when you submit the order and when it executes. If the oracle price has moved beyond your acceptable price by the time the transaction processes, the order is rejected.

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Limit orders

Limit orders let you specify a trigger price at which you want to enter or exit a position. The order is created as an on-chain account and monitored by a keeper. Order lifecycle:
  1. You create a limit order with a trigger price and collateral (for increase orders).
  2. The order is stored on-chain.
  3. A keeper monitors the oracle price and executes the order when the trigger condition is met.
  4. The position is opened or modified at the oracle price at execution time.
For increase orders, collateral is reserved when the order is created and returned if you cancel.

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Stop-loss and take-profit

Stop-loss and take-profit are decrease-only orders attached to existing positions. They use the same keeper execution mechanism as limit orders.
  • Stop-loss: Closes your position to limit losses when the price moves against you.
  • Take-profit: Closes your position to lock in gains when the price reaches your target.
Because triggers fire on oracle price and the oracle is paused outside RTH, stop-loss and take-profit do not fire across a market halt. A large overnight gap is realized at the next session’s opening prints, not at your trigger — size positions you intend to hold overnight accordingly.

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Order types summary

TypeDirectionTriggerExecution
Market (open)IncreaseImmediateOracle price at submission
Market (close)DecreaseImmediateOracle price at submission
Limit (open)IncreaseOracle crosses trigger priceKeeper executes at oracle price
Stop-lossDecreaseOracle crosses trigger priceKeeper executes at oracle price
Take-profitDecreaseOracle crosses trigger priceKeeper executes at oracle price

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Cancelling orders

You can cancel any open limit, stop-loss, or take-profit order before it is executed. Collateral reserved for increase orders is returned to your wallet on cancellation.