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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.

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 equity, ETF, and commodity-ETF markets. Prices come from Alpaca and Finnhub WebSocket feeds, aggregated off-chain and pushed to the on-chain PriceFeed PDA every second during US Regular Trading Hours.

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Connecting a wallet

Parquet is compatible with any Solana wallet — Phantom, Backpack, Solflare, and others — through the standard 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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Trading hours

Markets are open during US Regular Trading Hours: Mon–Fri 09:30–16:00 ET, minus US market holidays and early-close days. Outside RTH the oracle feed goes stale and perp_engine reverts every state-changing instruction (open, close, margin update, liquidation) with PriceStale. Existing positions stay open across nights, weekends, and holidays — funding and borrow fees still accrue — but you cannot modify or close them until the next session begins. The app surfaces a MarketClosedBanner driven by the indexer’s GET /market-hours route so you see the halt before signing.

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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 with 100collateralcreatesa100 collateral creates a 1,000 position.
Every position is opened against the USDC liquidity pool at the current oracle price. The pool is the counterparty to all trades.
ParameterDescription
CollateralUSDC amount deposited as margin
SizeTotal position size in USD (collateral × leverage)
LeverageMultiplier on collateral, capped at 250×
Entry priceOracle price at the time of execution
Liquidation pricePrice at which health drops below the maintenance margin requirement (20 bps)
Positions require a minimum of $10 USDC collateral.

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Trading key delegation

You can register a trading key to authorize a locally stored keypair to sign trades on your behalf. This eliminates the wallet confirmation popup for each trade, providing a one-click trading experience.
  • Trading keys can only open and close positions and manage orders. They cannot withdraw funds or transfer tokens.
  • You can revoke a trading key at any time from the interface.
  • If your browser is compromised, the trading key could be exposed. The key’s limited permissions act as a safeguard — it cannot move funds out of your wallet.

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Liquidations

A position is liquidated when its effective equity falls to or below the maintenance margin ratio of 20 bps. Effective equity accounts for unrealized PnL, accrued funding charges, and accrued borrowing fees — not just the deposited collateral. The health formula is: 
health = effective_equity × max_leverage / position_size
When health drops to or below the MMR, the position becomes eligible for liquidation. A keeper monitors positions and executes liquidations when conditions are met. A liquidator reward is paid out of the remaining collateral, capped per call. At 250× leverage, the initial-margin requirement is 40 bps and the maintenance margin is 20 bps — leaving roughly 0.2% of price movement between entry and liquidation, before fees. Use much lower leverage for any real cushion. For details on the fees that affect effective equity, see Fees & Costs. For the full liquidation math and v4 queue-clawback behavior, see Liquidations.