Markets

Parcl V4 trades perpetual futures on real estate price indices. Each market tracks a Parcl index that measures residential real estate prices in a specific geography.

Available markets

Price format

All prices use 8 decimal places internally. A price of 58035000000 means $580.35.

To convert: display_price = raw_price / 100,000,000

Sizes use 6 decimal places. A size of 1000000 means 1.0 units.

Oracle

Prices are published by Parcl's oracle service once per day at approximately 9:05 AM ET. The oracle reads from Parcl's real estate price feed database and signs UpdateOraclePrice transactions that go through consensus like any other transaction.

Each market shows:

• Oracle price (index) — the latest published settlement price
• Mark price — the current mid-market price from the order book
• Valid until — when the current oracle price expires (next day's settlement time)

When the oracle price expires, it means a new price is expected. Trading continues with the stale price until the update arrives.

Funding

Funding settles hourly. The rate is based on the gap between mark price and oracle price — if mark > oracle, longs pay shorts, and vice versa. This pulls the mark price back toward the oracle over time.

The funding rate is applied to all open positions at the funding timestamp. It hits your collateral directly (like Binance and Hyperliquid, not deferred).

Leverage

Maximum leverage is 10x on all markets. The initial margin requirement is 10% (1000 bps) and maintenance margin is 5% (500 bps). If your account equity falls below maintenance margin, you get liquidated.

Fees

Fees are currently 0% (devnet competition). When enabled, fees are volume-based with tiered rates — higher volume traders pay lower fees. See /v1/fee-tiers for current configuration.

Fee schedule: GET /v1/fee-tiers