Markets
Parcl V4 trades perpetual futures on real estate indices. Each market is a perpetual contract settling against an oracle price feed.
Available markets
Real estate
| Name | Type | Oracle | Update frequency | Leverage | Description |
|---|---|---|---|---|---|
| NYC | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | New York City residential price index |
| USA | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | US national residential price index |
| Austin | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | Austin, TX residential price index |
| Atlanta | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | Atlanta, GA residential price index |
| Boston | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | Boston, MA residential price index |
| MiamiBeach | Sales | Parcl Labs | Daily (9:05 AM ET) | 50x | Miami Beach, FL residential price index |
| BrooklynRent | Rental | Parcl Labs | Daily (9:05 AM ET) | 50x | Brooklyn, NY rental index ($/sqft monthly) |
Sales market prices are in $/sqft of residential sale price. Rental market prices are in $/sqft of monthly rent (e.g. a $1,500/mo rent on a 1,500 sqft unit prints at $1.00).
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
Each market has a dedicated oracle feed. The oracle service signs UpdateOraclePrice transactions that go through consensus like any other transaction.
- Real estate markets update once daily at 9:05 AM ET from Parcl's proprietary price feed database.
Each market shows:
- Oracle price (index): the latest signed price from the external oracle
- Mark price: see Mark price for the full design.
- Valid until: when the current oracle price expires. After expiration, the market's oracle status becomes Stale.
Funding
Funding rates settle hourly and keep the mark price anchored to the oracle. Longs pay shorts when mark is above oracle, and vice versa. See Funding for the full mechanics.
Margin and leverage
You choose cross or isolated margin per order. Cross is the default and shares one collateral pool across every cross position. Isolated puts each position in its own bucket, so a blowup stays confined to that one position.
Base max leverage is 50x on real estate (2% initial margin, 1% maintenance).
Markets can also apply size-based margin tiers: max leverage steps down and maintenance margin steps up as your position notional grows. The base figures above are the small-size case. See Margin tiers for the brackets and how an existing position is grandfathered when a table changes. See Margin for the full mode comparison and how to add or remove margin on an isolated position.
Liquidations
Partial by default. A deeply underwater position routes through the market's required backstop account and then auto-deleveraging (ADL). If profitable counterparties cannot satisfy all of the debt without forfeiting principal, the Treasury master owns the residual bad debt. See Liquidations and ADL.
Fees
Volume-tiered rates apply. See Fees for how the exchange calculates them.