Markets
Parcl V4 trades perpetual futures on real estate indices and commodities. 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 markets are priced in $/sqft of residential sale price. Rental markets are priced in $/sqft of monthly rent (e.g. a $1,500/mo rent on a 1,500 sqft unit prints at $1.00).
Commodities
| Name | Underlying | Venue | Update frequency | Leverage | Description |
|---|---|---|---|---|---|
| BRENTOIL | Brent crude (front-month) | ICE | ~3 seconds | 20x | International oil benchmark, $/bbl |
| COPPER | Copper (front-month) | COMEX | ~3 seconds | 20x | Industrial metal, $/lb |
| LUMBER | Lumber (front-month) | CME | ~3 seconds | 20x | Softwood lumber, $/1,000 board ft |
| HRCSTEEL | Hot-rolled coil (front-month) | COMEX | ~3 seconds | 20x | US steel benchmark, $/ton |
Commodities trade 24/7 on Parcl V4 even when the underlying venue is closed. The perp tracks an index, not a futures contract — so off-hours of the physical commodity market don't gate trading on chain.
Asset class differences
| Property | Real estate | Commodities |
|---|---|---|
| Oracle update cadence | Daily (9:05 AM ET) | ~3 seconds |
| Trading window | 24/7 | 24/7 |
| Underlying venue hours | N/A | ICE / COMEX / CME schedule |
| Mark price method | Impact mid | Median of (oracle, impact, last trade) |
| Liquidation reference price | Oracle price | Mark price (median) |
| TP/SL trigger reference | Oracle price | Mark price (median) |
| Default leverage | 50x | 20x |
The differences exist because the two asset classes have fundamentally different update cadences and orderbook profiles. Real estate uses oracle gating to resist orderbook manipulation on thin daily-cadence books. Commodities use mark gating so liquidations and stops remain enforceable during venue closures (when the oracle may be stale). See Mark price for full mechanics.
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.
- Commodity markets update approximately every 3 seconds from a continuous external feed.
Each market shows:
- Oracle price (index): the latest signed price from the external oracle
- Mark price: see Mark price for the full design — uses different methods per asset class.
- Valid until: when the current oracle price expires. After expiration, the market's oracle status becomes Stale and (for commodities) mark price falls back to orderbook-derived signal.
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 is confined to that one position.
Max leverage is 50x on real estate (2% initial margin, 1% maintenance) and 20x on commodities (5% initial margin, 2.5% maintenance). The lower commodity ceiling reflects realized intraday volatility: Brent can move 1-3% in a single session and 5%+ on news, where 50x would cascade liquidations dangerously. See Margin for the full mode comparison and how to add or remove margin on an isolated position.
Liquidations
Partial by default. If a liquidation produces bad debt that exceeds the Treasury's coverage, auto-deleveraging (ADL) fires as a last resort. See Liquidations and ADL.
Fees
Currently 0% on devnet. When enabled, fees are volume-based with tiered rates. See Fees.