Markets

Every market is quoted against USDC and priced by a Pyth Lazer oracle feed.

Trading hours

Exchange holidays and early closes follow each exchange's calendar. The app shows when a market closes and reopens.

Stock markets

NVDA, TSLA, GOOGL and SPCX fill whenever the signed oracle price reports a session other than closed: overnight (8:00 PM to 4:00 AM), pre-market (4:00 to 9:30 AM), regular (9:30 AM to 4:00 PM) or post-market (4:00 to 8:00 PM). Each feed publishes its own schedule, so a stock can stay open well past the 4:00 PM exchange close; NVDA trades from Sunday 8:00 PM to Friday 8:00 PM. If the price stops updating while the session is open, that is an oracle outage, not a session close. An order that cannot be filled before the session closes expires and is refunded to your free balance. Open positions can be closed for you at the session end; see Session close.

Scheduled events

Around some scheduled events, Parchment pauses new opens on a market or caps the leverage of new opens. Closes and liquidations are not affected, and each pause or cap ends on its own. Pending opens that a pause stops are refunded, execution fee included. A pending open above a leverage cap is refunded with the execution fee kept.

The app shows an active or upcoming pause or cap on the market.

Session close

Open positions can be closed for you when a market closes: when a stock's last session ends (for NVDA, Friday 8:00 PM, or earlier on a holiday or early close) and before an earnings report on a stock market.

Parchment's keeper arms a session close on the market, which records a snapshot price. On a stock market session end, it waits until the signed oracle price reports the session closed and the last trade is at least 60 seconds old (admin-adjustable from 10 to 900 seconds), and the snapshot is the last price before the close. From then on, every position opened before that point can be force-closed at the snapshot price. Anyone can trigger it.

• A force-close settles like a normal close at the snapshot price, with the same fees and payout queue rules.
• A position at or past its bust price at the snapshot is liquidated instead.
• Pending opens on the market are refunded while the session close runs, execution fee included.
• Force-closes run during pauses, and even while the market's price feed is switched off.

Do not plan on holding a stock position through a close.

Market status

• Active: open and close as normal.
• Close-only: no new opens. Closes, emergency closes and liquidations keep working. The app says This market is close-only. It comes from either a reduce-only market status or an opens pause. A pending open stopped by an opens pause is refunded with its execution fee; one stopped by reduce-only status keeps the fee.
• Retired: no new opens. Existing positions close at once at the one-step price, which includes a spread.

Closed markets in the app

The market picker's Closed filter lists every market that takes no new positions right now: outside its trading hours, close-only, paused, or paused around a scheduled event. Each row says why, such as Closed or Paused · close-only, and when it reopens if that is known. You can still select these markets to close your positions there, unless the market's price feed is switched off.

On a stock market's chart, closed periods (nights, weekends and holidays) are collapsed into one dashed separator, so the bars either side of a close sit next to each other.

Size and payout (the haircut)

Each side of a market has a depth. While total open size on your side is below the depth, a winning position is paid on its full size. Once a side grows past its depth, new positions on that side are paid on a smaller share of their size, falling with the square root of the side's size.

Your share is locked when you open and never changes afterwards. The ticket shows it as the payout factor before you sign. Losses always count your full size.

Splitting one trade into many smaller orders does not avoid the haircut: each order is measured against the side's total.

If your side is so large that your payout factor would fall below 30%, the open is refused.