After months of ideation, rigorous development, and extensive testing, Parsa is officially live on Solana. We’re introducing Range Perpetuals, a novel derivative that bridges the best of onchain options and perpetual futures. This is the next evolution in DeFi derivatives—efficient, flexible, and designed for traders seeking non-linear exposure without the liquidity fragmentation of traditional options markets. Try it out today at parsa.finance.

The Onchain Options Dilemma

Despite the promise of onchain options—transparency, composability, and permissionless trading—their adoption has been underwhelming. Liquidity fragmentation, excessive complexity, and lack of efficient pricing mechanisms have made them difficult to scale. Options markets have consolidated to a few large exchanges, limiting innovation and accessibility.

Meanwhile, onchain perpetual futures have exploded in popularity, thanks to their simple funding rate mechanics, deep liquidity, and streamlined user experience. Perpetuals have become the default instrument for leveraged trading, but they lack the expressiveness of options—traders can only bet on price direction, not volatility or price ranges.

Enter Parsa: Range Perpetuals

Parsa introduces Range Perpetuals, a novel derivative that allows traders to take positions on price ranges instead of just direction. Unlike traditional options, Range Perpetuals have no expiration date and require no separate liquidity provisioning for different strike prices or maturities. This reduces liquidity fragmentation and makes trading more efficient.

How It Works

With Parsa, instead of betting on whether BTC will go up or down, traders can express more nuanced views. For example:

• A trader expecting BTC to range between $80K and $85K can open a position within that range.

• The position’s value fluctuates based on BTC’s price movement within the selected range.

• Traders can open or exit positions anytime, just like perpetual futures.

This unlocks new strategies for hedging, yield generation, and volatility trading, all while keeping capital efficiency intact.

Why Solana?

Speed and efficiency matter. Solana’s high-performance architecture makes it the ideal home for Parsa. With low fees and near-instant execution, traders can engage with derivatives without the bottlenecks of legacy chains. Parsa leverages Solana’s composability to create a seamless, deeply liquid onchain derivatives ecosystem.

First Market: SOL - Daily Market

The first market on Parsa is SOL - Daily Market, where traders can take positions on Solana’s price movements within set ranges. Our price feed and funding steps update every minute, ensuring accurate and real-time tracking for traders.

What’s Next?

Parsa is just getting started. Over the coming months, we’ll be refining the product, integrating new features, and expanding the range of tradable markets. Our roadmap includes:

• Enhanced performance and speed upgrades

• Advanced analytics and risk management tools

• Expanded asset support

• Deeper liquidity incentives for early adopters

We’re committed to building the best platform for Range Perpetuals, pioneering a new category in onchain derivatives.

Start Trading Today

The future of onchain derivatives is here. Explore Parsa and trade live on Parsa today at parsa.finance. For a deeper dive into Range Perpetuals, check out our docs and simulator tool.

Have questions or feedback? Join the conversation—we’re always open to insights from traders, builders, and DeFi enthusiasts.

Let’s redefine onchain derivatives together.

https://t.co/MCHDpcUGPi

https://x.com/TradeOnParsa

When evaluating blockchains, we considered several key factors:

• Performance Needs: Our platform requires high transactions per second (TPS) and low latency to handle complex computations and frequent price updates.

• Cost Efficiency: Low transaction fees are essential to make frequent trading and interactions economically viable for our users.

• Computational Complexity: Supporting heavy onchain calculations and substantial data storage is crucial for accurately managing positions and pricing.

• Development Tools and Ecosystem: Mature development tools and a supportive community enable us to build, test, and iterate quickly.

After extensive research and testing, we've determined that Solana is the ideal platform for our initial mainnet launch.

Our Journey So Far

Developing an innovative product like range perpetuals demanded a focus on speed and adaptability. Our priority was to deliver a functional beta quickly to gather user feedback. Initially, we focused on building a working platform rather than ensuring it was fully non-custodial since paper trading doesn’t require the same security guarantees as with real funds. For this reason, we chose to implement the first version of the Parsa engine offchain, allowing us to focus on rapid iteration.

Leveraging our expertise with EVM-compatible chains, we launched our beta on Base Sepolia and later Berachain. We settled stablecoins (used to enter and exit markets) and positions (represented as NFTs to enable secondary markets) on these chains, with position calculation logic offchain. Both offered vibrant ecosystems, clear growth trajectories, ample liquidity, and promising partnership opportunities. In particular, Berachain provided a supportive community and fruitful collaborations with fellow builders. We remain confident in the potential of these chains.

As we progressed toward a mainnet release, achieving a truly non-custodial and decentralized platform became a priority. This shift required migrating our position value calculation logic onchain or to a distributed offchain compute network. Upon reevaluating our options, we encountered significant challenges.

Unfortunately, EVM-compatible chains lack the performance needed for Parsa to operate solely within EVM smart contracts. Our platform requires frequent recalculations of tick prices involving complex arithmetic on large arrays, which the EVM handles inefficiently. The high gas costs for such computations make a fully onchain implementation infeasible without significant compromises to the product. While promising solutions like Monad and MegaETH aim to enhance EVM performance, they are not yet production-ready.

We considered using an offchain computation network while remaining on an EVM chain, but this approach introduces significant complexity and risk. Offchain computation requires external nodes to perform calculations and securely transmit results back to the blockchain. This adds layers of complexity in ensuring data integrity, synchronization, and security. It also necessitates robust mechanisms to verify offchain data onchain and safeguard against potential discrepancies or malicious actors. Managing both onchain and offchain infrastructures complicates development and increases the risk of bugs, security vulnerabilities, and system failures—all of which could negatively impact user trust and platform reliability.

Why Solana?

Solana emerged as the optimal solution for our platform's needs due to several key factors:

• High Performance: Solana's architecture supports high TPS and low latency, ensuring smooth and efficient operations for our users.

• Cost-Effective Transactions: With minimal transaction fees, Solana makes frequent computations and user interactions economically feasible.

• Advanced Computational Capabilities: Solana's programming model accommodates complex onchain computations, perfectly aligning with Parsa's technical requirements.

• Robust Development Tools: The mature tooling and developer resources available on Solana enable us to build and iterate quickly.

• Thriving Ecosystem: Solana boasts a rapidly growing user base and a wealth of integration opportunities with other innovative projects.

By choosing Solana, we can deliver a fully non-custodial, high-performance platform without compromising on speed or user experience. We are excited about the opportunities this move presents and are confident that Solana's ecosystem will enhance Parsa's growth and success.

To showcase the capabilities of our platform on Solana, we have recently relaunched our paper trading beta on the Solana Devnet. This beta allows users to experience Parsa's innovative range perpetuals firsthand, without the risk of real funds.

We invite you to participate in our paper trading beta to explore the features and provide valuable feedback. Your insights will help us refine the platform as we move closer to our official mainnet launch.

As we continue to make rapid progress, we're excited about what's on the horizon. Stay tuned for more updates in the coming weeks—big things are just around the corner.

Get Involved

• Try the Beta: https://parsa.finance

• Join the Conversation on Telegram: https://t.me/parsatestnetsquad

• Stay Updated on X: https://x.com/TradeOnParsa

Together, let's push the boundaries of what's possible in DeFi trading. Your participation is crucial to making Parsa the best it can be.

At Parsa, we are pioneering a groundbreaking new derivative model called Perpetual Parimutuel Options (PPOs) to revolutionize the options trading experience. PPOs merge the concepts of binary options and parimutuel betting into a first-of-its-kind perpetual contract structure.

The Elegance of Parimutuel Markets

Parimutuel betting systems are commonly used in horse racing, where all bets are pooled and then divided among winners after deducting a house fee. This resembles a zero-sum game where payouts depend on the total bets rather than pre-determined odds.

Parsa's PPOs apply this parimutuel mechanism to options trading. Instead of trading against a centralized counterparty, traders participate in markets where liquidity is pooled across all strike prices for a given asset. This alleviates the problem of liquidity fragmentation and promotes better price discovery and fairer pricing.

Flexible and Customizable

With PPOs, traders can define precise price ranges they wish to speculate on – allowing strategies that were previously impossible with binary options. The result is greater flexibility for market participants to craft trading strategies tailored to their market views and risk profiles, without the complexity of purchasing multiple options contracts as with traditional options markets.

These perpetual contracts have no expiry dates, yet incorporate elements of time decay through a time scaling parameter that balances high liquidity and high value accrual to in-the-money positions to incentivize more active trading.

User-Driven Price Discovery

Rather than depending on complex pricing models, the prices of PPO contracts are determined by market forces by leveraging the framework of market scoring rules – the supply and demand across each strike price. Traders can continuously mint or burn option positions at prices reflective of current market conditions. This also eliminates the need for liquidity providers or option writers, reducing trading costs and simplifying the system and user experience.

This user-driven price discovery creates a dynamic, high-leverage environment where skilled traders can thrive by anticipating market movements.

An Options Renaissance

By combining the benefits of pooled liquidity, customizable strike ranges, continuous position repricing, as well as leveraging onchain infrastructure to enhance transparency, security, and efficiency, Parsa aims to spark a renaissance in derivatives trading with the introduction of PPOs.

Gone are the days of fragmented and opaque options markets dominated by middlemen. Parsa's vision is to democratize access, reduce trading costs, and empower a new era of options-like strategies.

PPOs are a key step towards making derivatives more capital-efficient, flexible, and robust – paving the way for a more accessible and dynamic trading environment by providing traders with the tools they need to thrive.

Stay tuned as we share more details about the mechanics, roadmap and upcoming launch of Parsa's pioneering PPO system. Join us in revolutionizing the landscape of derivatives trading!

Go to parsa.finance now to paper trade on our beta on Base Sepolia (testnet) and follow @TradeOnParsa on X (Twitter) to stay updated!