PropyWhat you can lose
Perpetual futures carry risk. Read this before you deposit. Nothing here is investment advice.
You can lose your margin
A position is closed out when its losses reach the margin you put in. Property markets fall as well as rise, and leverage of 3x to 5x means a 20% move against you is a total loss on that position.
Every release is a price gap
House price indices publish monthly or quarterly. Between releases the price you trade at is Propy's own estimate, labelled as such everywhere. On release day the mark jumps straight to the official number, with no chance to react part way. That is why leverage here is low.
The estimate is not an oracle price
Between prints the mark is the last official value plus a treasury-set drift and a skew adjustment. It is a working price for opening and closing, not a measurement of the market.
Profit is capped
Each position's profit is capped at a fixed multiple of its margin, fixed when you open and reserved from the treasury so it can always be paid.
The treasury is the counterparty
There is no order book. Every position is against the Propy treasury, and payouts depend on it holding enough USDC. Open interest is capped per market for that reason.
Property stocks follow their exchange
Listed property companies trade only while their home exchange is open. Outside those hours, orders queue and fill at the next open, at whatever price that turns out to be.
Synthetic exposure, not property
A position is a contract settled in USDC. It is not a house, a share, a deed or any claim on property or on a company.
No KYC, and no advice
Propy does not verify identity and does not give investment advice. Check whether trading these contracts is permitted where you live.
Questions about how settlement works? The FAQ covers the mechanics, and every market page shows its data source and next release date.