Data Streams Market Hours
Markets for several assets are actively traded only during certain hours.
Cryptocurrency
Cryptocurrency markets operate continuously, with no designated market close.
| Asset class | Hours |
|---|---|
| Crypto | 24/7/365 — No market close. |
Real-World Asset (RWA) market hours
RWA markets operate during specific hours, with breaks for holidays and sometimes daily pauses.
| Asset class | Weekly Open | Weekly Close | Daily Breaks * | Bank Holidays ** |
|---|---|---|---|---|
| US Equities (top-50 by market cap + selected ETFs) | 09:30 Mon | 16:00 Fri | — | NYSE holiday calendar |
| FX Majors (G10 + KRW, SGD, HKD, CNH …) | 17:00 Sun | 17:00 Fri | — | Jan 1, Dec 25 |
| Precious Metals (Spot) (XAU, XAG) | 18:00 Sun | 17:00 Fri | 17:00–18:00 Mon-Thu | Jan 1, Good Fri, Dec 25 |
| Commodities (WTI Synthetic Spot) | 18:00 Sun | 17:00 Fri | 17:00–18:00 Mon-Thu | NYMEX holiday calendar |
* Times shown as HH:MM ET.
** Half-day trading may apply on the eve of certain U.S. holidays (e.g., Jul 3, Nov 28). Consult the linked exchange calendars for exact cut-off times.
User Recommendations
The following sections outline common market issues related to RWA trading hours, and how users can mitigate risks.
Users should also consult the Developer Responsibility page to understand the risks associated with both market integrity and application code.
Market gaps
Market gaps occur when there are interruptions in trading or price discovery, leading to periods where the last available price may not reflect current market conditions. These gaps can create risks, particularly around market opens, closures, and unexpected disruptions.
Market close
Large price jumps between trading sessions due to after-hours news.
A large price jump at market open could cause sudden liquidations, potentially leaving the perpetual DEX with bad debt if a trader’s collateral is insufficient to cover the losses.
| Data Stream behavior | User guidance |
|---|---|
| Keep markets closed while marketStatus = 1 to prevent users trading at unfair prices.Leverage available should be set in line with the asset average volatility to avoid bad debt if a trader’s collateral is insufficient to cover the losses. |
Price formation at open/close
Certain assets (e.g., FX open on Sunday afternoon) experience gradual price discovery due to fragmented liquidity and delayed trading activity.
The perpetual DEX should be careful of not opening their market with the last close price.
| Data Stream behavior | User guidance |
|---|---|
| Wait until lastUpdateTimestamp is current before opening the market so traders don't execute on stale quotes. |
Sudden failures
Unexpected system outages, order execution failures, or data feed disruptions can occur.
The price will be flat during that period, meaning if a perp DEX lacks a mechanism to handle halts, it may struggle to determine fair prices thus leading to unpredictable liquidations.
| Data Stream behavior | User guidance |
|---|---|
| Decide whether to allow users to open/close positions when marketStatus = 2 but lastUpdateTimestamp is stale. |
Trading halts
Stocks can be halted due to extreme volatility (e.g., limit up/down rules) or regulatory actions.
The price will be flat during that period, meaning if a perp DEX lacks a mechanism to handle halts, it may struggle to determine fair prices thus leading to unpredictable liquidations.
| Data Stream behavior | User guidance |
|---|---|
| Decide whether to allow users to open/close positions when marketStatus = 2 but lastUpdateTimestamp is stale. |
Volatility & low liquidity
During periods of high volatility or low liquidity, price movements can become unpredictable and exaggerated. These conditions can increase the risk of sudden liquidations and bad debt accumulation, requiring careful risk management strategies.
Algorithmic & HFT activity
Rapid-fire trading by algos can create unpredictable price movements.
High volatility can lead to liquidation and potential bad debt accumulation.
| Data Stream behavior | User guidance |
|---|---|
| Monitor liquidation thresholds closely to prevent accumulating bad debt. |
Low liquidity at open/close
Reduced market depth at trading session transitions can lead to higher volatility and spreads.
High volatility can lead to liquidation and potential bad debt accumulation.
| Data Stream behavior | User guidance |
|---|---|
| Monitor liquidation thresholds closely to prevent accumulating bad debt. |
Corporate actions
Corporate actions are events initiated by publicly traded companies that can significantly impact stock prices and trading behavior. These actions are usually announced outside regular trading hours and can cause substantial price movements when markets reopen. Users should monitor these events closely as they can lead to sudden price adjustments that may trigger unexpected liquidations or require position modifications.
Bankruptcy & delisting
Bankruptcy can lead to delisting or complete loss of equity value.
Delisting will zero out prices for the asset.
| Data Stream behavior | User guidance |
|---|---|
| Monitor delisting news during marketStatus = 1 and close markets permanently once confirmed. |
Spin-offs
When a company spins off a business unit into a separate publicly traded entity, the parent company’s stock may adjust accordingly, while the spun-off company’s shares begin trading independently.
Positions may need to be manually adjusted if the DEX doesn’t support tracking the new entity.
| Data Stream behavior | User guidance |
|---|---|
| Monitor spin-off and split announcements while marketStatus = 1.Auto-pause the market if the first post-event price moves by more than X% from the prior close, update positions, then reopen. If automatic adjustment isn’t possible, disable leverage during the event window to prevent unfair liquidations. |
Stock splits & reverse splits
A stock split increases the number of shares while reducing the price per share (e.g., 2-for-1 split), often making shares more accessible to investors. A reverse split does the opposite, consolidating shares to increase the price per share.
A 2-for-1 split would reduce the price by 50% from the previous trading session, any leveraged user could get liquidated.
| Data Stream behavior | User guidance |
|---|---|
| Monitor spin-off and split announcements while marketStatus = 1.Auto-pause the market if the first post-event price moves by more than X% from the prior close, update positions, then reopen. If automatic adjustment isn’t possible, disable leverage during the event window to prevent unfair liquidations. |
Mergers & acquisitions (M&A)
If a company is being acquired, its stock price may rise to reflect the acquisition premium. The acquiring company’s stock might fluctuate based on investor sentiment regarding the deal’s financial and strategic impact.
Announcements can cause sharp price spikes or sustained moves.
| Data Stream behavior | User guidance |
|---|---|
| Monitor liquidation thresholds closely to prevent accumulating bad debt. |
Share buybacks & stock issuance
Reduced share supply from a buyback can drive stock prices higher, while increase in share supply can lead to price dilution.
Announcements can cause sharp price spikes or sustained moves.
| Data Stream behavior | User guidance |
|---|---|
| Monitor liquidation thresholds closely to prevent accumulating bad debt. |
Dividends
A company's stock price typically adjusts to reflect dividend payments. For example, when a company declares a 10% dividend, its stock price often drops by a similar amount on the ex-dividend date, as new buyers are no longer entitled to that dividend.
Announcements can cause sharp price spikes or sustained moves.
| Data Stream behavior | User guidance |
|---|---|
| Monitor liquidation thresholds closely to prevent accumulating bad debt. |