Trading hours
24/5 across pre-market, regular, after-hours and overnight. Weekends and holidays are locked, the same as holding the real stock.
Trading runs 24 hours a day, 5 days a week, following the US equity sessions. All times US Eastern.
| Session | Hours | Max leverage | Fill delay | Loss budgets |
|---|---|---|---|---|
| Pre-market | 04:00 to 09:30, Mon to Fri | 50x | 2 seconds | half |
| Regular | 09:30 to 16:00, Mon to Fri | up to 1000x (by tier) | 1 second | full |
| After-hours | 16:00 to 20:00, Mon to Fri | 50x | 2 seconds | half |
| Overnight | 20:00 to 04:00, Sun to Thu nights | 20x | 3 seconds | a quarter |
| Weekend and holidays | Fri 20:00 to Sun 20:00, and any day the market is closed | locked | none | none |
Every session's limit is also capped by the stock's tier (see Leverage tiers).
Session changes
- Auto-deleverage. From 10 minutes before each session change, positions above the next session's leverage limit are closed automatically at the next price. A position opened at 1000x in the regular session is closed from 15:50; a 50x after-hours position is closed from 19:50.
- Auction pauses. New opens pause from 09:30 to 09:35 and from 16:00 to 16:05, while the opening and closing auctions settle. Closes and liquidations continue.
- Earnings blackouts. New opens in a stock pause from 5 minutes before to 15 minutes after its scheduled earnings release. Most releases land around 07:00 or 16:05, inside tradable hours, and the first after-hours prints are the thinnest of the day.
- Half days (13:00 close) move the regular-session close, and the after-hours session follows the market's actual schedule.
Why weekends and holidays are locked
No venue trades single US stocks from Friday 20:00 to Sunday 20:00 or on market holidays. Any price in that window comes from crypto perps or tokenized stocks, which can be pushed around cheaply. Letting traders close at a stale Friday price is not safe either: if bad news breaks on a Saturday, longs would close at Friday's price and the house would take the loss. So during a lock nothing opens, closes or liquidates, the same as holding the real stock.
A position may stay open into a weekend or holiday only at 10x or less, or 5x if the stock has a scheduled corporate action or earnings release before the next open. Anything above that is auto-closed from Friday 19:50.