Single Name Equities

External Trading Sessions

For equities, the relayer sources executable quotes from institutional liquidity providers for market open, after-market hours, and overnight sessions.

While U.S. exchanges operate Monday – Friday, 9:30 AM–8:00 PM ET, there is an overnight gap when traditional markets are closed. During these periods, Alternative Trading Systems (ATS) provide continuous access and external pricing, ensuring 24-hour coverage, five days per week.

Internal Trading Sessions

Internal pricing is used from Friday 8:00 PM to Sunday 8:00 PM ET, or at any time there is a gap of more than 30 seconds between external oracle datapoints. This ensures continuous pricing coverage across all sessions, including after-hours. You can read more about the internal pricing mechanism here.

Pricing Bands

As an additional measure to mitigate price manipulation, the mark price is restricted to be within 1 / max_leverage of the last externally derived oracle (spot) price and is applicable during both external and internal trading sessions. For example, in the case of NVDA which has up to 10x leverage, if the oracle price is $190 at Friday's 8:00 PM ET close, the mark price will deviate no more than 10% until external pricing resumes on Sunday, 8:00 PM ET.

Market participants may use this knowledge to guide risk decisions, including margin management.

Data Source

All market open, after-hours, and overnight pricing references are derived from Pyth Network’s equity feeds, such as: AAPL / USD AMZN / USD COIN / USD GOOGL / USD META / USD MSFT / USD NVDA / USD PLTR / USD TSLA / USD