The news lands at 9pm. The exchange is shut.
The underlying stock exchange can be closed while its perpetual market is open. Access to an order book is not the same as reliable depth or an unrestricted ability to enter and exit.
What Arcus is- Type
- Perpetual derivatives across asset classes
- Markets
- Use the current displayed snapshot
- Hours
- Per-market session and operational rules
- Data
- Cached fields and observed history
What stays open
The perpetual is a separate market from the underlying share. Its participants can quote outside stock-exchange hours, subject to the venue’s market status and controls. A listing does not guarantee that every order will fill.
A thin book can react to news, but its price is not a guaranteed forecast of the next stock-market open. Do not assume a particular retracement or profitable overnight pattern.
Prices and margin do different jobs
An oracle is a reference; mark price is used in risk calculations. Arcus describes special off-hours price bands and mark-price mechanics. A displayed last trade need not be the price used for margin or the price available for your size.
The documented off-hours uplift changes initial margin, not maintenance margin. Opening or increasing exposure may need more collateral while reduction remains possible under the venue’s rules. Unchanged maintenance does not prevent liquidation after price losses.
Funding has its own clock
Arcus documents live RWA funding during regular and extended US trading hours. Outside extended hours—overnight 20:00–04:00 ET and weekends/holidays—the documented regime locks funding to a base derived from SOFR plus 0.5 percentage points annually.
Do not confuse that funding window with the margin session flag. Use current market parameters and settled records; do not project a short live premium over an entire weekend. The displayed rate is not a return guarantee.
Read conditions before relying on the session
Check market status, current margin, reference/mark prices and depth at the intended size. Spread and volume alone do not establish an available exit, especially around session transitions.
The board guide explains timestamp and history limits. A public data page is not evidence that your account can trade, and market access may pause for operational or contract events.
Sources and observation limits
Reviewed 26 September 2026. Educational copy, not a trade recommendation or an audit of venue execution. Check current contract parameters and account eligibility; historical board observations are not live quotes.
Questions
Are perpetuals open on weekends?
They are designed to trade outside the underlying exchange’s hours, but availability remains subject to venue status and restrictions.
Does closing time automatically liquidate a position?
Not under the documented margin rule: initial margin changes while maintenance stays unchanged. Price losses or other liquidation conditions can still put the position at risk.
Does funding stop when stocks stop trading?
Not generally. Arcus describes a separate RWA regime outside extended trading hours, with funding fixed to a base rate rather than the live premium.
Is the overnight price the next opening price?
No. It is a price from a separate market with its own depth and controls; the underlying can reopen elsewhere.