Market Hours
Rubicon enables 24/7 trading, but ETF prices follow traditional market hours. Understanding this behavior is crucial for trading effectively.
US Market Hours (SOXX)
Pre-Market
4:00 AM - 9:30 AM
09:00 - 14:30
Live updates
Regular Hours
9:30 AM - 4:00 PM
14:30 - 21:00
Live updates
After-Hours
4:00 PM - 8:00 PM
21:00 - 01:00
Live updates
Closed
8:00 PM - 4:00 AM
01:00 - 09:00
Price frozen
Note: Times adjust for Daylight Saving Time.
Korean Market Hours (Korean ETFs)
Regular Hours
9:00 AM - 3:30 PM
7:00 PM - 1:30 AM (prev day)
Live updates
Closed
3:30 PM - 9:00 AM
1:30 AM - 7:00 PM
Price frozen
Market Holidays
US markets are closed on:
New Year's Day
Martin Luther King Jr. Day
Presidents' Day
Good Friday
Memorial Day
Juneteenth
Independence Day
Labor Day
Thanksgiving
Christmas
Check the NYSE holiday calendar for exact dates and early closes.
How Trading Works During Closure
What Stays the Same
Trading continues — You can still open/close positions
Order book active — Limit orders can be placed and matched
Positions held — Existing positions remain open
What Changes
Oracle frozen — Price stays at last close
No liquidations from price moves — Oracle doesn't change
Funding continues — Based on mark vs frozen oracle
Example
Overnight and Weekend Risk
Gap Risk
Markets can open significantly different from close:
Earnings announcements
Economic data releases
Geopolitical events
Weekend news
Example:
Your stop-loss at $220 wouldn't protect you — price jumped past it.
Managing Gap Risk
Reduce position size before close
Use lower leverage for overnight holds
Set wider stops to account for gaps
Close positions if major news expected
Behavior by Session
Pre-Market (4:00 AM - 9:30 AM ET)
Lower liquidity
Wider spreads
Price discovery after overnight news
Oracle updates with pre-market data
Tip: Spreads tighten as 9:30 AM approaches.
Regular Hours (9:30 AM - 4:00 PM ET)
Maximum liquidity
Tightest spreads
Highest volume
Most accurate oracle prices
Tip: Best time for large trades.
After-Hours (4:00 PM - 8:00 PM ET)
Declining liquidity
Widening spreads
Reactions to earnings (released at 4:00 PM)
Oracle updates with after-hours data
Tip: Volatility spikes on earnings, careful with leverage.
Closed (8:00 PM - 4:00 AM ET)
Oracle frozen
Trading possible but prices may drift from "true" value
Funding continues
Positions carry to next session
Tip: Avoid opening large positions with stale oracle prices.
Status Indicators
The trading interface shows market status:
🟢 Green
Market open, oracle live
🟡 Yellow
Extended hours, oracle live
🔴 Red
Market closed, oracle frozen
Strategy Implications
Day Trading
Focus on regular hours (9:30 AM - 4:00 PM)
Best liquidity and spreads
Close positions before 4:00 PM to avoid overnight risk
Swing Trading
Account for gap risk in position sizing
Lower leverage for multi-day holds
Monitor after-hours for earnings reactions
24/7 Trading
Understand oracle is frozen during closure
Prices may temporarily deviate from "fair value"
Arbitrage opportunities when market reopens
Time Zone Reference
ET (New York)
9:30 AM - 4:00 PM
CT (Chicago)
8:30 AM - 3:00 PM
PT (Los Angeles)
6:30 AM - 1:00 PM
UTC
14:30 - 21:00
KST (Seoul)
11:30 PM - 6:00 AM (+1)
Last updated