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Copy file name to clipboardExpand all lines: src/content/data-streams/market-hours.mdx
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@@ -83,9 +83,9 @@ Large price jumps between trading sessions due to after-hours news.
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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.
| <ul><li>`midPrice`: Closing price is repeated until market open.</li><li>`marketStatus`: 1 = Market Closed.</li><li>`lastUpdateTimestamp`: Timestamp of the closing price of the last session.</li></ul> | Keep markets **closed** while `marketStatus = 1` to prevent users trading at unfair prices.<br/>Set leverage in line with the asset’s average volatility to avoid bad debt. |
| <ul><li>`midPrice`: Closing price is repeated until market open.</li><li>`marketStatus`: 1 = Market Closed.</li><li>`lastUpdateTimestamp`: Timestamp of the closing price of the last session.</li></ul> | Keep markets closed while `marketStatus = 1` to prevent users trading at unfair prices.<br/><br/> 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. |
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##### Price formation at open/close
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@@ -113,9 +113,9 @@ Stocks can be halted due to extreme volatility (e.g., limit up/down rules) or re
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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.
| <ul><li>`midPrice`: Last mid-price is repeated until a new price is available.</li><li>`marketStatus`: `2` (Market Open).</li><li>`lastUpdateTimestamp`: Timestamp of the last mid-price.</li></ul> |Pause trading while the price is frozen; reopen only once fresh quotes resume. |
| <ul><li>`midPrice`: Last mid-price is repeated until a new price is available.</li><li>`marketStatus`: `2` (Market Open).</li><li>`lastUpdateTimestamp`: Timestamp of the last mid-price.</li></ul> |Decide whether to allow users to open/close positions when `marketStatus = 2` but `lastUpdateTimestamp` is stale. |
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---
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@@ -139,9 +139,9 @@ Reduced market depth at trading session transitions can lead to higher volatilit
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High volatility can lead to liquidation and potential bad debt accumulation.
| <ul><li>`midPrice`: Current mid price.</li><li>`marketStatus`: `2` (Market Open).</li><li>`lastUpdateTimestamp`: Current timestamp.</li></ul> |Widen spreads or funding rates, or briefly delay market open to let liquidity build. |
| <ul><li>`midPrice`: Current mid price.</li><li>`marketStatus`: `2` (Market Open).</li><li>`lastUpdateTimestamp`: Current timestamp.</li></ul> |Monitor liquidation thresholds closely to prevent accumulating bad debt. |
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---
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@@ -155,56 +155,56 @@ Bankruptcy can lead to delisting or complete loss of equity value.
| <ul><li>`midPrice`: Closing price is repeated until a new price is available.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Closing timestamp of the last session.</li></ul> | Monitor delisting news during status = 1 and close markets permanently once confirmed. |
| <ul><li>`midPrice`: Closing price is repeated until a new price is available.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Closing timestamp of the last session.</li></ul> | Monitor delisting news during `marketStatus` = `1` and close markets permanently once confirmed. |
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##### Spin-offs
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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.
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Positions may need to be manually adjusted if the DEX doesn’t support tracking the new entity.
| <ul><li>`midPrice`: Closing price is repeated until the first post-spin trade.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Pause markets if the first post-spin price moves by more than X% from the previous close; adjust positions before reopening. |
| <ul><li>`midPrice`: Closing price is repeated until the first post-spin trade.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Monitor spin-off and split announcements while `marketStatus = 1`.<br/><br/>Auto-pause the market if the first post-event price moves by more than X% from the prior close, update positions, then reopen.<br/><br/>If automatic adjustment isn’t possible, disable leverage during the event window to prevent unfair liquidations. |
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##### Stock splits & reverse splits
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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.
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A 2-for-1 split would reduce the price by 50% from the previous trading session, any leveraged user could get liquidated.
| <ul><li>`midPrice`: Closing price is repeated until the split-adjusted price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Handle like spin-offs—pause & adjust positions, or temporarily disable leverage. |
| <ul><li>`midPrice`: Closing price is repeated until the split-adjusted price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Monitor spin-off and split announcements while `marketStatus = 1`.<br/><br/>Auto-pause the market if the first post-event price moves by more than X% from the prior close, update positions, then reopen.<br/><br/>If automatic adjustment isn’t possible, disable leverage during the event window to prevent unfair liquidations. |
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##### Mergers & acquisitions (M&A)
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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.
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Announcements can cause sharp price spikes or sustained moves.
| <ul><li>`midPrice`: Closing price is repeated until a new price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Widen spreads and monitor liquidation thresholds closely during announcement periods. |
| <ul><li>`midPrice`: Closing price is repeated until a new price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Monitor liquidation thresholds closely to prevent accumulating bad debt. |
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##### Share buybacks & stock issuance
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Reduced share supply from a buyback can drive stock prices higher, while increase in share supply can lead to price dilution.
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Announcements can cause sharp price spikes or sustained moves.
| <ul><li>`midPrice`: Closing price is repeated until a new price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> | Monitor liquidation thresholds; adjust risk parameters as needed. |
| <ul><li>`midPrice`: Closing price is repeated until a new price prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> | Monitor liquidation thresholds closely to prevent accumulating bad debt. |
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##### Dividends
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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.
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Announcements can cause sharp price spikes or sustained moves.
| <ul><li>`midPrice`: Closing price is repeated until the ex-date trade prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Adjust funding rates and leverage limits around ex-dividend dates to avoid unfair liquidations. |
| <ul><li>`midPrice`: Closing price is repeated until the ex-date trade prints.</li><li>`marketStatus`: `1` (Market Closed).</li><li>`lastUpdateTimestamp`: Last close.</li></ul> |Monitor liquidation thresholds closely to prevent accumulating bad debt. |
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