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@@ -74,14 +76,20 @@ For streams with 24/5 extended hours coverage (e.g., US Equities):
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|`4`|**Overnight**| 8:00pm–4:00am Sun evening–Fri morning | Overnight session with limited liquidity |
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|`5`|**Weekend**| 8:00pm Fri–8:00pm Sun | Weekend period when primary markets are closed |
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<Asidetype="note"title="Holidays">
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During public market holidays (e.g., Christmas, Thanksgiving), the `marketStatus` is expected to return `4`
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(Overnight) because data providers do not explicitly flag holiday closures. Users should cross-reference major holiday
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periods using the [Market Hours](/data-streams/market-hours) guide and implement additional safeguards as needed.
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</Aside>
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Users should implement appropriate safeguards based on market status, such as pausing trading, adjusting risk parameters, or implementing staleness checks during non-regular hours or closed periods.
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### Notes
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#### Last Seen Timestamp
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-**IMPORTANT**: The `lastSeenTimestampNs` field reflects the timestamp of the last update for the `mid` price only. Do not assume this timestamp applies to `bid`, `ask`, `bidVolume`, `askVolume`, or `lastTradedPrice`. Different fields may have been updated at different times.
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-`lastSeenTimestampNs` helps applications detect stale data for the mid price, especially important during market transitions and holidays.
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-**IMPORTANT**: The `lastSeenTimestampNs` field reflects the timestamp of the last update for the `mid` price only. Do not assume this timestamp applies to `bid`, `ask`, `bidVolume`, `askVolume`, or `lastTradedPrice`. Different fields may have been updated at different times.
Copy file name to clipboardExpand all lines: src/content/data-streams/rwa-streams/24-5-us-equities-user-guide.mdx
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@@ -127,7 +127,7 @@ Consumers must treat `marketStatus = 5` (Weekend) as a valid state and define de
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#### Stale Data Detection
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Markets may stop updating due to exchange outages, circuit breakers, trading halts, or corporate actions. Use the `lastSeenTimestampNs` field (which reflects the timestamp of the last update for the `mid` price only) to detect staleness by comparing it against the current time. When this timestamp stops advancing, it indicates the underlying venue has stopped providing updates.
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Markets may stop updating due to exchange outages, circuit breakers, trading halts, or corporate actions. The `marketStatus` field will continue reflecting the status that it normally would. Use the `lastSeenTimestampNs` field (which reflects the timestamp of the last update for the `mid` price only) to detect staleness by comparing it against the current time. When this timestamp stops advancing, it indicates the underlying venue has stopped providing updates.
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Phase-specific feeds can introduce unique behavior due to venue-specific operational characteristics and market microstructure. The following are some examples of scenarios that may occur during session transitions or under specific market conditions:
Copy file name to clipboardExpand all lines: src/content/data-streams/rwa-streams/handling-market-events-v11.mdx
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@@ -18,9 +18,9 @@ import MarketEventsTabs from "@features/data-streams/common/MarketEventsTabs.ast
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<MarketEventsTabs />
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<Asidetype="note"title="24/5 US Equities">
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This guide is designed for standard Data Streams operating during regular market hours (9:30am-4pm ET). Users
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integrating 24/5 streams with extended and overnight trading sessions should refer to the [24/5 US Equities User
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Guide](/data-streams/rwa-streams/24-5-us-equities-user-guide), which addresses continuous trading coverage.
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This guide covers standard market hours operation (9:30am-4pm ET). For streams with extended hours coverage including
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pre-market, post-market, and overnight sessions, refer to the [24/5 US Equities User
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Guide](/data-streams/rwa-streams/24-5-us-equities-user-guide) for additional guidance on handling continuous trading.
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</Aside>
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Apply these best practices when integrating or operating markets that use tokenized real-world assets during standard market hours. Developers and operators are responsible for assessing market integrity, implementing mitigations, and managing application-level risks — see the [Developer Responsibilities](/data-streams/developer-responsibilities) guidance for details.
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#### Market close
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Large price jumps between trading sessions due to after-hours news.
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The following is written from the perspective of someone integrating a v11 schema Data Stream for regular trading hours. For streams with different trading hours, the `marketStatus` field values should be adjusted accordingly.
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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.
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Around market close, large price jumps may occur due to after-hours news. This can create a large pricing gap between the close of the last session and the open of the new session. Such a price jump can cause issues for protocols by triggering sudden liquidations.
| <ul><li>`midPrice`: Closing price is repeated until market open.</li><li>`marketStatus`: `1`, `3`, `4`, `5` (Not Regular Hours).</li><li>`lastUpdateTimestamp`: Timestamp of the closing price of the last session.</li></ul> | Keep markets closed while `marketStatus != 2` 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. |
| <ul><li>`midPrice`: Closing price is repeated until market open.</li><li>`marketStatus`: `1`, `3`, `4`, `5` (Not Regular Hours).</li><li>`lastUpdateTimestamp`: Timestamp of the closing price of the last session.</li></ul> | Keep markets closed while `marketStatus != 2` 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 user's collateral is insufficient to cover the losses. |
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#### Price formation at open/close
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Certain assets (e.g., FX open on Sunday afternoon) experience gradual price discovery due to fragmented liquidity and delayed trading activity.
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The perpetual DEX should avoid opening their market with the last close price.
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Integrating protocols should avoid opening their market with the last close price.
| <ul><li>`midPrice`: Closing price is repeated until a bid/ask becomes available or a transaction occurs.</li><li>`marketStatus`: `2` (Regular Hours).</li><li>`lastUpdateTimestamp`: Timestamp of the closing price of the last session.</li></ul> | Wait until `lastUpdateTimestamp` is current before opening the market so traders don't execute on stale quotes. |
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#### Sudden failures
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Unexpected system outages, order execution failures, or data feed disruptions can occur.
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Unexpected system outages, order execution failures, or data feed disruptions can occur in traditional data brokers and trading systems.
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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.
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The price will be flat during that period, meaning if an integrating protocol lacks a mechanism to handle halts, it may struggle to determine fair prices thus leading to unpredictable liquidations.
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Stocks can be halted due to extreme volatility (e.g., limit up/down rules) or regulatory actions.
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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.
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The price will be flat during that period, meaning if an integrating protocol lacks a mechanism to handle halts, it may struggle to determine fair prices thus leading to unpredictable liquidations.
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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.
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Positions may need to be manually adjusted if the integrating protocol doesn't support tracking the new entity.
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