Table of contents
- Overview
- Session Types
- How to Check Trading Hours
- What Happens During Non-Tradable Sessions
- Index Price
- Mark Price
- Funding Fee Settlement
- Liquidation During Non-Tradable Sessions
1. Overview
TradFi Perpetual Futures on Flipster follow session-based trading hours aligned with real-world market schedules. Unlike crypto perpetual contracts which trade 24/7, some TradFi symbols have periods when trading is paused.
This article explains how trading sessions work, what happens during non-tradable periods, and how Index Price, Mark Price, and funding fees are handled across different sessions.
Note:
- Some TradFi symbols (e.g., certain commodities) operate on a 24/7 trading calendar and are not subject to session restrictions.
- Crypto perpetual contracts are NOT affected and continue to trade 24/7.
2. Session Types
TradFi symbols may have the following trading sessions, depending on the underlying market:
| Session | Description |
|---|---|
| Regular | Standard market hours for the underlying asset |
| Pre-Market | Extended hours before the regular session opens |
| After-Hours | Extended hours after the regular session closes |
| Overnight | Trading session between after-hours and next pre-market |
| Weekend | Market closed for the weekend |
| Maintenance | Trading unavailable due to maintenance |
| Holiday | Market closure period due to an official market holiday |
The exact session schedule varies by symbol. Check the Trading Hours sheet on the trading page for each symbol's specific schedule.
3. How to Check Trading Hours
You can check whether a TradFi symbol is currently tradable directly on the trading page:
At the top of the symbol page, next to the symbol name, you'll see a Market status badge showing the current session. Click the Market status badge to open the Trading Hours modal.
- Regular — standard trading session
- Pre-Market / After-Hours / Overnight / Weekend — extended sessions (tradable, but with session-specific rules)
- Maintenance / Holiday — non-tradable session
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4. What Happens During Non-Tradable Sessions
When a TradFi symbol's market session is closed:
| Action | Tradable Session | Non-Tradable Session |
|---|---|---|
| Place new orders (market, limit, trigger) | Allowed | Not allowed |
| Close or modify existing positions | Allowed | Not allowed |
| Adjust TP/SL, leverage, or margin | Allowed | Not allowed |
| Trigger orders (TP/SL, price triggers) | Execute normally | Cancelled |
| Cancel pending orders | Allowed | Allowed |
| Mark Price | Live | Frozen at last available price |
| Funding Rate | Normal | Frozen at last available rate |
Your existing positions remain open and safe during non-tradable sessions — they simply cannot be modified until trading resumes. Pending orders created during a tradable session can still be cancelled during non-tradable sessions.
5. Index Price
The Index Price is the reference price derived from external data sources. It is used as the basis for Mark Price calculations and funding rate settlements.
How Index Price Is Calculated
During regular trading hours, the Index Price is calculated using constituent prices provided by third-party data vendors and updated every second. You can view the Index Price source for each symbol on the Trading Rules page.
Index Price During Non-Tradable Sessions
When the underlying markets are closed — such as during weekends, holidays, or daily maintenance periods — and external pricing data is unavailable, the Index Price will remain fixed at its most recent value.
Index Price Roll Mechanism
For commodities such as CL (WTI Crude Oil) and BZ (Brent Crude Oil), the Index Price is derived from underlying futures contracts. Since commodities do not have a traditional spot market, the external reference price is determined based on designated futures contracts.
The underlying contracts undergo a periodic rollover (contract transition). During this period, the reference price gradually shifts from the current active contract to the next active contract.
6. Mark Price
The Mark Price is the price used for calculating unrealized P&L and triggering liquidations. It is designed to prevent unnecessary liquidations caused by temporary price spikes.
How Mark Price Is Calculated
Mark Price = Median (Price 1, Price 2, Last Traded Price)
This is the same calculation method used for crypto USDT Perpetual Contracts on Flipster.
Mark Price During Non-Tradable Sessions
During non-tradable sessions, the Mark Price is frozen at the last available price. Since the Mark Price does not move, isolated-margin positions are not expected to be liquidated during these periods.
Mark Price Deviation Constraints
Deviation constraints are applied to ensure the Mark Price remains closely aligned with the Index Price. This prevents artificial volatility, reduces the risk of unnecessary liquidations, and ensures the Mark Price remains economically meaningful.
Flipster applies the following deviation constraints:
- Equities: ±8% (regular/pre-market/after-hours) / ±5% (overnight) / ±3% (weekends/holidays)
- Commodities: ±3% at all times
7. Funding Fee Settlement
Funding fees are periodic payments exchanged between long and short position holders to keep the contract price aligned with the Index Price.
Settlement During Non-Tradable Sessions
- If a funding period's settlement falls during a non-tradable session → the settlement is skipped and postponed to the next valid settlement time within a tradable session.
- The funding rate calculation is also paused during non-tradable sessions to ensure fairness.
Boundary cases:
- Settlement at the start of a suspension period → still settled (boundary is exclusive at start)
- Settlement at the end of a suspension period (first timestamp of next tradable session) → not settled, postponed to next valid time
8. Liquidation During Non-Tradable Sessions
Liquidations are not blocked during non-tradable sessions. However, since Mark Price is frozen during these periods, isolated-margin positions are not expected to be liquidated.
Risk Warning: TradFi perpetual contracts involve significant market risk and price volatility, especially outside the underlying asset's regular market hours. Price movement may be limited and liquidity reduced during extended or overnight sessions. Please make your investment decisions cautiously.