US-stock perpetuals: trading hours and off-market pricing on Binance

Short answer: Binance's US-stock perpetuals trade 24/7, but US markets are open for only six and a half hours a day. For the other seventeen and a half, the contract's price index is frozen and its mark price comes from a model. You can trade, but you are trading a model price, not a market price, and the price can gap when the market reopens.

Each product keeps its own clock

Product	24/7?	Where the price comes from while US markets are closed
Binance Stocks (real shares)	Per the hours shown on the securities trading page; Binance's risk warning singles out volatility "outside traditional market hours"	No new trades print while the securities market is closed
bStocks (tokenized certificates, spot)	Yes (official wording: no market hour restrictions)	Whatever buyers and sellers agree on in the Binance spot market, which can drift from the last close
US-stock perpetuals (futures)	Yes	Price index frozen at the last value; mark price from an EWMA-smoothed futures price

How the perpetual is priced while the market is closed (three mechanisms from the announcement)

1. Price index: aggregated from multiple vendors and updated every second during market hours; outside those hours it stays fixed at the last value.
2. Mark price: updated every second during trading hours; outside them it switches to a futures price smoothed with an exponentially weighted moving average (EWMA), designed to prevent sudden swings and unnecessary liquidations.
3. Deviation constraints: the gap between mark price and price index is capped (the announcement's example is ±3% for commodity contracts); the exact figure is per contract. (as of 2026-09-03)

Put together: the mark price you see over a weekend is "last close plus the market's expectation of the next open", smoothed. It is not a trade that happened anywhere.

What that means for you

US-stock perpetuals are leveraged products and can lose your entire principal; the points below are about mechanics, not about when to do anything.

• A weekend position pays two days of funding: funding still settles every 8 hours (every 4 hours for some contracts) while the market is closed.
• Gaps at the open are normal, not accidents: on Monday the price index jumps from its frozen value to the new price; after major overnight news the mark price follows quickly, and liquidations can happen at that moment. The risk warning's own words: volatility is high "particularly outside traditional market hours".
• Depth is thinner while the market is closed: fewer counterparties, wider spreads.
• Pre-market and after-hours data: the contract's price index does not update before the official US open, so pre-market moves in the stock are not reflected in the index; the mark price reflects expectations gradually through the EWMA.

Common misunderstandings

1. "Binance is open 24/7, so I can always exit at the market price." You can always place an order, but outside market hours the price is a model price; the market price returns at the open.
2. "Nothing can liquidate me while the market is closed." The mark price keeps moving (EWMA) while the market is closed, so the liquidation line moves too.
3. "bStocks and perpetuals are both 24/7, so they are the same." bStocks are matched spot trades priced by buyers and sellers; the perpetual's mark price is set by a model. Their off-market price logic is completely different.

Sources

• TradFi perpetuals announcement (2026-01-08): the Price Index / Mark Price / Deviation Constraints paragraphs and the risk warning.
• bStocks launch announcement (2026-06-11): 24/7 spot trading.
• Stocks & ETFs fee-discount extension announcement (2026-08-28): the securities risk disclosure's "outside traditional market hours" sentence.

Related: Binance US-stock fees and funding rates · US Stocks on Binance

This page is informational only and is not investment advice or a solicitation. Availability, fees and terms of each product are governed by Binance's official pages.