47 lines
1.8 KiB
Markdown
47 lines
1.8 KiB
Markdown
> ## Documentation Index
|
|
> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
|
|
> Use this file to discover all available pages before exploring further.
|
|
|
|
# Market Sessions
|
|
|
|
> How session state affects pricing feed selection
|
|
|
|
Perps trade 24/7, but the underlying markets do not. Liquidity and external price
|
|
feed availability vary by time of day and day of week. Sessions are the system's
|
|
categorization of these conditions.
|
|
|
|
## What Sessions Affect
|
|
|
|
Sessions affect one thing: which set of external feeds is used to compute [Index Price](/perps/learn-about-trading/index-price) and the [C3 candidate in Mark Price](/perps/learn-about-trading/mark-price).
|
|
|
|
Each category can use its own feed set. For example, primary venue feeds may be
|
|
used during regular hours and after-hours venue feeds may be used overnight. If
|
|
the current category has no dedicated feed set, the system falls back to the
|
|
overnight feed set.
|
|
|
|
## What Sessions Do Not Affect
|
|
|
|
Sessions do not change:
|
|
|
|
* Funding
|
|
* Margin and leverage tiers
|
|
* Order matching
|
|
* Liquidation triggers
|
|
|
|
Those systems run identically around the clock.
|
|
|
|
## Categories
|
|
|
|
* Regular: the underlying is open and primary feeds are available.
|
|
* Overnight: the underlying is closed but some external feeds may still exist.
|
|
* Weekend: a calendar-based closed period with thin or absent external data.
|
|
* Disrupted: external feeds are unavailable or failing sanity checks.
|
|
* Halted: a trading halt or corporate-action freeze on the underlying.
|
|
|
|
## How the Category Is Determined
|
|
|
|
Each market has a schedule that defines its time windows and exceptions. The
|
|
system evaluates the schedule on time boundaries to produce the current category.
|
|
When the category changes, subsequent Index and Mark updates use the feed set
|
|
assigned to the new category.
|