Market hours

Stock Token feeds follow the equity market. When it closes, the price stops moving — and Paboxo treats that as an expected state rather than a fault.

What changes

The asymmetry is deliberate. Everything that reduces risk stays available; everything that takes a new position on a frozen price does not.

The rule underneath is stricter than "closed". Borrowing, liquidation and withdrawing collateral from a position with debt each require the prices of both the collateral and the borrow token to be Fresh — so they also stop when a feed is stale in session, past its hard cap, paused by its issuer or returning an invalid answer, and a stale USDG feed stops them in every market. The allowed actions read no price at all, which is why they work in every status.

Why withdrawals stay open

A lender who cannot exit at the weekend is a lender who has to price a weekend into their decision to lend at all. Nothing about a closed equity market makes a USDG withdrawal unsafe — the liquidity is either there or it is not, and that is a function of utilisation, not of what day it is.

Why borrowing pauses

Opening a position against a price that cannot move is taking a free option on the gap. Whatever happens between Friday's close and Monday's open, the borrower knows the collateral is being valued at a number that predates all of it.

Why liquidation pauses

The mirror image. Closing someone's position on a price that has been unable to react is punishing them for a move the market has not made yet.

Why collateral withdrawal pauses when you owe something

Taking collateral out of a position with debt raises its leverage exactly as borrowing more does, so it gets the same gate: otherwise a borrower could strip collateral at Friday's price after the world had already repriced it. With no debt there is nothing to protect, and withdrawing is always open.

Reopening

When the calendar reopens, the last answer was published before the market closed — and the feed has had no trading session to update in since. So after the reopen the adapter keeps reporting such an answer as MarketClosed, for up to one in-session window (precisely: while the calendar shows the market as closed at any instant between the later of updatedAt and maxAgeInSession seconds ago, and now).

Two things follow from checking that whole stretch rather than a single instant:

• Short closures get the grace too. A one-day holiday such as Thanksgiving is shorter than the in-session window, and is covered the same way as a weekend.
• A pre-closure answer is not Fresh at the reopen, however young it is. After a one-day holiday the last answer can still be inside maxAgeInSession; it is reported MarketClosed all the same, because it is a price from before the closure. A round published after the reopen is Fresh straight away.

The price stays readable through the grace, so health checks and reads keep working. Borrowing and liquidation stay gated until the feed publishes a new round, which makes the price Fresh; if none arrives before the window ends, the status becomes StaleInSession. In practice the wait is short: the NVDA and SPY feeds post their first round roughly a minute after a holiday reopen (51–54 seconds after Labor Day 2026), so the grace lasts until that round. The hard cap is checked first and is never softened.

When the feed actually stops

Measured from the feeds rather than taken from a schedule:

Times are Eastern, so they move with US daylight saving. The market calendar handles that shift on-chain rather than requiring a transaction on the switch dates.

One detail that surprises people: the frozen price is often not the closing price. A feed updates on a heartbeat and a deviation threshold, so its last update of the week can land hours before the session ends. One feed's final Friday update was at 10:50 ET — more than five hours early. Your position is valued at whatever that last update said, for the whole weekend.

Early-close days, when the exchange shuts at 13:00 ET, are not registered in the market calendar; see oracles.

The cost, stated plainly

The gap is real and it is not eliminated — it is deferred to the reopening. A position that was healthy on Friday can be deeply underwater in the first minutes of the session, and several positions may become liquidatable at once.

This is why Stock Token markets carry lower LTVs than WETH: the distance between LTV and liquidation threshold has to absorb a gap that WETH never has. NVDA sits at 60/65 while WETH sits at 75/80 for exactly this reason.

Where the schedule lives

In the MarketCalendar contract, on-chain and readable — the weekly window, the daylight-saving rule, and the list of holiday closures. Not in a server somewhere that you have to trust.