Trading Sessions
Overview
OBSDN lists equity perpetuals on Korean, Japanese, and Hong Kong underlyings. Each tracks its home exchange's regular session for external pricing and falls back to OBSDN's internal pricing mechanism outside those hours, so the index price stays continuous around the clock.
This page describes, per region, when the index price is sourced from the external exchange feed (external coverage) versus OBSDN's internal pricing (internal coverage). These map directly onto the two oracle modes described in Oracle Price: external coverage is the Active Session mode, internal coverage is the Off-Hours mode.
All times are stated in each exchange's local time. Korea and Japan are GMT+9; Hong Kong is GMT+8.
| Region | Exchange | External coverage (local) | Timezone |
|---|---|---|---|
| Korea | KRX | Mon–Fri 09:00–15:30 | KST (GMT+9) |
| Japan | JPX | Mon–Fri 09:00–15:30 | JST (GMT+9) |
| Hong Kong | HKEX | Mon–Fri 09:30–16:00 | HKT (GMT+8) |
Outside the external coverage window, the index price is produced by OBSDN's internal pricing mechanism: an orderbook-derived EWMA anchored to the last external close. The switch between modes is driven by the schedule, not by individual data gaps.
Korea (KRX), GMT+9
Korean underlyings are priced from the Korea Exchange (KRX). All times in KST.
External coverage (KST)
- Regular session: Monday to Friday, 09:00–15:30
Internal coverage (KST)
- Weeknights: 15:30 to 09:00 the next trading day
- Weekends: Friday 15:30 to Monday 09:00
Japan (JPX), GMT+9
Japanese underlyings are priced from the Japan Exchange Group (JPX). All times in JST.
External coverage (JST)
- Regular session: Monday to Friday, 09:00–15:30
Internal coverage (JST)
- Weeknights: 15:30 to 09:00 the next trading day
- Weekends: Friday 15:30 to Monday 09:00
Hong Kong (HKEX), GMT+8
Hong Kong underlyings are priced from the Hong Kong Exchange (HKEX). All times in HKT.
External coverage (HKT)
- Regular session: Monday to Friday, 09:30–16:00
Internal coverage (HKT)
- Weeknights: 16:00 to 09:30 the next trading day
- Weekends: Friday 16:00 to Monday 09:30
External coverage windows mirror each exchange's regular cash session. During internal coverage, the index price is derived from OBSDN's orderbook via the EWMA mechanism and clamped to a band around the last external close. See Oracle Price for the full derivation.