> For the complete documentation index, see [llms.txt](https://docs-perps.katana.network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs-perps.katana.network/intermittent-markets.md). # Intermittent Markets Intermittent markets are markets that close and reopen rather than running 24/7. While an intermittent market is open it behaves like any other market on the exchange, using the same order book, matching engine, and margin and liquidation calculations described elsewhere in this documentation. Everything specific to intermittent markets concerns what happens while the market is closed and how it returns to normal trading. Markets open and close independently of one another. A closure in one market has no effect on any other market, and the rest of the exchange continues to run normally throughout. ### Trading Session States Every market reports a trading session state. Intermittent markets move between three states. * Open: Normal trading rules. All order types are accepted, positions can be opened and closed, funding accrues, and liquidations run as usual. * Closed: The index price is no longer updating. Positions are frozen, funding is suspended, and liquidations are not executed. A limited set of order actions remains available. * Pre-Open: Index pricing has resumed but general trading has not. This state exists so that any wallets below their maintenance margin requirement can be addressed before the market reopens to everyone. Pre-open is intended to be brief, often only a few seconds. It is a housekeeping step rather than a trading session. ### Isolated Margin Intermittent markets use isolated margin rather than the cross-margin model that applies to crypto markets, and isolation here applies to the whole wallet rather than to an individual position. A wallet trading an isolated market can only trade that market. While it holds a position or an open order in an intermittent market, it cannot hold positions or open orders in any crypto market or in any other intermittent market. The wallet's entire collateral balance backs that one market and nothing else. This is a deliberate risk decision. A market that cannot be liquidated for hours at a time should not be able to drag down anything else, and confining each intermittent market to its own wallets keeps a stale price from affecting solvency across the exchange. Trading more than one intermittent market, or trading an intermittent market alongside crypto markets, requires a separate wallet for each. Collateral can be moved between your own wallets with [Transfer Funds](https://api-docs-v1-perps.katana.network/#transfer-funds), subject to the margin limits of the sending wallet. The `marginType` field on the [Get Markets](https://api-docs-v1-perps.katana.network/#get-markets) endpoint reports which model a market uses. ### While a Market Is Closed #### Pricing The index price is fixed at the last value received before the close. No synthetic or interpolated price is produced during the gap, and no price updates are accepted until the underlying feed resumes. Position values, margin requirements, and account equity are all calculated against that frozen price for the duration of the closure. #### Positions Positions are fixed. New positions cannot be opened, and existing positions cannot be increased, reduced, or closed. This applies to every wallet in the market regardless of margin ratio. #### Orders A limited set of order actions stays available so that traders can manage exposure ahead of the reopen: * Cancellations are always accepted. Any resting order in a closed market can be canceled at any time. * Post-only (GTX) limit orders are accepted. Because a GTX order is canceled outright if it would cross the spread, these orders cannot produce a fill or change a position while the market is closed. * Stop orders can be placed and canceled, but they cannot trigger. Neither the index price nor the last traded price will trigger a stop while the market is closed. * Market orders, and limit orders under any other time in force, are rejected. Resting orders placed before the close remain on the book unless canceled. Standard execution price limits still apply at the time an order is placed, measured against the current midpoint. #### Funding Funding payments do not occur while a market is closed. No funding is accrued, sampled, or settled for the closed market, and the funding schedule resumes once the market reopens. Funding in every other market continues on its normal schedule. #### Liquidations Liquidations are not executed while a market is closed. A wallet that is below its maintenance margin requirement when the market closes, or that falls below it during the closure, is not liquidated until the market reaches the pre-open state. #### Collateral For wallets holding an open order or position in a closed market: * Deposits are accepted. * Withdrawals are accepted up to the standard margin limits. * Transfers are accepted up to the standard margin limits. Adding collateral during a closure is the primary tool available for managing a position that is under pressure, since the position itself cannot be reduced. #### Exiting on Contract Wallets can still [exit on the contract](https://api-docs-v1-perps.katana.network/#exit-wallet) while a market is closed. The chain propagation period is configured to exceed the longest expected closure. Exit liquidations are processed after the market reopens rather than during the closure. ### Reopening a Market When the underlying feed starts publishing again, the market moves through pre-open before it returns to normal trading. The sequence is designed so that no wallet can move funds out on a stale price and no position can be liquidated on one either. 1. The market waits for the price feed to report that the underlying is open and for a fresh update to arrive. A stabilization period, currently one minute, elapses before any other actions are taken. 2. Once the stabilization period has elapsed and a new price has been received, the market enters pre-open and index prices begin updating again. 3. Withdrawals and outbound transfers are rejected for wallets with exposure in the market. Deposits and inbound transfers are still accepted. 4. Any wallet below its maintenance margin requirement is liquidated at the refreshed index price. Positions acquired by the insurance fund are worked back into the order book, and any residual is resolved through ADL as normal. 5. When no wallets remain below maintenance, the market returns to open, full trading resumes, and withdrawals are enabled again. Post-only orders and cancellations are accepted throughout pre-open, which lets makers reposition before the book reopens. Stop orders still cannot trigger until the market is fully open, at which point they are evaluated against new index prices and new trades under the usual [stop mechanics](https://api-docs-v1-perps.katana.network/#stop-mechanics). ### Schedules and Actual State Each intermittent market publishes the hours it expects to be open, including recurring weekly closures and any scheduled holidays. Treat the schedule as guidance rather than a guarantee. State changes are driven by the price feed itself, not by the clock. A market closes when its feed reports that the underlying has stopped trading and reopens when the feed resumes, which means a market can close early, open late, or close unexpectedly if the feed goes down outside of scheduled hours. The same mechanism handles an unplanned outage in an otherwise continuous market. The current state is always available from the [Get Markets](https://api-docs-v1-perps.katana.network/#get-markets) endpoint and is the authoritative answer to whether a market is trading right now.