Pricing Stocks When the Market Is “Closed”

Equities don’t stop existing at 4pm ET. Market data systems just pretend they do.

As venues launch equity perpetuals, tokenized stocks, and global access products, overnight pricing has shifted from edge case to core requirement yet most infrastructure still treats it as an afterthought.

What “Overnight Equities” Actually Means

U.S. equities trade across multiple sessions:

• Pre-market

• Regular trading hours

• Post-market

• Overnight sessions via alternative venues

Liquidity persists outside regular hours, but it becomes thinner, more fragmented, and more venue-specific. Pricing systems that assume “no market” outside RTH fail quietly — until users trade against them.

Why Legacy Market Data Fails Outside Regular Trading Hours

Most traditional equity feeds are optimized for SIP-anchored NBBO during regular trading hours. Outside that window, assumptions break.

Common issues include:

• SIP prices freezing or disappearing

• Liquidity migrating to alternative venues

• Price discovery continuing without official benchmarks

Venues are then forced to either shut markets down or run them on synthetic prices that don’t reflect where trading is actually happening.

The Risk of Synthetic Overnight Pricing

Shortcuts like holding the last close fixed, extrapolating futures, or relying on a single exchange look stable on paper. In practice, they introduce hidden risk:

• Funding rates drift away from reality

• Liquidations trigger at untradeable prices

• Overnight P&L is driven by assumptions, not liquidity

If users can trade, prices must be defensible.

What Institutional Overnight Pricing Requires

Serious venues treat overnight equities as a continuation of the market, not an exception. That means:

• Continuous price formation across sessions

• Disclosed liquidity sources

• Transparent aggregation logic

• Explicit confidence intervals during thin liquidity

• Clean integration with mark-price-driven risk engines

Anything less becomes a liability.

How Pyth Pro Supports 24/5 Equities

Pyth Pro provides 24/5 pricing for 50+ U.S. equities, covering pre-market, post-market, and overnight sessions. Prices are sourced directly from institutions active during those hours and aggregated using the same transparency and confidence-interval framework used across all asset classes.

This enables:

• Equity perpetuals

• Tokenized equities

• Global trading products that operate continuously

Pyth Pro delivers 24/5 pricing for 50+ U.S. equities — pre-market through overnight — sourced directly from institutions active during those sessions.

Explore Pyth's overnight equity feeds by booking a demo here.